The leading cryptocurrency tested the $75,000 level ahead of a significant options expiry. This high gamma zone held the price and contributed to a pullback to $72,500, according to Glassnode.
Bitcoin retested the 75K strike, a high gamma zone that helped pull price down to 72.5K ahead of this morning’s major options expiry.
Here’s what Bitcoin options data reveals about positioning, volatility expectations, and market sentiment beneath the surface. pic.twitter.com/14dzI2gSXb
— glassnode (@glassnode) May 29, 2026
Analysts noted a brief spike in implied volatility (IV) to 35% during the sell-off. However, the figure quickly returned to 32%. Market participants viewed the price drop as a local correction.
Source: Glassnode.Demand for risk hedging has decreased. The 25-delta skew remains positive at around 14%. This indicates that protection against declines (put options) is still more expensive than call options, but the pressure from buyers of insurance has weakened.
Source: Glassnode.The risk premium for price fluctuations persists. Realized volatility rose from 24.5% to 28%, while expected volatility remains at 35%. The options market continues to price in sharper movements than Bitcoin is currently showing on the charts.
Source: Glassnode.Order flows have reached equilibrium. Purchases and sales of puts and calls are evenly distributed at 25% each. This indicates a lack of consensus on the future price direction.
Source: Glassnode.After the closure of positions worth $8 billion at the $75,000 level, the market cleared of dominant levels. Gamma distribution has restarted across a wide price range. Experts also noted profit-taking on insurance contracts at the $70,000 level, suggesting reduced fears of a significant drop.
Source: Glassnode.On May 28, CryptoQuant specialists reported that the supply of Bitcoin held by long-term holders reached a historic high of 15.8 million BTC.