Glassnode: Market direction unclear after Bitcoin options expire

According to Glassnode's analysis on the X platform, Bitcoin recently backtracked at an exercise price of $75000. The region had previously accumulated approximately $8 billion in short Gamma positions, which at one point pushed the price down to around $72500. With the completion of large-scale option expiration, the Gamma structure of the market has begun to restructure. The data shows that during the decline of Bitcoin, the implied volatility (IV) of one cycle rose to 35% at one point, then fell back to about 32%, and the long-term IV also decreased. In terms of cash flow, the proportion of buying and selling call and put options in the past 7 days has been close to 25%, indicating a lack of clear directional bets in the market.