Glassnode Bitcoin's recent backtest of $75,000 exercise price remains unclear

Glassnode published an analysis on the X platform saying that Bitcoin recently backtested the exercise price of US$75,000. The region had previously gathered nearly US$8 billion in short Gamma positions and once lowered the BTC price to around US$72,500 before the expiration of this round of options. As large-scale options expire, the market Gamma structure has begun to be rebuilt. Data showed that ATM implied volatility (IV) rose for a time during the decline of BTC, and the first cycle IV exceeded 35%, but then quickly fell back to about 32%. The long-term term IV also fell, indicating that the market still regards this volatility as a "controllable adjustment". In terms of capital flow, the option trading structure has been almost completely balanced in the past seven days, with the buying and selling ratios of call and put options both close to 25%, reflecting the lack of clear directional bets in the market after the recent decline.