Latest News: On August 14, Glassnode said that the Bitcoin native options market is still relatively sluggish overall. Implied volatility and skew continue to narrow, but open positions are gradually concentrating around key strike prices, making the options market structure clearer. Data show that Bitcoin short-term implied volatility continues to decline: the 1-week at-the-money implied volatility has fallen to about 26%, while the 6-month term remains at around 39%. The term structure has become steeper, indicating that traders expect lower volatility in the near term, while still pricing in uncertainty over the longer term. Demand for downside protection has weakened, and the options positions are no longer as defensively skewed as before. In terms of gamma exposure, negative gamma is mainly concentrated in the lower-$60,000 range, while positive gamma is increasingly focused around roughly $70,000.

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