$BTC fell from around $63K to a local low near $58K before stabilising. Defensive positioning persists across spot, derivatives and ETFs, while on-chain activity suggests the market remains in consolidation.
Read this week’s Market Pulse👇
Read this week’s Market Pulse👇
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Following Strategy’s June 29 announcement, its preferred shares rebounded strongly into month-end, with $STRC recovering around 13%. Bitcoin continued to show weakness, closing June below $60k.
📉 https://glassno.de/4xXbDfp
📉 https://glassno.de/4xXbDfp
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Accumulation Below the Surface
$BTC has fallen below $60K as ETF outflows persist. Despite the weakness, long-term holders are absorbing supply, suggesting patient capital is returning.
Read the full Week On-Chain👇
$BTC has fallen below $60K as ETF outflows persist. Despite the weakness, long-term holders are absorbing supply, suggesting patient capital is returning.
Read the full Week On-Chain👇
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Glassnode
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As $BTC extends its drawdown, options markets are repricing risk, volatility, and the probabilities investors assign to the next major move.
Here's what BTC options data reveals about positioning, volatility, and sentiment beneath the surface.👇
DVOL is trending higher as $BTC's sell-off extends, signalling a gradual repricing of future volatility. The move reflects growing uncertainty, though implied volatility remains well below the extremes seen during major market dislocations.
https://glassno.de/4y3vzgE
Despite Bitcoin's rebound from $58K, Skew remains firmly positive, indicating puts continue to command a premium over calls. Demand for downside protection persists, although the retreat from June's extremes suggests defensive positioning is beginning to ease.
https://glassno.de/3SGoSAY
With $BTC still trading in negative gamma territory, dealer hedging may continue to amplify price swings. Combined with elevated implied volatility and persistent demand for puts, the options market remains cautiously defensive.
https://glassno.de/3QDXIKu
Here's what BTC options data reveals about positioning, volatility, and sentiment beneath the surface.👇
DVOL is trending higher as $BTC's sell-off extends, signalling a gradual repricing of future volatility. The move reflects growing uncertainty, though implied volatility remains well below the extremes seen during major market dislocations.
https://glassno.de/4y3vzgE
Despite Bitcoin's rebound from $58K, Skew remains firmly positive, indicating puts continue to command a premium over calls. Demand for downside protection persists, although the retreat from June's extremes suggests defensive positioning is beginning to ease.
https://glassno.de/3SGoSAY
With $BTC still trading in negative gamma territory, dealer hedging may continue to amplify price swings. Combined with elevated implied volatility and persistent demand for puts, the options market remains cautiously defensive.
https://glassno.de/3QDXIKu
Glassnode Studio
Bitcoin Implied Volatility Index (DVOL) Chart - Glassnode
**Definition.** DVOL Index, developed by Deribit and inspired by the VIX methodology in traditional finance, tracks the 30-day implied volatility of options. It reflects market expectations and the pricing of crypto option risk.
**Technical.** The index…
**Technical.** The index…
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