Glassnode: Bitcoin retests $75,000 strike price, market direction remains unclear

Odaily reported that Glassnode posted on X, stating that Bitcoin recently retested the $75,000 strike price. This area previously concentrated nearly $8 billion in short Gamma positions, which once pushed BTC prices down to around $72,500 before the current options expiry. With today's large-scale options expiry completed, the market's Gamma structure has begun to rebuild.

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

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

In terms of capital flows, the buy-sell structure of options over the past 7 days is almost perfectly balanced, with buys and sells of calls and puts each accounting for nearly 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 downside.

Glassnode concluded that market volatility has now stabilized. Although hedging demand remains relatively high, it is cooling. With the $75,000 options expiry concluded, BTC's market Gamma structure is accumulating again across multiple price levels.