Glassnode: BTC options indicate increased defensive sentiment in the market and a greater demand for downside protection.

Analysis released by Glassnode on its X platform shows that Bitcoin has recently been consolidating in the $65,000 to $73,000 range, but the options market has shown defensive characteristics. BTC options open interest (OI) has rebounded from 255,000 BTC on December 26th to 452,000 BTC, approaching the highs seen at the end of Q4 2025. The 1-month and 3-month implied volatility have increased by approximately 10 volatility points, indicating that traders anticipate potentially significant price volatility in the future. Put option deviation has risen from 6% to 18% within a month, highlighting the market's willingness to pay for downside protection. However, the current market liquidity structure is trending towards equilibrium. Since Bitcoin's drop from $82,000, bearish buying has dominated; bullish activity has increased over the past two days, causing the put/call ratio to fall back to 0.7, indicating that short-term positions are stabilizing, but short-term implied volatility is lower than actual volatility.