Bitcoin Options Market Maintains Defensive Stance as IV Rises to 60% on June 5

BTC-3.25%
According to glassnode, on June 5, Bitcoin's options market showed sustained defensive positioning as BTC tested February lows. One-week implied volatility (IV) surged to near 60%, nearly doubling from approximately 30% the previous week, while longer-dated volatility also climbed across the board. The 25-day skew rose sharply to 30%, with one-month skew exceeding 23%, signaling strengthened market demand for downside protection. Put options dominated capital flows over the past seven days, accounting for 31.5% of options fee trading volume, while call option premiums eroded across all tenors. Glassnode noted that the maximum negative Gamma concentration sits at 65,000, with BTC currently in a wide short Gamma corridor where market-making hedges may amplify price swings.
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