According to @glassnode, recent Bitcoin (BTC) price weakness toward 60k was driven by short gamma positioning in the options market. With today's expiry, much of the short gamma concentrated around 65k has rolled off, potentially reducing immediate downward pressure. However, trading flows could intensify if BTC moves below 62k or approaches 75k, where gamma levels are expected to build again.

According to @glassnode, Bitcoin's at-the-money implied volatility (ATM IV) has decreased from its earlier spike but remains at a higher level compared to the previous month. The market is currently pricing approximately 47% implied volatility for 1-month and 3-month tenors, which is 10 volatility points above last month's levels. This indicates consistent demand for protective options strategies.

According to @glassnode, Bitcoin options open interest (OI) is on the verge of reclaiming its all-time high (ATH) of 550k BTC, previously set in December. Despite a weak market backdrop, this highlights the growing significance of the options market in Bitcoin trading dynamics.

According to @glassnode, the skew for puts remains at 14%, reflecting a decline from the previous 26% during peak market fear. This indicates that traders are quick to hedge against perceived risks but unwind these positions as fear diminishes. Such dynamics highlight the sensitivity of the options market to risk sentiment changes.

According to @glassnode, the one-week volatility risk premium (1W VRP) for Bitcoin has turned negative, with one-week implied volatility (1W IV) now falling below realized volatility. Previously, implied volatility traded above realized, but this trend has reversed following a recent move in BTC. With no buffer priced into the market, short-term options could see repricing if volatility remains steady.

According to Glassnode, Bitcoin (BTC) options gamma exposure (GEX) is currently negative around the spot price as expiry approaches. Their newly introduced GEX Heatmap provides insights into dealer gamma exposure across various strikes, illustrating how positioning could either dampen market volatility or intensify breakout movements. Traders are advised to monitor these dynamics for potential impacts on BTC price action.

According to CNBC, trading volumes in leveraged funds and options have significantly increased since the pandemic. This trend highlights growing interest in high-risk, high-reward financial instruments among traders. Analysts point to heightened market volatility and the search for amplified returns as key drivers behind this surge. Traders are advised to monitor these instruments closely for potential opportunities while being mindful of associated risks.

According to @glassnode, the options market exhibited significant bearish sentiment last week, with put options dominating approximately two-thirds of trades. Notably, 34% of the total flow consisted of purchased puts, indicating market positioning for a potential downward move. This reflects a cautious outlook among traders anticipating further downside risks.

According to CNBC, a leading cruise ship operator is showing signs of recovery as its stock performance improves. This positive outlook has prompted discussions around strategic options trading to capitalize on the rebound. Analysts suggest leveraging options strategies to benefit from the company's upward trajectory amid improving industry conditions.

According to @glassnode, off-chain signals in the cryptocurrency market are stabilizing, but overall conviction remains low. Spot and ETF indicators are showing a rise from previously weak levels, while futures and options positions remain defensive. This suggests cautious participation and a muted risk appetite among traders.

According to @Andre_Dragosch, Bitcoin (BTC) implied volatility is at 75%, the highest since the spot ETF launch in 2024 and now above gold volatility; source: @Andre_Dragosch on X quoting @dgt10011. He added that the current pain is part of the process for BTC to make new highs and that the melt-up will be fast; source: @Andre_Dragosch on X.

According to @GreeksLive, ETH broke through the $2,200 level without resistance, while large players have been steadily accumulating put options, including very low strike prices. According to @GreeksLive, this put-heavy positioning persisted today, with activity shifting toward March expiries concentrated around the 70,000–80,000 strike range. According to @GreeksLive, the flow indicates ongoing demand for downside protection despite spot strength, a key signal for traders monitoring options flow and hedging activity.

According to @GreeksLive, overall options volatility has risen and skew has hit new lows, reflecting major players’ concern that BTC’s downward trend may be difficult to halt. According to @GreeksLive, put options continue to dominate flow, with the top five positions all being puts, underscoring persistent demand for downside hedging.

According to glassnode, off-chain signals are weakening as spot indicators have slipped to low conviction and futures and options conditions are declining, indicating fading participation and a more defensive risk stance. According to glassnode, ETF indicators are rising but remain low, signaling only tentative institutional support despite broader softening.

According to Material Indicators, rapid spoofing hit the BTC order book, with a 50M ask wall seen before options expiry and another 50M order appearing near 83k that was pulled quickly, according to Material Indicators on X. According to Material Indicators, price continued to drop despite the quick pull, making a green monthly close unlikely without a strong rally. According to Material Indicators, the most constructive short term path would be a support retest near 80.5k followed by a resistance test at the Y.O. Timescape Level before a potential next leg down. According to Material Indicators, traders should respect order book liquidity dynamics and spoofing risk and trade the market as it is.

According to @glassnode, Bitcoin (BTC) options positioning shows a sizable USD 1.25B short gamma pocket around 80K, and a clean break into this zone could increase the risk of revisiting lower levels in the 70s as dealer hedging may intensify downside momentum (source: @glassnode).

According to @glassnode, implied volatility spiked as the selloff accelerated, with short-dated IV leading the move, indicating the front end bore the brunt of risk repricing (source: @glassnode). According to @glassnode, the previously extreme downside premium has reset, showing that volatility skew normalized from panic levels (source: @glassnode). According to @glassnode, overall IV remains elevated versus pre-move conditions, confirming that risk premia in crypto options are still priced above prior baselines (source: @glassnode). According to @glassnode data, elevated front-end IV typically implies richer short-tenor option premiums and higher hedging costs, so traders may prefer defined-risk structures or selective long volatility exposure until term structure cools (source: @glassnode).

According to glassnode, options positioning flagged 90K as a slippery zone, and BTC subsequently fell to 81K, underscoring resistance-driven pressure on price, source: glassnode. According to glassnode, BTC is consolidating with muted volumes as spot demand rebuilds slowly, indicating limited immediate spot support, source: glassnode. According to glassnode, options markets are leaning increasingly defensive, reflecting greater hedging activity as stress builds below resistance, source: glassnode.

According to @GreeksLive, the first monthly options expiration of 2026 arrives tomorrow with over 25% of options positions set to expire. According to @GreeksLive, the Federal Reserve left interest rates unchanged and there are no major near-term catalysts, keeping price action stable with implied volatility muted into expiry. According to @GreeksLive, this setup indicates a steady tape around the expiration window with IV remaining compressed.

According to @EricBalchunas, SLV traded about 40 billion in shares in the last session, surpassing its entire Q1 last year total of about 35 billion and signaling exceptional activity and liquidity (source: @EricBalchunas on X). According to @EricBalchunas, SLV options volume was described as in the stratosphere, indicating unusually heavy derivatives interest around the silver ETF (source: @EricBalchunas on X). According to @EricBalchunas, pre-market turnover reached about 1.5 billion and was roughly three times that of any other ETF, highlighting elevated participation into the open (source: @EricBalchunas on X).