Odaily Planet Daily reports: According to analysis data released by Glassnode on X, Bitcoin has recently been consolidating between $65,000 and $73,000, yet the options market has shown defensive characteristics. BTC open interest (OI) has risen from 255,000 BTC on December 26 to 452,000 BTC, nearing the high seen at the end of Q4 2025. One-month and three-month implied volatilities have increased by approximately 10 volatility points, indicating traders expect significant price movements ahead. Put skew has risen from 6% to 18% over the past month, highlighting increased willingness to pay for downside protection. However, the current market liquidity structure is trending toward balance; after Bitcoin’s decline from $82,000, put buying dominated, but increased call activity over the past two days has brought the put/call ratio down to 0.7, stabilizing short-term positions—though short-term implied volatility remains below realized volatility.
Glassnode: BTC Options Indicate Increased Defensive Market Sentiment and Demand for Downside Protection
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Summary
Glassnode notes that the BTC price has been trading between $65,000 and $73,000, while the options market reflects a defensive posture. BTC options open interest rose to 452,000 BTC, nearing levels seen in Q4 2025. Implied volatility for 1- and 3-month options increased by 10 points, indicating heightened expected volatility. One-month put skew rose to 18%, reflecting stronger demand for downside protection. The put/call ratio is now at 0.7, balancing short-term positions.
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