14/08/2026
Short-term Bitcoin panic subsides; $60k–$70k range emerges as key battleground
[Analysis: Short-term Bitcoin panic subsides; $60k–$70k range emerges as key battleground] Golden Finance reports that on August 15, Glassnode released a report noting that the native Bitcoin options market remains generally subdued. While implied volatility and skew continue to narrow, open interest is increasingly concentrating around key strike prices, bringing greater clarity to the market structure. Data shows a continued decline in short-term Bitcoin implied volatility; the one-week at-the-money (ATM) implied volatility has dropped to approximately 26%, whereas the six-month rate remains around 39%. This steepening term structure indicates that traders anticipate lower short-term price volatility while still pricing in uncertainty for the longer term. Demand for downside protection has waned, and overall option positioning is no longer as defensive as it previously was. Regarding Gamma exposure, negative Gamma is primarily concentrated in the lower $60,000 range, while positive Gamma is gradually clustering around the $70,000 level. This implies that downward price movements could be more volatile, whereas upward moves approaching $70,000 may benefit from the stabilizing effect of market-maker hedging. While the options market has become less defensive, it has not yet entered a state of excessive complacency. The decline in implied volatility and skew reflects a reduction in short-term panic, while the concentration of Gamma and open interest around strike prices indicates that the $60,000–$70,000 range remains the critical zone for the market's next directional move.
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