Glassnode supports Bitcoin ($BTC) has retreated into a key support zone after retesting the February lows. According to the analysis, on the other hand, $BTC Prices remain near key technical levels, and the pricing of future uncertainty in the options market has weakened significantly.
According to the data, Bitcoin’s one-week implied volatility has fallen from about 60% to 35%. The downward trend in the overall volatility curve also indicates that market expectations for sharp short-term price movements have decreased compared to recent times.
Glassnode also noted that the 25 delta skew indicator has retreated from the extreme levels seen during the June selloff. This suggests that short-term hedging demand is normalizing and panic-driven hedging positions are weakening.
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Nevertheless, the overall market positioning remains defensive. Demand for downside hedging is prominent in short-term options trading, with put options accounting for about 28% of trading volume last week. In contrast, call option purchases accounted for 24.1%.
The analysis also noted that one-month implied volatility remains lower than realized volatility. This indicates that the options market is pricing in lower volatility expectations than current price movements suggest.
According to Glassnode, there is about $1.8 billion in short-term gamma concentration around $62,000. If Bitcoin price falls below this level, it could lead to accelerated volatility. Conversely, the long-term gamma buffer resides in the $60,000 area.
*This is not investment advice.
