Data: BTC options show an increase in market defensive sentiment, with rising demand for downside protection

glassnode released analysis data on platform X showing that Bitcoin has recently consolidated in the range of $65,000 to $73,000, but the options market has revealed defensive characteristics. The open interest (OI) of BTC options has rebounded from 255,000 BTC on December 26 to 452,000 BTC, approaching the high at the end of Q4 2025; the 1-month and 3-month implied volatility has increased by about 10 volatility points, indicating that traders expect significant price fluctuations in the future. The skew of put options has risen from 6% to 18% within a month, highlighting the market's willingness to pay for downside protection.

However, the current market liquidity structure is tending towards balance. Since Bitcoin fell from $82,000, bearish buying has dominated; the increase in bullish activity over the past two days has brought the put/call ratio back to 0.7, stabilizing short-term positions, but the short-end implied volatility is below the actual volatility.