Glassnode: BTC put options concentrated at $62K, break could accelerate decline

Bitcoin's short-term implied volatility (IV) has dropped to 41.5%, its lowest level since late January, reflecting a lack of immediate market catalysts, according to a weekly report from on-chain analytics firm Glassnode. The firm noted that despite reduced price swings, demand for downside protection as a form of "insurance" remains robust. This is evidenced by a rising put/call open interest (OI) ratio, which has climbed to 0.69, signaling heightened market sensitivity to potential declines. Glassnode added that put option buying is currently concentrated at the $62,000 strike price. Below this level, a "negative gamma" zone has formed, which could accelerate selling pressure and lead to a faster price drop if this key support is breached.