Options traders are betting against the selloff in RING. The put-call ratio hit 0.163 on June 24. That is a 2.5-sigma low versus the 20-day mean of 0.238. Call buyers are dominating even as the ETF drops 13.7% over the past month.
The PCR has not been this low since early in its 52-week range. The 52-week floor is 0.103, so there is room lower still. But the swing from Tuesday's 0.288 to Wednesday's 0.163 is dramatic. That single-day move represents the biggest one-day drop in the options data window. Something shifted sharply in how traders are positioning.
The ETF closed at $64.06 on June 24. That is a 4.2% one-day loss and a 12.3% weekly decline. Buyers of calls into that tape are making an aggressive contrarian call on gold miners.
Cost to borrow for RING rose to 0.86%. That is up 61% week-on-week. Short demand increased even as the ETF fell. That appears contradictory alongside the bullish options flow — but both can coexist. New shorts entering on the drop pushed borrow costs higher. Options traders appear to be positioning for a bounce from those same lows.
Availability remains loose at 646%. Over 2.7 million shares are available to lend. There is no borrow squeeze pressure at current levels.
SI sits at just 0.59% of free float. It fell 14% over the past week. At this level, short interest is not a meaningful driver of price action for RING. The borrow cost rise reflects a small uptick in activity, not a structural short thesis.
The ORTEX short score stands at 32.1 — in the lower third of its range. It has been drifting down from 35.9 on June 19.
What to watch: Whether the PCR holds near current lows as price stabilises, or snaps back toward the 0.238 mean if the selloff accelerates.
See the live data behind this article on ORTEX.
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