Core Insights - Glassnode analysis indicates that the Bitcoin market is showing caution as it tests the $90,000 level, with the options market reflecting this sentiment [1] Group 1: Market Dynamics - The implied volatility (IV) increased when Bitcoin peaked at $94,000, but has since declined as price momentum slowed and volatility sellers entered the market [1] - The 25 Delta Skew has widened again, with a one-week skew of approximately 8.2%, indicating a rise in short-term downside hedging demand [1] Group 2: Volatility Trends - Short-term downside IV has increased alongside price strength, while upside IV is under pressure at local highs [1] - Despite the one-week volatility risk premium remaining positive, it has noticeably narrowed [1]