Bitcoin’s next selloff could be amplified by the traders still betting on its recovery
Glassnode data show Bitcoin positioning growing more defensive despite renewed bullish leverage. The 25-delta options skew rose from 5.2% to 8.6%, options open interest reached $38.6 billion, and implied volatility moved above realized volatility, signaling greater demand for downside protection and potential volatility. Spot selling intensified, with cumulative volume delta worsening to -$83.6 million, while Bitcoin traded near $81,300. Perpetual futures long-side funding payments climbed 49.4% to $1.6 million, though futures open interest edged lower and futures selling eased. Short-term holders’ share and realized losses increased, adding vulnerability if Bitcoin breaks below the closely watched $80,000 level. The upcoming Federal Reserve decision is another possible volatility catalyst.
