Data: BTC reaches a key support level, volatility decreases but defensive positions still dominate

Glassnode stated that Bitcoin (BTC) has fallen back to an important support area after retesting the February lows. Data from the options market shows that although the price is close to key levels, implied volatility has significantly decreased from recent highs, with 1-week implied volatility dropping from about 60% to 35%. The overall volatility curve has shifted downwards, indicating a clear cooling in the market's pricing of future uncertainty.

At the same time, the 25Δ skew has also retreated from extreme levels during the sell-off, and the demand for short-term protection has normalized, showing that panic hedging sentiment is weakening. However, structural defensive positions still dominate. Data shows that short-term options still lean towards downside protection, with bearish option transactions accounting for about 28% in the past week, significantly higher than the buying ratio of bullish options (24.1%).

Additionally, the 1-month implied volatility has fallen below actual volatility, indicating a situation where "implied volatility underestimates real volatility." There is a significant short gamma concentration around the $62,000 mark (approximately $1.8 billion in size), which could accelerate volatility amplification if prices drop further, while there is a certain long gamma buffer zone around $60,000. Overall, despite the cooling of volatility, the market remains in a defensive position structure.