[glassnode: Bitcoin Fear Pricing Subsides, Cautious Hedging Recommended] On February 22, the latest BTC Options Weekly Report from glassnode pointed out that Bitcoin is consolidating below $70K, with a significant reset in volatility expectations in the options market. ATM implied volatility has compressed to 48%, the volatility index DVOL has fallen by approximately 10 points, and volatility risk premiums have turned positive, with short-term options trading at a premium again. Skew indicators show that traders are focusing on downside risks, with Put activity accounting for two-thirds of total trades last week and Put buying reaching 34%. Dealer short gamma is concentrated in the $58K-$70K range, which could accelerate a downward move; the gamma cluster near $75K suggests a potential rebound positioning. The report advises caution against pullback risks and avoiding rushing to buy the dip.