BlockBeats news: On July 17, Glassnode released a market outlook stating that the Bitcoin options market has begun to shift toward a constructive tone, with implied volatility declining from 48 to 40, and the put/call ratio falling to a six-month low of 0.59.
Data shows that options traders are reducing downside hedges and rebuilding upside exposure, indicating a gradual improvement in market sentiment since the June panic, though volatility remains above May’s low.
Bitcoin is currently trading around $63,000, with a dense negative gamma zone located between $68,000 and $70,000; a breakout beyond this level could trigger increased hedging by trend-following traders and amplify volatility.