glassnode: Bitcoin Options Market Maintains Defensive Posture Overall

June 5th — Glassnode shared in a post that as Bitcoin (BTC) dipped below a multi-month trading range and retested its February low, option market data showed several concurrent defensive signals. The 1-week Implied Volatility (IV) hit nearly 60%, a sharp jump from roughly 30% the prior week, while long-term volatility climbed across the board. The 25 Delta Skew also rose steeply: the 1-week skew once reached 30%, and the 1-month skew edged above 23%, pointing to sustained strong demand for downside market protection. Call option premiums eroded across both short and long timeframes, with put option purchases dominating fund flows over the past seven days and making up 31.5% of total option premium volume. The 1-month IV surged past 40%, while realized volatility held steady around 35%, pushing the volatility risk premium to its highest level in several weeks. Additionally, the largest negative Gamma concentration is positioned at $65,000, with BTC currently trapped in a broad bearish Gamma corridor where market maker hedging activity may amplify price swings. Glassnode concluded that overall option market positioning remains defensive.