Glassnode

BTC has returned to a key inflection point after sweeping both the February and June lows. Here's what BTC options data reveals about positioning, volatility, and sentiment beneath the surface. Volatility Rebounds BTC IV is rising as price revisits the February lows. 1 week IV has jumped from 33% to 45%, with the rest of the curve also moving higher. Options markets are pricing greater uncertainty as downside volatility returns. https://glassno.de/4amt4vK Protection Demand Returns 25 Delta Skew is rising across the curve as traders pay a growing premium for puts over calls. 1W skew has climbed to 30%, while longer maturities have also moved higher. Demand for downside protection is building again. https://glassno.de/4vQ3at7 Calls Remain Out of Favor The Skew Index Ratio compares upside IV vs downside IV. Only the 6 month tenor remains above 1, while shorter dated maturities all trade below neutral, reflecting stronger demand for downside protection than upside exposure. https://glassno.de/3QLDTkn Volatility Risk Premium Resets 1M implied volatility has caught back up with realized volatility. After spending the past 2 weeks below realized moves, the spread is now at zero. Options markets are no longer underpricing recent volatility. https://glassno.de/4xQdFha Short Gamma Dominates Below Spot Following today's large options expiry, traders rebuilt downside exposure, forcing market makers to be short gamma from 60.5K down to 55K, where dealer hedging could amplify volatility if BTC moves lower. https://glassno.de/4f2myge Put Activity Dominates Put selling led taker flow over the past 7 days, accounting for 38.3% of premium traded, followed by put buying at 32.1%. Call activity remained muted. The options tape continues to revolve around downside exposure. https://glassno.de/4eIuge1 Wrap Up Implied volatility has rebounded. Protection demand is building. Calls remain out of favor. Volatility risk premium has normalized. Short gamma dominates below 60.5K. Put activity dominates the tape. Options positioning remains defensive near key support.

With price sliding below $60k, long-term holders are now carrying 5.6M BTC at a loss, the highest since the Covid crash in 2020. The resolution of overhang supply is extending, not concluding. 📉 http://glassno.de/btc-lth-supply-loss Quoting @CryptoVizArt: Long-term holders are now carrying 5.3M BTC at a loss, surpassing the post-FTX crash level and reaching the highest reading since the Covid crash. The scale of underwater LTH supply suggests the resolution process is still in progress. 📉 http://glassno.de/btc-lth-supply-loss https://twitter.com/glassnode/status/2062531969661980975

With price contracting to $1.04, the 90D-SMA has declined further to 0.33, the lowest reading since August 2022. Capitulation pressure continues to deepen. Each successive low in this ratio reflects a growing share of participants exiting at a loss, with profit-taking activity increasingly unable to offset it. 📉 http://glassno.de/xrp-rplr Quoting @glassnode: The 90D-SMA of XRP's Realized Profit to Loss Ratio has fallen to 0.38. For every dollar of loss being realized in the market, only 38 cents of profit is being taken. At the 2025 peak, this ratio reached 50, meaning profit-takers were overwhelming loss-sellers by a factor of 50x. That dynamic has fully inverted. A ratio this deep below 1 reflects a market where the majority of participants who are moving coins are doing so at a loss, a hallmark of intense capitulation. 📉 http://glassno.de/xrp-rplr

Waiting for Buyers $BTC has broken below $60K as loss realization, ETF outflows, and defensive options positioning continue to weigh on sentiment. Despite some selective accumulation, broad demand remains absent. Read the full Week On-Chain👇

Since mid-May, the 7D-SMA of US Spot ETF aggregated flows has not recorded a single net positive day. This suggests but an absence of institutional demand. TradFi capital has yet to re-engage with BTC at current price levels. 📉 http://glassno.de/btc-etf-flows-all

Hyperliquid traders are increasingly leaning long despite $BTC remaining well below its highs. Positioning has become progressively more bullish through the downtrend, highlighting persistent dip-buying and growing squeeze potential. 📈https://glassno.de/4g0NjTp

The Altcoin Cycle Signal is back in Altcoin Season. The typical version of this print has alts running while BTC stays bid. Currently, we see alts running out of sellers after nearly two years and BTC drawing down aggressively. For now, the BTC side is still doing most of the work. https://glassno.de/4eIE8Vr

$BTC traded between $61K and $67K before stabilising near $65K. Institutional demand softened, but resilient holder behaviour and stable futures positioning continue to support a constructive market backdrop. Read this week’s Market Pulse👇

What the Oil Price means for $BTC 📊Chart of the Week: WTI Crude Oil Watch on X

BTC is back at a major support zone as price tests the February lows. Here's what BTC options data reveals about positioning, volatility, and sentiment beneath the surface. Volatility Cools From Recent Highs BTC implied volatility has eased despite price testing the Feb lows. 1 week IV has fallen from 60% to 35%, with the rest of the curve also drifting lower. The market is pricing less uncertainty than two weeks ago. https://glassno.de/4elkXSs Protection Demand Normalizes 25D skew has eased from the extreme levels reached during the June selloff. 1 week skew has fallen from nearly 30% to 15%, with the rest of the curve also normalizing. The rush for downside protection has largely subsided. https://glassno.de/4oCtPGR Calls Continue to Lose Ground The skew index ratio compares upside IV against downside IV. Near term options continue to favor downside exposure over upside participation. https://glassno.de/44j2eRD Volatility Risk Premium Turns Negative 1M IV has fallen below realized volatility. Implied volatility sits near 39%, while realized volatility has risen above 42%. Recent price swings have exceeded what options markets are currently pricing. https://glassno.de/4xID4cM Short Gamma Remains Dominant The largest negative gamma cluster sits at 62K, just below spot, where $1.8B of short gamma is concentrated. A move lower could accelerate a retest of 60K, where a small pocket of long gamma may help contain volatility. https://glassno.de/3QvDHFC Put Buying Continues to Lead Put buying dominated taker flow over the past 7 days, accounting for 28% of premium traded. Put selling followed at 26.8%, while call buying represented 24.1%. The tape continues to favor protection over upside exposure. https://glassno.de/44kFm4a Wrap Up Implied volatility has cooled. Protection demand has normalized. Calls remain out of favor. Realized volatility exceeds implied volatility. BTC sits on a major short gamma cluster. Flow continues to favor puts. Defensive positioning persists near key support.

A Market in Repair $BTC fell to nearly $60K as losses mounted and recent buyers came under pressure. Yet improving liquidity, stronger passive bids, and patient ETF holders suggest the market may be building a floor. Read the full Week On-Chain👇

$BTC rebounded from a low near $60K as selling pressure eased and options markets unwound fear. With volume, open interest, and capital flows still weak, the move looks more like stabilization than a confirmed reversal. Read this week’s Market Pulse👇

The Accumulation Trend Score measures the relative size of entities actively adding to their holdings on-chain, combining balance size with recent balance change. Values near 1 indicate broad accumulation; near 0, distribution. As price pushed into the $60k zone in early June, the aggregate score began shifting toward accumulation across cohorts. The structure is consistent with a broad buy-the-dip response, where falling prices are met with increasing on-chain demand rather than continued selling. 📉 http://glassno.de/btc-ats-cohort Quoting @glassnode: The recent $BTC correction appears to have attracted buyers back into the market. Accumulation Trend Scores have turned higher across multiple wallet cohorts, suggesting supply is being absorbed as investors step in following the move to down $60K. https://glassno.de/4fM7kgm

The recent $BTC correction appears to have attracted buyers back into the market. Accumulation Trend Scores have turned higher across multiple wallet cohorts, suggesting supply is being absorbed as investors step in following the move to down $60K. https://glassno.de/4fM7kgm

$BTC has bounced and is now pushing back into a dense cluster of options positioning near $65K. As price moves into these zones, dealer hedging flows can become more supportive, helping stabilize the market after a period of elevated volatility. https://glassno.de/4ortBCt

Watch this Signal - Percent Supply in Supply in Profit Watch the Chart of the Week Below👇 https://glassno.de/4v73Dqp

Bitcoin has broken below the February low and bounced from the June low. Here's what Bitcoin options data reveals about positioning, volatility expectations, and market sentiment beneath the surface. Selloff Triggers a Temporary Volatility Spike ATM IV jumped as BTC broke below the February low, with 1W IV briefly reaching 65%. The spike quickly faded, with front end volatility back near 40%. Markets still view the selloff as a contained move. Protection Demand Spikes Then Fades 1W skew surged from 12% to 28% as BTC broke below the February low, reflecting a rush for downside protection. The move quickly faded, with front end skew now back near 12%. Volatility Risk Premium Narrows 1M realized volatility rebounded from 27% to 41% following the selloff, while 1M IV retraced toward 41%. The spread has largely disappeared, with RV now almost matching what options markets had been pricing. Protection Demand Dominates Flow 7 day taker flow remains defensive, with put buying accounting for 30% of premium traded versus 20% for calls. The last 24 hours show a similar pattern, suggesting demand for downside protection remains elevated. Short Gamma Sits Above Spot The largest negative gamma cluster now sits at 65K, just above current spot near 63.8K. With several other short gamma strikes concentrated up to 70K, dealer hedging could amplify upward moves if BTC reclaims this area. Wrap Up Volatility spiked, then normalized. Protection demand surged, then faded. The volatility risk premium has largely closed. Flow remains defensive, while short gamma sits above spot. The market has absorbed the initial shock, but options positioning remains cautious.