$BTC has staged a sharp recovery toward $80K, with options markets beginning to reflect the shift in momentum.

Volatility is waking up, open interest is rebuilding, and positioning is tilting more constructively.

Here’s what the options market is telling us👇

Options open interest has recovered sharply alongside BTC, now approaching 550K BTC. This signals renewed derivatives positioning and growing market participation as price rebounds toward $80K.

DVOL has rebounded sharply alongside BTC’s move toward $80K, signalling renewed demand for volatility. However, at ~41, implied volatility remains well below prior 50–60+ regimes.

25 delta skew has compressed sharply across maturities, with short-dated skew turning negative. This points to reduced demand for downside protection and a shift toward more balanced or upside-oriented positioning.

The sharp move through $70K has pushed BTC into a dense gamma zone around $75–80K, where positive and negative exposures are concentrated. This may increase price sensitivity as positioning shifts around these strikes.

Recent options flow is concentrated around $72.5K and $79.25K, with notable call buying at both strikes. This suggests traders are positioning for further upside, while put demand remains comparatively muted.

Options positioning has turned increasingly constructive alongside BTC’s recovery.

OI is rebuilding, downside protection demand has eased, and recent flows show notable call demand around key strikes. Vol is rising, but remains far from stressed levels, leaving room for further repricing if momentum persists.

Solana spot ETFs had their strongest stretch on record.

$138M of net inflows over 10 days, including a single-day high of $47M on Tuesday.

Leading the pack is @Bitwise's BSOL, now holding 9.3 million $SOL and crossing $1B in AUM – the first Solana ETF to get there.

Live Solana ETF flow, balance, and volume charts

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$BTC and equities are decoupling.

Correlation with the S&P is approaching its lowest point in almost 2 years.

The tight equity relationship that defined much of the recent downtrend is fading. https://twitter.com/glassnode/status/2092605995356966938

The blockchain trilemma: a network can strengthen two of decentralization, security, and scalability, usually at a cost to the third.

Read our joint report with @ARKInvest on how Bitcoin, Ethereum, and Solana compare.

#BTC spot ETFs recorded their highest monthly inflows since July 2025.

They pulled in ~$3.5 billion in August.

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