Analysis: Bitcoin's short-term panic subsides, 60,000 to 70,000 dollars as key game areas

On 15 August, Glassnode sent a communication indicating that the initial options market for Bitcoin as a whole remained relatively low and implied volatility and bias continued to shrink, but that the holdout was gradually concentrated near key implementation prices, making the options market more structured. The data show that the short-end implied rate of movement of Bitcoin has continued to decline,1 with the implied rate of swing in the life-cycle flats having dropped to about 26 per cent, while the monthly period has remained at about 39 per cent, with the duration structure further steeping, indicating that traders expect lower short-term price fluctuations, but still retain pricing for longer-term uncertainties. The market's demand for lower-level protection has diminished, and the balance of options is no longer as defensive as before. In Gamma, negative Gamma is concentrated in low-level areas of $60,000, while positive Gamma is gradually concentrated near about $70,000. This means that BTC may be more likely to experience more substantial price changes when moving down, while up to $70,000 may be subject to the stabilizing effects of market hedges. The defensive nature of the current options market has declined, but it has not yet reached a state of excessive complacency. Implied volatility and deviation reflect a decrease in short-term panic, while the concentration of Gamma and execution price holding shows that between $60,000 and $70,000 remain critical for the next round of directional choices。