According to Glassnode, after a 10% decline in BTC, short gamma traders monetized elevated downside volatility as put selling rose to 36% of options flow, outpacing put buying by six points. Glassnode reports that the downside was actively sold and some profits were taken, signaling vol sellers took control of BTC options flow.

According to @glassnode, options flows were dominated by call buying during the breakout above 95K, indicating traders chased upside exposure as price accelerated. According to @glassnode, reluctance to sell puts underscores fragile confidence and continued caution around downside risk despite higher spot levels.