According to @glassnode, Bitcoin ATM implied volatility surged during the rally toward 94K and then drifted lower as spot stalled, indicating volatility sellers stepped in as momentum faded and demand for immediate price expansion decreased. Source: Glassnode glassno.de/4pu6c1O; twitter.com/glassnode/status/2009637723540447623 For traders, this signals softer near-term option premiums and less favorable conditions for buying short-dated gamma until momentum returns, as the options market reflects reduced urgency for upside hedges. Source: Glassnode glassno.de/4pu6c1O; twitter.com/glassnode/status/2009637723540447623 Monitoring any renewed push through 94K is key, as ATM IV showed clear sensitivity to spot momentum during the prior move, implying IV can re-expand if trend strength resumes. Source: Glassnode glassno.de/4pu6c1O; twitter.com/glassnode/status/2009637723540447623