According to @glassnode, this week options flow leaned toward puts while overall volumes remained modest, indicating defensive positioning without strong directional conviction; source: Glassnode, Dec 19, 2025, https://twitter.com/glassnode/status/2002007236223082693. According to @glassnode, dealer positioning appears long gamma into year-end, which can mechanically suppress spot volatility as hedges are rebalanced around price changes; source: Glassnode, Dec 19, 2025, https://glassno.de/4s6UblD.