glassnode: Bitcoin panic pricing subsides, cautious hedging recommended

On February 22, glassnode's latest BTC options weekly report pointed out that Bitcoin is consolidating below $70K, with a significant reset in volatility expectations in the options market. The ATM implied volatility has compressed to 48%, and the volatility index DVOL has dropped by about 10 points. Volatility risk premium has turned positive, and short-term options are trading at a premium again. Skew indicators show that traders are focusing on downside risks, with Put activity accounting for two-thirds of total trades last week, and Put buying reaching 34%. Dealers' short gamma is concentrated in the $58K-$70K range, which could accelerate downward movement; a gamma cluster near $75K suggests a rebound positioning. The report advises caution regarding pullback risks and recommends avoiding rushing to buy the dip.