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The Bitcoin market remains subject to high uncertainty, with bearish 
sentiments at heightened levels. In the last week, the premier cryptocurrency 
attempted another failed breakout as prices faced stiff resistance at the 
$75,000 level. With Bitcoin now back to around $70,000, Glassnode data on the 
options market shows that traders are pushing for more downside protection 
alongside expectations of low market volatility. Related Reading: Pundit 
Shares Everything To Understand About Bitcoin, ‘This Cycle IS Different’ 
Bitcoin Open Interest Hits New ATH &#8211; What Does It Mean? In an X post on March 
20, Glassnode provides an update on the Bitcoin options market covering 
developments on positioning, volatility expectations, and market sentiments. 
In terms of positioning, the analytics platform reported that Bitcoin options 
Open Interest (OI) reached a new all-time high value ahead of the expected 
expiry order on Friday. While a rise in OI typically represents an increase in 
market participation, Glassnode analysts explain that this recent positioning 
spike may still be indicative of short-term hedging flows. However, the after- 
effects of quarterly expiry on March 27 would provide more clarity on the 
recent positioning spike and the long-term sentiment. Meanwhile, the 1-week 
Implied Volatility (IV) declined from 70% to 53%, while options with longer 
maturities are also down by ~10 vols. This indicates that options are 
anticipating less dramatic price swings, despite the unstable macro 
environment. Related Reading: Binance Leads XRP Whale Exodus As 530M Tokens 
Exit In Single-Day Surge Bitcoin Put Options In Demand As Traders Hedge 
Against Price Fall According to Glassnode, the Bitcoin Options Skew, which 
measures the demand difference between put options (bearish protection) and 
call options (bullish bets), has stabilized. However, Bitcoin’s rejection at 
$75,000 has pushed the 25 Delta Skew into the 15-20% range, indicating 
increased put option demand. This development suggests a rise in market 
caution as options traders are paying a premium to protect against any 
potential downside. This creeping market fear is further confirmed by the 
24-hour taker flow chart, which shows that options traders&#8217; positioning has 
now turned defensive. Puts Bought activity is dominating the flows chart with 
a 30.7% share, while Calls Bought accounts for around 20.9%. Meanwhile, the 
Put/Call Ratio had also indicated a potential rejection at $75,000. Put 
actions dominated flows activity above $72,000, indicating that traders lacked 
belief in the breakout. Following the pullback, traders attempted to buy the 
dip with a spike in call options, but it was short-lived. At the time of 
writing, Bitcoin trades at $70,668 following a minor 0.33% gain in the last 
day. Meanwhile, daily trading volume has declined by 17.30% and is now valued 
at $36.67 billion. Featured image from Flickr, chart from Tradingview

Bitcoin Market Caution Rises After Failed Breakout: Glassnode Data

This week’s developments highlight crypto’s deepening ties to macro, AI, and 
traditional finance. Bitcoin slid amid geopolitical tensions, underscoring its 
sensitivity to global risk. Meanwhile, Bittensor’s decentralized AI milestone 
drew attention from Nvidia’s Jensen Huang, signaling growing legitimacy for 
onchain innovation. Institutional momentum remains strong, with most investors 
planning to increase exposure, while FTX’s multibillion-dollar […]

Bittensor Subnet Breakthrough, Institutional Confidence, and More – Week In Reiew

Bitcoin stabilizes near $70K, while altcoins show little movement as 
geopolitical tensions and inflation fears weigh on markets.

Cryptocurrency price in SEK