In Glassnode's latest weekly report, their perspective aligns perfectly with the viewpoint I shared in my tweet, 'A Balance Game Yet to Erupt' (see quoted text). What's interesting is how different perspectives can validate each other. I approached it from the angle of 'token structure,' while the Glassnode team analyzed it through options derivatives. Here’s the link to the original report: https://insights.(glassnode.com)/the-week-onchain-week-13-2026/ For friends in the Chinese-speaking community who might find the English expressions in the report a bit challenging, I can provide a simple explanation here: Chart 1: This compares 1-week implied volatility (IV, green line) with 1-week realized volatility (RV, red line). Currently, IV is much higher than RV, which means options are expensive. Traders are paying a high premium to hedge risks or bet on major price movements, but in reality, BTC hasn’t seen much action this week. Looking at the chart, this 'spread' has persisted for three weeks. In other words, while the market appears calm on the surface, traders are feeling worried/anxious internally. This behavior of 'paying a high price for insurance' reflects a lack of confidence in the market. Chart 2: This shows Gamma Exposure (GEX); our focus is on the red bar charts, which represent the negative Gamma zones for market makers. When BTC prices drop, market makers in a negative Gamma state have to sell more BTC spot or futures to maintain neutral positions. Their hedging actions amplify market volatility. Currently, the negative Gamma is concentrated in the $58,000-$66,000 range. Combining these two data points, we can summarize as follows: The BTC market is currently in a state of 'fragile balance.' Due to overpriced options and market makers being in a negative Gamma state, any bearish catalyst that pushes the price into the sensitive negative Gamma zone could ignite a 'powder keg.' The suppressed volatility from earlier could be released faster and more aggressively than expected.