glassnode: After Historic On-Chain Options Expiry, Bitcoin Awaits Next Defining Move

On October 2nd, glassnode released a Bitcoin market viewpoint analysis indicating that on-chain dynamics continue to emphasize the key role of the short-term holder cost basis. This discrepancy has consistently provided reliable support since May 2025. The price is still encountering a challenge from a dense supply cluster between $114,000 and $118,000. However, the moderation of the long-term holder distribution and the return of ETF funds suggest that demand is stabilizing. Market sentiment, as measured by RVT and the Fear & Greed Index, indicates that the market is in a cooling-off period, and the market trend is shifting towards consolidation rather than capitulation. In the options market, a record-breaking expiry date reset positions have occurred, and the open interest contracts are currently re-entering the fourth quarter. Volatility has slightly decreased, skewness is moving in a neutral direction, the curve remains in a positive spread state, with the back end showing more strength. Fund flows show moderate upward interest. Traders' gamma values remain generally balanced, suppressing hedging fund flows. Overall, these signals suggest that the market is resetting to a more neutral and constructive environment, waiting for the arrival of the next decisive trend.