Glassnode: Bitcoin retests $90,000, demand for downside protection increases and begins to hedge risks

Glassnode posted on platform X that options market data shows that as Bitcoin retests the $90,000 level, market sentiment has turned cautious. Implied volatility increased during the price movement towards $94,000 and then decreased as the price stagnated, indicating that volatility sellers intervened after the momentum weakened.

Additionally, the volatility risk premium remains positive, benefiting volatility sellers. The options flow over the past 24 hours shows that trades buying put options accounted for nearly 30%, reflecting an increased demand for downside protection and risk hedging ahead of key U.S. macro data releases, rather than an expectation of a trend breakout.