An increase in the number of outstanding puts compared to calls in bitcoin options open interest could be a bearish omen ahead of Friday's expiry.

Deribit Chief Commercial Officer Luuk Strijers said the put-call ratio for bitcoin options across all expiries currently stands at 0.44.

"Focusing on tomorrow's expiry, the ratio adjusts to 0.52, indicating a higher number of puts compared to calls," Strijers told The Block. "This suggests a bearish sentiment for this month's bitcoin options expiry compared to the general trend in open contracts."

The analyst added that the ratio suggests that the market expected a short-term downside for bitcoin, and investors have used puts to hedge.

"However, they see the longer-term as having relatively more upside," he added.

Ether options skew is …