glassnode: BTC Options Show Increased Defensive Market Sentiment, Rising Demand for Downside Protection

Odaily News glassnode posted analysis data on the X platform, indicating that while Bitcoin has been consolidating recently within the range of $65,000 to $73,000, the options market is showing defensive characteristics. Bitcoin options open interest (OI) has recovered from 255,000 BTC on December 26 to 452,000 BTC, approaching the high levels seen at the end of Q4 2025. The 1-month and 3-month implied volatility has increased by approximately 10 volatility points, suggesting traders anticipate potentially larger price movements in the future. The put skew has risen from 6% to 18% within a month, highlighting the market's willingness to pay for downside protection. However, the current market flow structure is becoming more balanced; since Bitcoin's decline from $82,000, put buying has dominated. Increased call activity over the past two days has brought the put/call ratio back down to 0.7, and short-term positions are stabilizing. Nonetheless, short-term implied volatility remains below realized volatility.