Glassnode: BTC options open interest has risen to nearly 550,000 contracts, and market sentiment has turned positive

Glassnode data shows that as BTC rebounds towards $80,000, the options market positions are clearly shifting towards a more positive outlook. The open interest in BTC options has risen back to nearly 550,000 BTC, and participation in the derivatives market is increasing again; the DVOL volatility index has rebounded to about 41, but it is still below the previous high volatility range of 50-60.

Glassnode points out that the 25 Delta Skew across different maturities has significantly narrowed, with the short-term skew turning negative, indicating a decrease in demand for downside protection, and positions are leaning more towards a balanced or bullish direction. Currently, BTC is in a dense Gamma range of about $75,000 to $80,000, with recent capital flows concentrated at the $72,500 and $79,250 strike prices, where there has been a noticeable buying of call options, while demand for put options is relatively limited.