Glassnode: The overall Bitcoin options market maintains a defensive stance

BlockBeats News, on June 5th, Glassnode published an article stating that as BTC broke below multi-month ranges and tested February lows, options market data showed multiple defensive signals appearing simultaneously. The 1-week implied volatility (IV) once approached 60%, a significant increase from about 30% last week, and long-term volatility also rose across the board; the 25-day skew increased sharply, with the 1-week skew reaching 30% at one point, and the 1-month skew rising above 23%, indicating that market demand for downside protection continues to strengthen; the premium on call options has been eroded in both short-term and long-term maturities, with buy-side flows dominating the past 7 days, accounting for 31.5% of options trading volume; the 1-month IV has risen above 40%, while realized volatility remains around 35%, and the volatility risk premium has expanded to its highest level in weeks.

Additionally, the maximum negative Gamma concentration is located at $65,000, and BTC is currently within a wide-range short Gamma corridor, which may amplify price fluctuations through market maker hedging activities. Glassnode summarized that the overall positioning in the options market remains defensive.

BTC-4.79%
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