[glassnode: BTC Options Indicate Increased Defensive Sentiment in the Market, Rising Demand for Downside Protection] Odaily Planet Daily reports that glassnode shared analysis data on the X platform, showing that Bitcoin has recently been consolidating in the $65,000 to $73,000 range. However, the options market is exhibiting defensive characteristics. BTC options open interest (OI) has risen from 255,000 BTC on December 26 to 452,000 BTC, approaching the high levels seen at the end of Q4 2025. The 1-month and 3-month implied volatility has increased by approximately 10 volatility points, indicating that traders expect significant price fluctuations in the future. The put option skew has risen from 6% to 18% within a month, highlighting the market's willingness to pay for downside protection. However, the current market liquidity structure is trending toward balance. Since Bitcoin's decline from $82,000, put buying has dominated. Over the past two days, bullish activity has increased, bringing the put/call ratio down to 0.7. Short-term positions are stabilizing, but short-term implied volatility remains lower than realized volatility.