According to @glassnode, it launched an Implied Volatility Heatmap to illustrate volatility and sentiment regimes by tracking how call and put implied volatilities have been priced over time. Source: Glassnode on X Dec 5, 2025 https://x.com/glassnode/status/1996966471209975885; https://x.com/glassnode/status/1996973646162629104; Product page https://glassno.de/48Gquiw. @glassnode stated that while 25-Delta Skew is widely used in crypto options, it compresses a richer volatility surface, and the new Interpolated IVs display how risk is priced across deltas and maturities. Source: Glassnode on X Dec 5, 2025 https://x.com/glassnode/status/1996966471209975885; https://x.com/glassnode/status/1996973646162629104; Product page https://glassno.de/48Gquiw. @glassnode confirmed coverage for BTC, ETH, SOL, XRP, and BNB, enabling traders to monitor cross-delta and cross-maturity IV dynamics, skew, and expected movement on calls and puts across these markets. Source: Glassnode on X Dec 5, 2025 https://x.com/glassnode/status/1996966471209975885; https://x.com/glassnode/status/1996973646162629104; Product page https://glassno.de/48Gquiw.

According to @glassnode, earlier peaks in April 2024 and January 2025 aligned with high-volatility environments, while the recent 125K top emerged under notably calmer conditions similar to mid-2023, indicating shifts in volatility are reshaping market expectations and demand for downside protection, source: Glassnode on X, Dec 5, 2025. According to @glassnode, the firm will soon publish this metric on the Glassnode platform, enabling direct tracking of volatility regime changes and associated hedging demand, source: Glassnode on X, Dec 5, 2025.

According to @glassnode, it launched Interpolated Implied Volatility metrics that map how risk is priced across deltas and maturities for BTC, ETH, SOL, XRP, and BNB options, moving beyond the single 25-delta skew snapshot. Source: @glassnode, glassno.de/48Gquiw. The new IV surfaces reveal full risk pricing across the volatility surface, allowing traders to observe term structure and skew across strikes and expiries rather than a compressed metric. Source: @glassnode, glassno.de/48Gquiw. 25-delta skew remains widely used but compresses a richer surface that these Interpolated IVs now display for the covered assets. Source: @glassnode, glassno.de/48Gquiw. Coverage includes BTC, ETH, SOL, XRP, and BNB for comprehensive crypto options monitoring. Source: @glassnode, glassno.de/48Gquiw.

According to @glassnode, its volatility analytics enable separate analysis of call and put legs across 5D-50D deltas for more granular risk assessment in crypto options markets (source: @glassnode on X, Dec 5, 2025). The result supports cross-asset risk comparison and identification of altcoin volatility rotations that traders can monitor for timing and allocation decisions (source: @glassnode on X, Dec 5, 2025). It also provides clear term-structure signals from 1w to 6m maturities and stable inputs suitable for systematic strategies, improving consistency in model-driven trading workflows (source: @glassnode on X, Dec 5, 2025).

According to glassnode, crypto price action has calmed, but the rebound is not supported by strong crypto-specific catalysts and remains fragile, source: glassnode on X, Dec 5, 2025. According to glassnode, the options market is sending signals beneath the surface that align with a fragile rebound backdrop, source: glassnode on X, Dec 5, 2025.

According to Glassnode, implied volatility has been dropping across maturities, indicating reduced demand for near-term protection or upside leverage (source: Glassnode). Glassnode states that traders expect contained price action amid the IV decline (source: Glassnode). Glassnode also notes that falling IV while calls dominate open interest points to passive rather than aggressive positioning (source: Glassnode).

According to @glassnode, Bitcoin (BTC) options open interest is dominated by calls even as spot BTC trades quietly, indicating call-leaning positioning; source: @glassnode on X, Dec 5, 2025, https://twitter.com/glassnode/status/1996950113126625642 and data: https://glassno.de/49UDOSD. The put-call ratio has dropped sharply over the past two weeks, signaling traders still want exposure to a potential year-end upside move; source: @glassnode on X, Dec 5, 2025, https://twitter.com/glassnode/status/1996950113126625642 and data: https://glassno.de/49UDOSD.

According to @glassnode, the 25-delta options skew remains positive, keeping the market in put territory (source: @glassnode, Dec 5, 2025, glassno.de/3KctQSg). According to @glassnode, this indicates options markets still price risk of prolonged bearish action (source: @glassnode, Dec 5, 2025, glassno.de/3KctQSg). According to @glassnode, the current skew profile is not the type that typically signals a breakout attempt, implying traders should not infer imminent upside from skew alone (source: @glassnode, Dec 5, 2025, glassno.de/3KctQSg).

According to @glassnode, the net call premium at the $95K call strike has been gradually declining across short- and mid-term maturities over recent days, indicating a clear absence of market strength that traders should factor into BTC options positioning (source: Glassnode via X on Dec 5, 2025; glassno.de/4pMeYZF).

According to @glassnode, Bitcoin’s latest drawdown triggered the largest surge in on-chain realized losses since the late-2022 FTX collapse, signaling an outsized loss-taking event across the market. According to @glassnode, short-term holders STHs generated the bulk of realized losses while long-term holder LTH losses remained comparatively contained, indicating selling pressure and stress are concentrated among recent buyers rather than LTH supply.

According to @glassnode, BTC has traded below the 0.75 quantile since mid-November, leaving more than 25% of supply underwater, and at $93K the market is highly sensitive to macro shocks until price reclaims the 0.75 quantile at $95.8K and then the 0.85 quantile near $106.2K. Source: Glassnode on X, Dec 4, 2025; glassno.de/3KEPxKM. The setup reflects a fragile balance between top-buyer capitulation risk and seller-exhaustion bottom formation, making these reclaim thresholds critical for trend confirmation. Source: Glassnode on X, Dec 4, 2025; glassno.de/3KEPxKM.

According to @glassnode, interpolated implied volatility surfaces across deltas and maturities for BTC, ETH, SOL, XRP, BNB, and PAXG are now live in Glassnode Studio, expanding the platform’s options market coverage for traders. source: Glassnode The standardized IV surface enables traders to compare skew and term structure across assets and expiries for more consistent relative-value analysis in crypto options. source: Cboe Options Institute These surfaces are commonly used to price and hedge strategies such as calendars, butterflies, and risk reversals across delta buckets. source: Cboe Options Institute Including PAXG adds a gold-linked volatility reference that can inform cross-asset comparisons alongside BTC and ETH when evaluating macro risk in crypto markets. source: CME Group Education

According to @glassnode, Bitcoin is stabilizing above the True Market Mean while the market structure mirrors Q1 2022 with more than 25% of supply at an unrealized loss. According to @glassnode, demand is weakening across ETFs, spot markets, and futures. According to @glassnode, options markets show compressed volatility and cautious positioning. According to @glassnode, these on-chain and derivatives observations indicate a cautious trading backdrop in its latest Week On-Chain update.

According to @glassnode, Bitcoin (BTC) has added $732B in new capital this cycle and its 1-year realized volatility is nearly halved, indicating a calmer, larger, and more institutional market per the Q4 Digital Assets Report co-authored with Fasanara Digital; source: Glassnode. Lower realized volatility historically compresses options premiums and dampens realized price swings, a dynamic traders incorporate into derivatives pricing and position sizing; source: Cboe Options Institute.

According to @glassnode, BTC was strongly rejected at $93,000 last week but is re-testing the level today (source: @glassnode). According to @glassnode, large short-liquidation clusters are forming around $93,000 as price presses the resistance (source: @glassnode). According to @glassnode, these forced-buy flows can amplify momentum and act as fuel for an upside move, elevating short-squeeze potential during attempts to reclaim $93,000 (source: @glassnode).

According to @glassnode, digital assets are entering one of the most structurally important phases of the cycle, with Bitcoin (BTC) advancing through a three-year expansion driven by deep spot liquidity, historic capital inflows, and the pull of regulated ETF demand (source: @glassnode). According to @glassnode, this advance is not the result of speculative excess, underscoring that spot markets and ETF participation are now central to price formation and market structure (source: @glassnode). According to @glassnode, the market’s center of gravity has shifted toward spot liquidity and regulated ETF flows, highlighting these as the dominant drivers for institutional market perspectives in Q4 2025 (source: @glassnode).

According to @glassnode, despite recent volatility the crypto perpetual futures market remains muted. According to @glassnode, the hourly funding paid by longs, measured as a 168-hour SMA, has fallen to a new low of $72K per hour, an approximately 87% decline from the $565K per hour peak in mid-July.

According to @glassnode, Altcoin Vector Issue 31 delivers a weekly, professional-grade breakdown aimed at helping traders identify high-conviction setups across altcoin markets, which are described as crypto’s most volatile frontier. source: @glassnode The report positions itself as an exclusive resource for pinpointing actionable opportunities in altcoin trading each week. source: @glassnode

According to @glassnode, at similar BTC spot levels to Nov 21, the 1-week put implied volatility previously spiked to 76%, indicating aggressive downside hedging (source: @glassnode, glassno.de/4ozRBSd). Yesterday the same tenor was roughly 63%, signaling a more muted risk premium and a less worried market (source: @glassnode, glassno.de/4ozRBSd). @glassnode cautions that any further downside could trigger a far sharper IV repricing, increasing the risk of rapid options repricing if spot weakens (source: @glassnode, glassno.de/4ozRBSd).

According to @glassnode, Bitcoin shows early stabilization as the relative strength index rebounds and cumulative volume delta turns positive, while spot market volume, on-chain activity, and liquidity remain weak, source: Glassnode Market Pulse on X, Dec 1, 2025. According to @glassnode, ETFs are recording net inflows, yet futures positioning is de-risking and flows are dominated by short-term capital, source: Glassnode Market Pulse on X, Dec 1, 2025.