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Exchange OS launches today on @XLayerOfficial, a permissionless, builder-first protocol where anyone can deploy spot, perps, and outcome markets on shared infrastructure. Glassnode is supporting @OKX and @XLayerOfficial as a data provider. Our unified on-chain, spot, and derivatives intelligence was built for exactly this kind of cross-market environment, feeding deployers, market makers, and the wider ecosystem with reference data and analytics. Excited to see what builders ship on top.

Wrap Up Volatility stabilized after the selloff. Hedging demand remains elevated, but has cooled. Options still price more movement than spot. Flow is balanced, while 70K protection is unwinding. With the 75K expiry behind us, gamma is rebuilding.

70K Protection Demand Builds Put premium bought at the 70K strike climbed to nearly $10M . Net premium rose during the selloff, reflecting stronger protection demand. The recent reversal suggests profit taking and less concern over downside. glassno.de/4fOHYOJ

Bitcoin retested the 75K strike, a high gamma zone that helped pull price down to 72.5K ahead of this morning’s major options expiry. Here’s what Bitcoin options data reveals about positioning, volatility expectations, and market sentiment beneath the surface.

Hidden Signals Inside Crypto Option Premiums Chart of The Week: Options Premiums👇 glassno.de/43AiflI

The Risk Index tracks shifts in #Bitcoin market stability. Historically, cooling regimes have supported stronger BTC upside, while sharp rises in the index often coincide with volatility and weaker market structure. Monitor risk with Bitcoin Vector: glassno.de/49qMH5g

Bitcoin market risk is starting to build. The Risk Index of our Bitcoin Vector framework has pushed sharply higher after weeks of cooling conditions that supported stronger #BTC price action. ▶︎ glassno.de/49qMH5g

As price contracted to $72.9k, the supply held at a loss rose to 8.33M BTC, up from 7.75M at $76.6k. The delta implies roughly 580k BTC was accumulated in the $72.9k–$76.6k range, a local top-heavy structure now fully underwater. This cohort adds to near-term sell pressure as holders reassess their positions into the correction. 📉glassno.de/3PmsF5h

Spot Volume Delta (7D) has rolled back into sustained negative territory, with aggressive market sell pressure accelerating as $BTC fell toward $73K. Reflecting persistent sell-side dominance across spot markets as distribution pressure builds. glassno.de/4wVW86U

Stalling at the Threshold bitcoin:native has pulled back from the low-$80K region back toward $75K as spot demand, ETF inflows, and volatility expectations continue fading. Positioning has reset, but conviction remains limited. Read the full Week On-Chain👇 glassno.de/4fbUk3i

bitcoin:native vol is getting crushed again. DVOL is back near ~35, right at the lows of the past year. Historically, these low vol regimes don’t tend to last long. The market feels very “boring” right now… which is usually when the next big move starts brewing. glassno.de/4af7Hw7

Funding rates have flipped decisively positive again, with traders increasingly paying a premium to maintain long exposure as $BTC consolidates near the mid-$70Ks. The move marks a sharp reversal from April’s heavily short-biased positioning. 📈glassno.de/4wLHSNT

#Bitcoin pulled back from $79K to $74K before rebounding toward $77K, with momentum and activity cooling. Despite softer sentiment, easing sell pressure hints at early signs of stabilization. Read this week’s Market Pulse👇 glassno.de/4nQerGs

At current price, ~7.75M BTC are held at a loss. This supply overhang is a structural feature of bear markets, typically resolved only as weaker hands capitulate. 📉glassno.de/3PmsF5h

Compounding this, total ETF trade volume has dropped from over $50B/day in late 2025 to under $20B/day now. Speculative interest in BTC exposure through traditional markets has materially faded. 📉glassno.de/3Rx5Egw