Few investors are betting on Bitcoin upside, Glassnode says

Glassnode said skew in the Bitcoin options market, or the gap in implied volatility between call and put options, is signaling a bearish outlook. The on-chain analytics firm said the market’s weak tone appears to reflect a sharp decline in upside expectations rather than growing fear of a drop. It added downside implied volatility remains low, but upside implied volatility is even more extreme, having fallen to a record low of 23%, leaving almost no investors in the market betting on a Bitcoin rally.