As $BTC extends its drawdown, options markets are repricing risk, volatility, and the probabilities investors assign to the next major move.

Here's what BTC options data reveals about positioning, volatility, and sentiment beneath the surface.👇

DVOL is trending higher as $BTC's sell-off extends, signalling a gradual repricing of future volatility. The move reflects growing uncertainty, though implied volatility remains well below the extremes seen during major market dislocations.
https://glassno.de/4y3vzgE

Despite Bitcoin's rebound from $58K, Skew remains firmly positive, indicating puts continue to command a premium over calls. Demand for downside protection persists, although the retreat from June's extremes suggests defensive positioning is beginning to ease.
https://glassno.de/3SGoSAY

With $BTC still trading in negative gamma territory, dealer hedging may continue to amplify price swings. Combined with elevated implied volatility and persistent demand for puts, the options market remains cautiously defensive.
https://glassno.de/3QDXIKu