Glassnode: Bitcoin Options Market Rebuilds Bullish Exposure

On July 17, Glassnode released a market outlook stating that the Bitcoin options market has begun to shift towards a constructive stance, with implied volatility dropping from 48 to 40 and the put/call ratio falling to a six-month low of 0.59. Data shows that options traders are reducing downside hedges and rebuilding bullish exposure, indicating that market sentiment is gradually improving from the panic in June, although volatility remains above the May lows. The current Bitcoin price is consolidating around $63,000, with a negative gamma concentration zone between $68,000 and $70,000. A breakout in this area could trigger more pro-cyclical hedging from traders and amplify volatility.

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