TechFlow reported on January 9 that Glassnode stated on the X platform that options market data shows market sentiment turning cautious as Bitcoin retests the $90,000 level. Implied volatility rose while price moved toward $94,000, then declined as price action stalled, indicating volatility sellers stepped in after momentum weakened. Additionally, volatility risk premium remains positive, favoring volatility sellers. Option flows over the past 24 hours show nearly 30% of trades were put buying, reflecting increased demand for downside protection and hedging—rather than anticipation of a breakout—amid weakening price action and ahead of key U.S. macro data releases.
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