According to Glassnode, Bitcoin broke through resistance and entered the $82,000-$83,000 region before returning to a volatile phase. The move ends weeks of severe compression and brings new attention to option positioning in Deribit.
glass node $BTC Options weekly data showed that the market is rapidly correcting behind the scenes. Short-term implied volatility has increased, skew has decreased, and gamma exposure has shown an important strike zone that could shape the next phase of price action.
Volatility recovers after breakout
Glassnode’s implied volatility chart showed a clear change after Bitcoin broke above the resistance. The one-week ATM implied volatility line dropped sharply around May 2nd, but has since recovered. $BTC It rose from the low $70,000s to the $82,000 region.
Shorter maturities are moving faster than longer maturities, indicating that traders are pricing in more short-term moves after a breakout. Meanwhile, 1-month implied volatility has also risen from recent lows, while 3-month and 6-month indicators remain stable.
In particular, the one-month volatility risk premium chart showed that implied volatility once again exceeded realized volatility. The spread has turned positive after weeks of tightening, suggesting options traders are expecting a bigger price move than what has materialized recently.
While volatility recovered, Bitcoin’s price line also rose. This shows that the breakout has not reached a quiet market. Instead, options desks have begun to reprice risk as follows: $BTC We have cleared the resistance and moved to the next technical zone.
Skew indicates a change in sentiment
Glassnode’s 25 delta skew chart showed that as Bitcoin rises, it falls sharply over a shorter expiration period. The one-week skew has declined from the high to the lower end of the recent range, and the one-month skew has also declined.
This change suggests that traders have reduced their demand for downside protection relative to upside exposure during a rally. But the move also shows that sentiment has changed rapidly since then. $BTC It fell into the $82,000-$83,000 range.
The Glassnode Skew Index Ratio also remained close to a single neutral line. While short-duration works bounced up and down that level during the breakout, long-duration works remained more solid and stable.
Meanwhile, the six-month skew index ratio remains higher than short-term bonds. This shows that even though short-term traders reacted to the breakout, long-term positioning did not move as aggressively as front-end options.
Adding context with gamma and taker flow
Glassnode’s gamma exposure chart showed a large negative gamma pocket near the $82,000 strike. This area stood out as one of the biggest downside bars on the chart and was located close to the zone that Bitcoin just entered.
Negative gamma can increase sensitivity to nearby strikes as dealers adjust their hedges for fast price movements. On the other hand, higher zones such as around $85,000 and $91,000 exhibit positive gamma, creating areas where positioning can influence price action.
The 24-hour taker flowchart also showed a large imbalance. Call selling accounted for 81.2% of premium taker flow, indicating that traders either took profits or sold upside exposure after Bitcoin’s breakout.
Still, the data does not simply indicate a bearish picture. Bitcoin broke through resistance, implied volatility increased, skew decreased and corrected, while call sellers showed aggressive repositioning after the price move. For now, Glassnode options data shows that the market has left compression behind and entered a more reactive trading range.
Related: Bitcoin wins the battle of institutional flows as Ethereum falls
