glassnode: BTC's mood for options has turned positive

On 18 July, glassnode data showed that BTC options were gradually turning positive. As prices rebounded, the BTC Implied Volatility Index DVOL was reduced from 48 to 40, indicating that the panic premium accumulated in June was partly falling, although the current volatility was still above the lower point in May, which meant that market uncertainty had eased, but had not completely receded. At the same time, the BTC default Put/Call ratio has been reduced to about 0.59, a six-month low, indicating that traders are significantly reducing down-strings and re-establishing viewing openings. According to Glassnode, this change reflects a constructive improvement in the mood of the options market. In terms of the silo structure, the BTC currently hovers around $63,000, still below the low-intensity Gamma area of $68,000 to $70,000. If prices go further into the zone, they may trigger a more pro-cyclical hedge of the market and magnify market volatility。