Finding a Floor
$BTC traded down to $60K as profitability collapsed, recent buyers sank into loss, and realized losses accelerated. Institutional demand weakened while options markets continued to price elevated risk.
Read the full Week On-Chain👇
$BTC traded down to $60K as profitability collapsed, recent buyers sank into loss, and realized losses accelerated. Institutional demand weakened while options markets continued to price elevated risk.
Read the full Week On-Chain👇
👍16🔥6❤4
The 30D-SMA of total trading volume across BTC treasury companies has declined from $34.2B/day in Dec 2025 to $17.4B/day today, a 49% drop in roughly six months.
Speculative interest in DAT equities tracks BTC price closely. As spot has pulled back, the appetite for leveraged Bitcoin exposure through listed treasury vehicles has followed, cutting activity in half from its peak.
📉 http://glassno.de/btc-dat-volume
Speculative interest in DAT equities tracks BTC price closely. As spot has pulled back, the appetite for leveraged Bitcoin exposure through listed treasury vehicles has followed, cutting activity in half from its peak.
📉 http://glassno.de/btc-dat-volume
❤5🔥1
The 30D-SMA of US Spot ETF trading volume has contracted from $4.4B/day in October 2025 to $0.96B/day today, a 78% decline.
Combined with the 49% drop in DAT company volumes flagged earlier, both TradFi channels for Bitcoin exposure are signalling the same thing:
Speculative appetite for BTC in traditional markets has largely withdrawn.
📉 http://glassno.de/btc-etf-volume
Quoting @glassnode:
The 30D-SMA of total trading volume across BTC treasury companies has declined from $34.2B/day in Dec 2025 to $17.4B/day today, a 49% drop in roughly six months.
Speculative interest in DAT equities tracks BTC price closely. As spot has pulled back, the appetite for leveraged Bitcoin exposure through listed treasury vehicles has followed, cutting activity in half from its peak.
📉 http://glassno.de/btc-dat-volume
Combined with the 49% drop in DAT company volumes flagged earlier, both TradFi channels for Bitcoin exposure are signalling the same thing:
Speculative appetite for BTC in traditional markets has largely withdrawn.
📉 http://glassno.de/btc-etf-volume
Quoting @glassnode:
The 30D-SMA of total trading volume across BTC treasury companies has declined from $34.2B/day in Dec 2025 to $17.4B/day today, a 49% drop in roughly six months.
Speculative interest in DAT equities tracks BTC price closely. As spot has pulled back, the appetite for leveraged Bitcoin exposure through listed treasury vehicles has followed, cutting activity in half from its peak.
📉 http://glassno.de/btc-dat-volume
👍6❤2🔥2
Glassnode
Photo
Bitcoin has broken below the February low and bounced from the June low.
Here's what Bitcoin options data reveals about positioning, volatility expectations, and market sentiment beneath the surface.
Selloff Triggers a Temporary Volatility Spike
ATM IV jumped as BTC broke below the February low, with 1W IV briefly reaching 65%. The spike quickly faded, with front end volatility back near 40%.
Markets still view the selloff as a contained move.
Protection Demand Spikes Then Fades
1W skew surged from 12% to 28% as BTC broke below the February low, reflecting a rush for downside protection. The move quickly faded, with front end skew now back near 12%.
Volatility Risk Premium Narrows
1M realized volatility rebounded from 27% to 41% following the selloff, while 1M IV retraced toward 41%. The spread has largely disappeared, with RV now almost matching what options markets had been pricing.
Protection Demand Dominates Flow
7 day taker flow remains defensive, with put buying accounting for 30% of premium traded versus 20% for calls.
The last 24 hours show a similar pattern, suggesting demand for downside protection remains elevated.
Short Gamma Sits Above Spot
The largest negative gamma cluster now sits at 65K, just above current spot near 63.8K. With several other short gamma strikes concentrated up to 70K, dealer hedging could amplify upward moves if BTC reclaims this area.
Wrap Up
Volatility spiked, then normalized.
Protection demand surged, then faded.
The volatility risk premium has largely closed.
Flow remains defensive, while short gamma sits above spot.
The market has absorbed the initial shock, but options positioning remains cautious.
Here's what Bitcoin options data reveals about positioning, volatility expectations, and market sentiment beneath the surface.
Selloff Triggers a Temporary Volatility Spike
ATM IV jumped as BTC broke below the February low, with 1W IV briefly reaching 65%. The spike quickly faded, with front end volatility back near 40%.
Markets still view the selloff as a contained move.
Protection Demand Spikes Then Fades
1W skew surged from 12% to 28% as BTC broke below the February low, reflecting a rush for downside protection. The move quickly faded, with front end skew now back near 12%.
Volatility Risk Premium Narrows
1M realized volatility rebounded from 27% to 41% following the selloff, while 1M IV retraced toward 41%. The spread has largely disappeared, with RV now almost matching what options markets had been pricing.
Protection Demand Dominates Flow
7 day taker flow remains defensive, with put buying accounting for 30% of premium traded versus 20% for calls.
The last 24 hours show a similar pattern, suggesting demand for downside protection remains elevated.
Short Gamma Sits Above Spot
The largest negative gamma cluster now sits at 65K, just above current spot near 63.8K. With several other short gamma strikes concentrated up to 70K, dealer hedging could amplify upward moves if BTC reclaims this area.
Wrap Up
Volatility spiked, then normalized.
Protection demand surged, then faded.
The volatility risk premium has largely closed.
Flow remains defensive, while short gamma sits above spot.
The market has absorbed the initial shock, but options positioning remains cautious.
❤13👍8🔥2
❤6🔥3