Glassnode said on Aug. 28 that bitcoin’s fast climb back toward $80,000 is now showing up in the options market, where the tone has turned more constructive.
Open interest has climbed back with the price and is now closing in on 550,000 BTC. That’s a pretty clear sign that capital and participation are coming back into the derivatives market. DVOL, the options-implied volatility index, has also rebounded to about 41, pointing to fresh demand for volatility. Still, it remains far below the 50-to-60-plus band seen during earlier high-volatility stretches, so conditions have not hit an extreme.
The options setup is telling the same story. The 25 Delta Skew has tightened across all tenors, and short-term skew has even turned negative. That suggests demand for downside protection is fading, while positioning shifts toward a more balanced stance — or even one leaning to the upside.
After moving above $70,000, BTC has pushed into the heavy gamma zone between $75,000 and $80,000. Options exposure on both sides is packed around key strike prices, and if positioning keeps changing, price action could grow more sensitive to options-market forces.
Recent options flow has gathered around the $72,500 and $79,250 strikes, with notable call buying at both levels. Put demand has stayed fairly limited. Simple enough. Traders appear to be betting on more upside for BTC.
So, the rebound has kept repairing options positioning, cut demand for downside hedges, and strengthened call flow. Volatility has risen, but it still looks moderate. If upward momentum holds, the options market may still have room to reprice further.