GlassNode, an on-chain analytics platform, said in its latest report that the Bitcoin (BTC) market is rebalancing following the expiration of historic large options, preparing for a next-way movement.
Bitcoin has maintained a strong hold since May 2025, beyond the “short-term investor cost floor.” This level serves as a critical threshold between bull market continuity and potential bearish scenarios. However, analysts believe that prices face strong resistance in centralized supply areas.
Relaxing sales pressure from long-term investors and resuming ETF inflows indicates a stabilization of the market’s demand side. However, fear and greedy indexes and RVT indicators reveal that the market has withdrawn from “excessive desire” to “neutral and fear” levels. This reflects a decrease in risk appetite, focusing on investors’ profitability.
The options market has begun to rebuild open interest following last week’s record expiration date. This development eliminates hedge-driven volatility and allows new positions to drive price movements. Although the volatility is reduced, the curved structure maintains the appearance of the Contango. Front-end volatility is weakening, but the long-term outlook remains strong in the 39-43% range.
The fund flow shows a moderate upward interest, but traders maintain cautious optimism through a combination of risk reversal strategies and options. The balance of the dealer’s gamma position is to weaken the sudden volatility driven by hedges.
As a result, GlassNode argued that the market is currently on a more neutral and constructive footing, but there are no definitive signs of a next strong directional move yet.
*This is not investment advice.
