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

According to glassnode, crypto price action has calmed, but the rebound is not supported by strong crypto-specific catalysts and remains fragile, source: glassnode on X, Dec 5, 2025. According to glassnode, the options market is sending signals beneath the surface that align with a fragile rebound backdrop, source: glassnode on X, Dec 5, 2025.

According to @GreeksLive, BTC 1-week realized volatility is around 40% while month-end implied volatility is below 40%, signaling a relatively low pricing environment for BTC options, source: @GreeksLive, Nov 11, 2025. According to @GreeksLive, ETH month-end implied volatility is about 70%, lower than its 1-week realized volatility of 76%, source: @GreeksLive, Nov 11, 2025. According to @GreeksLive, given this RV over IV setup, options sellers see limited carry and are reducing exposure to near-term short puts to stay stable while looking for new trades, source: @GreeksLive, Nov 11, 2025.