Foresight News reports that Glassnode stated that Bitcoin has risen nearly 10% since the beginning of the year and has entered a consolidation phase after breaking through $95,000. Options data shows that since the start of the year, options trading volume has been steadily recovering, with traders more inclined to establish multi-cycle long positions rather than short-term speculation.
In terms of position distribution, a large expiration on December 26 last year caused the put/call options open interest ratio to rise from 0.5 to 0.78. Recently, with the addition of new long positions, this ratio has decreased by about 10% to around 0.71, indicating that market sentiment is shifting back towards bullishness. Meanwhile, implied volatility across different expiration dates is declining, reflecting reduced market demand for crash protection or aggressive hedging, with the 1-week IV falling back to recent lows.
Additionally, regarding skew indicators, short-term skew is near equilibrium, but long-term skew shows an upward trend, indicating market demand for upside convexity rather than pure hedging. Glassnode summarized that options data signals a cautiously optimistic outlook; although traders show confidence at high levels, they are still reluctant to sell puts easily, reflecting ongoing defensive psychology against downside risks.
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