Glassnode: Market Direction Unclear After Bitcoin Options Expiry

According to analysis by Glassnode on the X platform, Bitcoin recently retested the $75,000 strike price, an area that previously gathered approximately $800 million in short Gamma positions, temporarily pushing the price down to around $72,500. With the completion of large-scale option expiries, the market Gamma structure has started to reconstruct. Data indicates that during Bitcoin’s decline, the 1-week implied volatility (IV) once rose to 35% before falling back to around 32%, with long-term IV also decreasing. In terms of capital flows, over the past seven days, both call and put option trading proportions were close to 25%, showing that the market lacks a clear directional bet.