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, the Options 25 Delta Skew indicates that short-term puts for Bitcoin (1W, 1M) are becoming increasingly more expensive compared to equivalent calls. This reflects a sustained demand for hedging, suggesting elevated uncertainty in Bitcoin's price action, which is a critical factor for traders to consider.