According to @glassnode, BTC 3-month options implied volatility is broadly compressed across nearly the entire strike surface, signaling muted expectations for large price moves into the next quarter and a reversion toward a low-volatility regime. Source: Glassnode (X, Jan 12, 2026). During the recent sharp drawdown into the low-$80K range, put demand rose as traders hedged risk, coinciding with a jump in expected price dispersion and higher uncertainty. Source: Glassnode (X, Jan 12, 2026). Conditions have since stabilized and expectations for extreme moves have moderated, but IV remains above the exceptionally low levels of the prior six months, indicating a shift toward a more active volatility environment versus the earlier trough. Source: Glassnode (X, Jan 12, 2026). For traders, this structure indicates the market is pricing smaller near-term BTC swings while maintaining a higher volatility baseline than the previous ultra-calm period, consistent with the observed IV compression and elevated relative level. Source: Glassnode (X, Jan 12, 2026).

According to Glassnode, BTC options 25-delta skew had been normalizing over the past month before the 90K retest reignited downside demand; source: Glassnode on X, Jan 9, 2026; glassno.de/3LrpW8o. The 1-week skew now sits near 8.2 percent, favoring puts and reflecting short-term downside hedging; source: Glassnode on X, Jan 9, 2026; glassno.de/3LrpW8o. This indicates bearish skew remains in place for BTC options around the 90K area in the near term; source: Glassnode on X, Jan 9, 2026; glassno.de/3LrpW8o.

According to @glassnode, short-dated downside implied volatility has climbed alongside price over the past two weeks, indicating traders are buying protection into strength rather than chasing upside, signaling cautious confidence in the durability of the move; source: @glassnode on X, Jan 9, 2026, twitter.com/glassnode/status/2009637730406613294 glassno.de/3YsTR39. According to @glassnode, this pattern points to sustained demand for downside hedges and a conservative risk posture in the crypto derivatives market during the recent rally; source: @glassnode on X, Jan 9, 2026, twitter.com/glassnode/status/2009637730406613294 glassno.de/3YsTR39.

According to Glassnode, during the sharp drawdown several weeks ago when Bitcoin (BTC) traded in the low-80K range, risk hedging activity rose with elevated put demand and expected price dispersion increased, indicating higher uncertainty. Source: Glassnode. More recently, market conditions have stabilized and expectations for extreme moves have moderated, yet implied volatility remains elevated versus the exceptionally low-volatility regime of the prior six months, suggesting a shift toward a more active volatility environment. Source: Glassnode.

According to @glassnode, Bitcoin’s 1-month 25-delta options skew has climbed to new highs, indicating strong demand for downside puts (source: @glassnode, chart link glassno.de/4n4eDR2). @glassnode notes this is not purely a bearish signal and often reflects institutional hedging activity rather than outright short positioning (source: @glassnode). @glassnode adds that with the rise of Bitcoin ETFs and DATs, institutions are gaining BTC exposure while using puts to manage downside risk (source: @glassnode).