Bitcoin’s drop back below $78,000 after a rejection near recent local range 
highs has left options traders positioned cautiously, according to new data 
shared by Glassnode. The firm said the options market continues to show 
compressed volatility expectations, elevated downside hedging demand, and a 
gamma structure that could amplify weakness if BTC moves toward the 
mid-$75,000 area. The move follows a failed attempt to hold near the upper end 
of the recent local range. While spot price action has softened, Glassnode’s 
thread focused on what derivatives positioning suggests beneath the surface: 
traders are still paying up for protection rather than aggressively chasing 
upside. “BTC broke back below $78K after being rejected near the recent local 
range highs,” Glassnode wrote. “Here’s what BTC options data shows on 
positioning, volatility expectations, and sentiment beneath the surface.” 
Bitcoin Options Traders Stay Defensive One of the clearest signals came from 
implied volatility. Glassnode said BTC implied volatility resumed its decline 
after a short-lived rebound earlier in the week. One-week implied volatility 
now sits near 31%, down from 39% earlier this week, while longer-dated implied 
volatility also moved slightly lower. The implication is that the market is 
not yet pricing a disorderly breakout in either direction, even as downside 
hedging remains elevated. “The market is pricing a quieter near term 
environment again,” Glassnode said. Related Reading: Bitcoin $78,000 Rebound 
Fizzles As Coinbase Premium Stays Red That calm, however, is not the same as 
bullish positioning. Glassnode said 25-delta skew remains “firmly in put 
territory” after the rejection near $82,000. One-week skew briefly touched 24% 
before easing, a sign that puts continued to trade at a strong premium to 
calls. “Traders continue to favor downside protection,” the firm wrote. The 
same caution appeared in Glassnode’s skew index ratio, which compares upside 
and downside implied volatility. Most tenors remain below 1, meaning puts are 
richer than calls. The exception is the six-month tenor, where the ratio still 
shows a call premium, suggesting that longer-dated upside demand has not 
disappeared entirely. Nearer-term positioning is more defensive. Glassnode 
said upside demand remains limited outside longer-dated structures, while the 
broader options surface continues to show investors seeking protection against 
further downside. Realized and implied volatility are also diverging. One- 
month realized volatility has fallen toward 27%, while one-month implied 
volatility remains closer to 35%. That leaves the volatility risk premium near 
recent highs, according to Glassnode. “Options still price more movement than 
BTC has recently delivered,” the firm said. The gamma profile adds another 
layer of risk. Glassnode identified a large short gamma cluster near $75,000, 
with roughly $3.2 billion of negative exposure below spot. In options markets, 
short gamma positioning can force dealers to hedge in ways that reinforce spot 
moves, potentially increasing volatility if price approaches key levels. 
Related Reading: Wintermute Says Bitcoin Rally Was A Squeeze, Low $70,000s 
Loom At the same time, positive gamma clusters near $78,000 and $80,000 may 
act as resistance. That setup leaves Bitcoin boxed between nearby upside 
friction and a lower zone where downside movement could accelerate. “This 
structure can accelerate downside volatility near 75K,” Glassnode wrote. Flows 
over the past week also leaned defensive. Put buying slightly led the tape, 
representing 25% of premium, while calls bought also accounted for 25%. Call 
selling remained elevated at 25.7% of flow, reinforcing the picture of muted 
upside appetite. Glassnode’s conclusion was direct: front-end implied 
volatility keeps compressing, the volatility spread is widening, skew remains 
in put territory, only the six-month skew index ratio shows a call premium, 
flows lean defensive, and a short gamma acceleration zone sits below spot. For 
traders, the takeaway is less about outright panic than asymmetry. Bitcoin 
options are not pricing a major volatility expansion in the immediate term, 
but the market is still paying for downside protection and showing limited 
confidence in near-term upside. Unless spot can reclaim the nearby resistance 
zones around $78,000 and $80,000, the options market appears positioned for 
continued caution. At press time, BTC traded at $76,744. Featured image 
created with DALL.E, chart from TradingView.com

Bitcoin’s drop back below $78,000 after a rejection near recent local range highs has left options traders positioned cautiously, according to new data shared by Glassnode. The firm said the options market continues to show compressed volatility expectations, elevated downside hedging demand, and a gamma structure that could amplify weakness if BTC moves toward the &#8230;

Glassnode Says Bitcoin Options Traders Are Still Positioned For Trouble

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Glassnode Says Bitcoin Options Traders Are Still Positioned For Trouble

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