Glassnode: Bitcoin options are improving, but long-term downside protection needs remain high

On 8 August, Glassnode published a market view stating that the mood in the Bitcoin options market was improving, that short-term downside bias had clearly receded, and that the 25-cycle Delta Skew had fallen to about 7 per cent, indicating that the recent panic had eased. However, the longer-term bias remained at about 10 to 12 per cent, and the need for lower-line protection remained. The BTC is currently looking at an increase in the options balance of approximately $15 billion, which is about $10 billion above the drop in options; recent funding is concentrated in the $61,000 to $67,000 range, with a more apparent $65,000 increase in options buy-in. Glassnode argues that the market is moving towards a more active position, but has not yet given up risk hedges。