Odaily Planet Daily reports that Glassnode released analysis data on the X platform showing that Bitcoin has recently been trading within the $65,000 to $73,000 range. However, the options market is exhibiting defensive characteristics, with open interest (OI) in BTC options increasing from 255,000 BTC on December 26 to 452,000 BTC, approaching the high levels seen at the end of Q4 2025. Implied volatility over 1 month and 3 months has risen by approximately 10 volatility points, indicating traders expect potential significant price fluctuations in the future. The put option skew has increased from 6% to 18% within a month, highlighting market willingness to pay for downside protection. Currently, the market liquidity structure is becoming more balanced; since Bitcoin dropped below $82,000, put buying has dominated. Over the past two days, bullish activity has increased, causing the put/call ratio to fall back to 0.7. Short-term positions are stabilizing, but short-term implied volatility remains below actual volatility.
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