TechFlow News, July 17, Glassnode stated that Bitcoin options market sentiment is improving. As Bitcoin prices rebound, implied volatility dropped from 48 to 40, indicating that part of the fear premium accumulated in June is fading, but volatility remains higher than May's lows, and uncertainty has not completely disappeared.
Meanwhile, Bitcoin prices are currently consolidating near $63,000, still below the dense negative gamma zone in the $68,000 to $70,000 range. If prices enter this range, it may trigger stronger procyclical hedging by dealers, thereby amplifying market volatility.
Additionally, the Bitcoin options put/call ratio has dropped to approximately 0.59, nearing a six-month low, indicating that market positions are clearly shifting bullish. Glassnode believes that as prices stabilize near $64,000, traders are reducing downside hedging and rebuilding upside exposure, reflecting a constructive improvement in market sentiment.
