glassnode: Bitcoin Options Market Firmly Rebuilding Upside Exposure

BlockBeats News, July 17th, glassnode released a market insight stating that the Bitcoin options market has started to shift constructively, with the implied volatility dropping from 48 to 40 and the put/call ratio hitting a six-month low of 0.59.

The data shows that options traders are reducing downside hedges and rebuilding upside exposure, indicating a gradual improvement in market sentiment from the June panic, but the volatility remains higher than the May lows.

The current Bitcoin price is consolidating around $63,000, with a negative gamma dense area at $68,000-$70,000. A breakout above this range could trigger more pro-cyclical trader hedging and amplify volatility.