[Glassnode: Bitcoin Recently Retests $75,000 Strike Price, Market Direction Remains Unclear] Glassnode analyzed on the X platform, stating that Bitcoin recently retested the $75,000 strike price. This area previously accumulated nearly $8 billion in short Gamma positions, temporarily pushing the BTC price down to around $72,500 before the expiration of this round of options. With the completion of today's large-scale options expiration, the market's Gamma structure has begun to rebuild. Data shows that during BTC's decline, at-the-money implied volatility (IV) briefly rose, with 1-week IV surpassing 35%, but it quickly fell back to around 32%. Long-term IV also declined, indicating that the market still views this fluctuation as a "controlled adjustment." In terms of capital flow, the options buying and selling structure over the past 7 days has been almost completely balanced, with the proportion of call and put options bought and sold both close to 25%. This reflects the market's lack of clear directional bets following the recent downturn.