According to @glassnode, the 1-week volatility risk premium has remained positive since the latest FOMC, indicating implied volatility is above realized volatility and supporting carry from short-volatility positioning. source: @glassnode on Dec 19, 2025, glassno.de/4oZhPhj This regime favors volatility sellers as IV continues to compress into year-end, with hedging flows helping keep realized moves contained. source: @glassnode on Dec 19, 2025, glassno.de/4oZhPhj

According to @glassnode, options markets can dampen or reinforce price moves via dealer hedging flows (source: Glassnode post on X dated Dec 19, 2025; source: glassno.de/49kqje4). According to @glassnode, the new Gamma Exposure GEX metric maps where options market structure is likely to stabilize price or amplify volatility (source: Glassnode post on X dated Dec 19, 2025; source: glassno.de/49kqje4). According to @glassnode, monitoring GEX can help traders identify stabilization versus amplification zones and align hedges, position sizing, and stop placement with the prevailing options-driven volatility regime (source: Glassnode post on X dated Dec 19, 2025; source: glassno.de/49kqje4).

According to @glassnode, the options open interest put/call ratio has been rising over recent weeks, indicating a build-up in put positioning (source: @glassnode, Dec 12, 2025). According to @glassnode, even after the FOMC meeting, activity stayed skewed toward puts, signaling continued demand for downside protection (source: @glassnode). According to @glassnode, this morning’s expiry pushed the ratio lower as post-meeting hedges rolled off, reducing the put-heavy skew in open interest (source: @glassnode).

According to @WatcherGuru, $4.3 billion worth of Bitcoin (BTC) and Ethereum (ETH) options expire today. Options expirations can trigger hedging-driven moves in spot and futures and shifts in implied volatility as dealers rebalance delta and gamma, according to CME Group. Traders commonly monitor open interest by strike, max pain, and near-the-money clusters during crypto options expiry to gauge potential pinning or volatility release, according to Deribit Insights.