According to @glassnode, BTC 3-month options implied volatility is broadly compressed across nearly the entire strike surface, signaling muted expectations for large price moves into the next quarter and a reversion toward a low-volatility regime. Source: Glassnode (X, Jan 12, 2026). During the recent sharp drawdown into the low-$80K range, put demand rose as traders hedged risk, coinciding with a jump in expected price dispersion and higher uncertainty. Source: Glassnode (X, Jan 12, 2026). Conditions have since stabilized and expectations for extreme moves have moderated, but IV remains above the exceptionally low levels of the prior six months, indicating a shift toward a more active volatility environment versus the earlier trough. Source: Glassnode (X, Jan 12, 2026). For traders, this structure indicates the market is pricing smaller near-term BTC swings while maintaining a higher volatility baseline than the previous ultra-calm period, consistent with the observed IV compression and elevated relative level. Source: Glassnode (X, Jan 12, 2026).