Glassnode: Bitcoin is looking forward to the next decisive trend after historical sky options expire

Comparing news, Glassnode published an analysis of the Bitcoin market opinion, saying that on-chain dynamics continue to highlight the key role of the short-term holding cost base, which has provided reliable support since May 2025. Prices are still being challenged by dense supply clusters between $11.4 million and $11.8 million, but the easing of long-term holder distribution and the return of ETF funding suggest that demand is stabilizing. Market sentiment measured by RVT and the Fear and Greed Index indicates that the market is cooling down, and the market is shifting to consolidation rather than capitulation.

In the options market, positions were reset on record expiry dates, and open positions are now re-entering the fourth quarter. The volatility has weakened, the slope is moving in the direction of neutrality, the curve is still in a positive spread, and the back end is stronger. The flow of funds showed moderate upward interest, while the gamma values of traders remained roughly balanced, inhibiting hedging capital flows. Taken together, these signals indicate that the market is returning to a more neutral and constructive environment, awaiting the next decisive trend.