Glassnode data shows that Bitcoin's rebound toward $80,000 has pushed options market positioning into a clearly more constructive direction. Open interest in BTC options has recovered to nearly 550,000 BTC, indicating renewed participation in derivatives. The DVOL volatility index has rebounded to around 41, though it remains below the 50–60 range seen in the earlier high-volatility stretch. Across all tenors, 25 Delta Skew has narrowed notably, and short-term skew has flipped negative, a signal that demand for downside protection has weakened and positioning has tilted toward a more balanced or bullish stance. BTC is now in a dense gamma zone between roughly $75,000 and $80,000, with recent flows concentrated around the $72,500 and $79,250 strike prices. At both levels, bullish call buying has been visible, while put demand has remained relatively limited.
Glassnode's latest data shows that Bitcoin's bounce toward $80,000 has coincided with a clear shift in options market positioning. Open interest in BTC options has climbed back to nearly 550,000 BTC, pointing to renewed participation across the derivatives complex. At the same time, the DVOL volatility index has rebounded to about 41, still below the 50–60 level that defined the earlier high-volatility regime.
The analytics firm also highlighted that 25 Delta Skew has narrowed meaningfully across maturities, with short-term skew flipping negative. That points to weakened demand for downside hedges and a positioning bias that is more balanced, if not outright bullish. BTC is currently trading inside a dense gamma zone between approximately $75,000 and $80,000. Recent flows have centered on the $72,500 and $79,250 strikes, where call buying has been evident at both levels, while put demand has stayed relatively subdued.
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