Sellers are tiring but buyers are absent. However, leverage traders have already pulled the trigger on a recovery the data does not yet support.

The market is coiled tightly between converging cost-basis levels on the quietest tape since 2019.

Read it here

ICYMI: $BTC futures OI has climbed past a full day of futures volume, just shy of last September's record.

Plenty of positions, thin turnover. On a tape this thin, liquidations meet little resistance in either direction.

https://twitter.com/glassnode/status/2087586319983882446

$BTC options remain subdued, with volatility and skew continuing to compress. But positioning beneath the surface is becoming more concentrated around key strikes, creating a clearer setup across the options complex.

Here’s what the data shows👇

$BTC implied volatility continues to compress, led by the front end. 1-week ATM IV has fallen toward 26%, while 6-month IV remains near 39%, steepening the term structure as traders price in subdued near-term moves but retain longer-dated uncertainty.

https://glassno.de/4qf2mvA

25-delta skew has compressed sharply across tenors, with 1-week skew falling toward ~5%. The decline points to softer demand for downside protection, suggesting options markets are becoming less defensively positioned.

https://glassno.de/4gdga5q

GEX remains concentrated around spot, with negative gamma clustered through the low-$60Ks and positive gamma building closer to ~$70K. This leaves BTC vulnerable to sharper moves lower, while upside may encounter more stabilising dealer hedging.

https://glassno.de/4gh93Zz

Wrap up:

Overall, options markets are less defensive, but not complacent. Falling IV and skew point to reduced near-term fear, while concentrated gamma and strike activity suggest the $60K–$70K range remains the key battleground for the next directional move.

The support under $BTC has started to disappear.

The heavy wall of buy orders that built below price in June has begun to drain away. What remains is a much thinner floor.

In our weekly updates we've been monitoring this metric closely 👇

https://x.com/glassnode/status/2087586319983882446?s=20

Did whales go long at the top of the local $BTC range?

Whale net long positioning on Hyperliquid peaked right into resistance.

Spot and flow data still show no matching demand.

Read our latest weekly article "Trigger Happy" for analyses like this👇

https://twitter.com/glassnode/status/2087586319983882446

Consumer Confidence recently hit an all-time low as the stock market continued to make new highs.

This weak sentiment is pushing money out of cash and into equities, AI, and commodities.

$BTC has been significantly neglected by this rotation

This is one of the cheapest times to buy volatility in years.

However, the data shows recent buyers still did not make money.

$BTC simply delivered less movement than people paid for.