BlockBeats news, on June 5, Glassnode reported that as BTC broke below its multi-month range and tested its February low, options market data revealed multiple defensive signals emerging simultaneously. The 1-week implied volatility (IV) surged to nearly 60%, up significantly from around 30% the previous week, with longer-dated volatilities also rising across the board; the 25D skew increased sharply, with the 1-week skew reaching as high as 30% and the 1-month skew climbing above 23%, indicating sustained strong demand for downside protection; call option premiums have been eroded across both short- and long-dated maturities, while put buying dominated capital flows over the past seven days, accounting for 31.5% of options premium volume; the 1-month IV has risen above 40%, while realized volatility remains near 35%, expanding the volatility risk premium to its highest level in several weeks.
Additionally, the maximum negative gamma concentration is at $65,000, with BTC currently within a broad bearish gamma corridor, where market makers' hedging activities may amplify price volatility. Glassnode concludes that overall options market positioning remains defensive.