IV has come down, but the position is still being hedged. If that pile of short Gamma around 62,000 gets breached, the 60,000 test is coming soon.

According to Glassnode research, although BTC prices are testing February lows, implied volatility of options has significantly decreased, with 1-week IV dropping from 60% to 35%, indicating that market-implied uncertainty is lower than two weeks ago. However, Glassnode points out that market positioning remains defensive. Short-term options still lean more towards bearish exposure. At the same time, BTC has an approximately $1.8 billion short gamma concentration zone near $62k. If the price continues to decline, it could accelerate a retest of the $60k support level.