According to ChainCatcher, glassnode said Bitcoin has fallen back into a key support zone after retesting its February lows. The move came as options market pricing showed a clear cooling in expectations for future uncertainty, even though the spot price remained close to important technical levels.
One-week implied volatility drops from around 60% to 35%
Options data cited by glassnode shows that Bitcoin’s one-week implied volatility has declined sharply from roughly 60% to 35%. The broader volatility curve has also shifted lower at the same time, indicating that the options market is pricing in less future uncertainty than it did during the recent elevated-volatility period.
Implied volatility reflects how much volatility is being priced into options contracts. A decline in this measure means that the premium being paid for expected future price swings has come down. In this case, the cooling occurred even as Bitcoin traded near a critical area, suggesting that the panic-driven pricing seen during the sell-off has eased.
glassnode also noted that the 25-delta skew has pulled back from the extreme levels seen during the sell-off. Demand for short-dated protection has normalized to some extent, showing that panic hedging pressure is fading. However, the report still described the overall positioning structure as defensive rather than aggressive.
Short gamma concentration near $62,000 totals about $1.8 billion
Short-dated options remain biased toward downside protection. Over the past week, put option trading accounted for about 28% of activity, significantly above the 24.1% share of call option buying. This indicates that, despite the cooling in implied volatility, traders are still allocating more heavily toward short-term downside protection.
Another important market signal is that one-month implied volatility has fallen below realized volatility. This creates a situation in which implied volatility is underpricing actual market volatility. glassnode identified a notable short gamma concentration near $62,000, with a size of about $1.8 billion. If the price moves further lower, that concentration could accelerate an expansion in volatility. Around $60,000, however, there is a certain long gamma buffer. Overall, although volatility pricing has cooled, Bitcoin options positioning remains structurally defensive.