[Analysis: Bitcoin's Short-Term Panic Eases, $60K to $70K Becomes Key Battleground] BlockBeats News, August 14, Glassnode published an article stating that the overall Bitcoin native options market remains relatively subdued. Implied volatility and skew continue to narrow, but open interest is gradually concentrating around key strike prices, making the structure of the options market clearer. Data shows that Bitcoin's short-term implied volatility continues to decline, with the 1-week at-the-money implied volatility dropping to approximately 26%, while the 6-month term remains around 39%. The term structure has steepened further, indicating that traders have lower expectations for short-term price fluctuations but still account for longer-term uncertainty in pricing. The demand for downside protection in the market has weakened, and overall options positions are no longer as defensive as before. In terms of gamma exposure, negative gamma is primarily concentrated in the lower $60,000 range, while positive gamma is gradually clustering around the $70,000 level. This suggests that BTC may experience larger price swings when moving downward, while approaching $70,000 could see stabilizing effects due to market makers' hedging activities. Currently, the defensive stance of the options market has diminished, but it has not yet entered a state of excessive complacency. The decline in implied volatility and skew reflects reduced short-term panic, while the concentration of gamma and open interest at key strike prices indicates that the $60,000 to $70,000 range remains the critical zone for the next directional move. [Original Link]