glassnode: BTC options indicate increased defensive sentiment in the market, with rising demand for downside protection

According to Odaily, analysis data released by glassnode on the X platform shows that Bitcoin has recently been consolidating in the $65,000 to $73,000 range, but the options market is exhibiting defensive characteristics. BTC options open interest (OI) has rebounded from 255,000 BTC on December 26 to 452,000 BTC, approaching the high levels seen at the end of Q4 2025. The 1-month and 3-month implied volatility has risen by about 10 volatility points, indicating that traders expect significant price fluctuations in the future. The put skew has increased from 6% to 18% within a month, highlighting the market's willingness to pay for downside protection. However, the current market liquidity structure is becoming more balanced. Since Bitcoin fell from $82,000, put buying has dominated. Over the past two days, bullish activity has increased, causing the put/call ratio to fall back to 0.7. Short-term positions have stabilized, but short-term implied volatility remains lower than realized volatility.