Glassnode：比特币回测7.5万美元行权价，市场方向仍不明朗

Odaily reported that Glassnode stated on X platform that Bitcoin recently retested the $75,000 strike price, an area that previously concentrated nearly $8 billion in short Gamma positions, and once pushed the BTC price down to around $72,500 before the expiration of this round of options. With the completion of today's large-scale options expiration, the market's Gamma structure has begun to be restructured.

Data shows that during the BTC decline, the ATM implied volatility (IV) rose, with the 1-week IV breaking through 35%, but it quickly fell back to about 32%. The IV for longer-term tenors also decreased, indicating that the market still views this fluctuation as a "controlled adjustment." Meanwhile, the 25 Delta Skew remains positive, with most tenors around 14%, showing that demand for put protection is still higher than for call options, though it has cooled off somewhat compared to earlier this month.

Glassnode added that the 1-month realized volatility has rebounded from 24.5% to 28%, while the 1-month IV remains around 35%. The 7-volatility-point premium suggests that the options market is still pricing in greater future volatility.

In terms of capital flows, the buying and selling structure of options over the past 7 days has been almost perfectly balanced, with the proportions of buying and selling for both call and put options close to 25%, reflecting the market's lack of clear directional bets following the recent decline.

Additionally, demand for put protection near the $70,000 strike price once surged to nearly $10 million, but as the market rebounded, some hedging positions have started to take profits and close out, alleviating concerns about further declines.

Glassnode concluded that market volatility has now stabilized, and although hedging demand remains relatively high, it is cooling down. With the expiration of $75,000 options concluding, the BTC market's Gamma structure is being accumulated across multiple price ranges.