BlockBeats news, on May 8, Glassnode stated that Bitcoin recently broke through a key resistance level, rising to the $82,000–$83,000 range, ending several weeks of narrow consolidation and restoring market volatility. Options data shows a notable rebound in short-term implied volatility, with the 1-week implied volatility rising by approximately 6 volatility points from its low, while longer-term maturities showed relatively modest changes, indicating a rapid recovery in short-term trading demand.
Regarding sentiment and positioning, the 25-delta skew—a measure of options market sentiment indicating whether traders fear declines more than they seek gains—has continued to converge toward neutrality. The short end briefly touched equilibrium before rebounding to a roughly 5% put premium, but overall indicates weakening demand for downside hedging. Meanwhile, the skew shows divergence: short-term sentiment remains bearish, while longer-dated structures are gradually shifting bullish, as the market begins to repricing upside expectations.
On the structural side, implied volatility has risen faster than realized volatility, causing the risk premium (VRP) to turn positive again; meanwhile, a concentrated short gamma zone of approximately $2 billion exists near $82,000, potentially amplifying price volatility. Option flow has also shifted toward profit-taking, with call options accounting for 81% of net selling over the past 24 hours, indicating an overall market preference for consolidation rather than a deep correction.