Glassnode: Bitcoin options market is firmly rebuilding bullish exposure
2026.07.17 20:25:47
Glassnode released a market note stating that Bitcoin's options market has started to turn constructive. Implied volatility has dropped from 48 to 40, while the put/call ratio fell to a six-month low of 0.59. The data shows options traders are cutting downside hedges and rebuilding upside exposure, indicating market sentiment is gradually improving from the June panic, though volatility remains higher than May's lows. Currently, Bitcoin is consolidating around $63,000, with a dense negative gamma zone between $68,000 and $70,000. A breakout above this range could trigger more procyclic dealer hedging and amplify volatility.
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