"Bitcoin Options Market 'Calm'... On-chain Indicators Suggest 'Calm Before the Storm'"

While the Bitcoin (BTC) options market is reflecting low volatility, on-chain indicators are warning that the likelihood of short-term price swings has increased.

According to NewsBTC, a cryptocurrency-focused media outlet, on the 12th (local time), on-chain analysis firm Glassnode cited 'Realized Supply Density' data in its weekly research report, stating, "Currently, the market sensitivity of Bitcoin is increasing," and added, "Even minor price movements could affect a large number of investors, increasing the likelihood of expanded volatility."

The report said this indicator has shown a steady rise over the past few weeks.

In contrast, the options market is showing the exact opposite trend. On this day, the implied volatility (IV) of Bitcoin options showed a downward trend across many segments, suggesting that market participants do not expect significant volatility for now.

Glassnode noted, "This kind of 'complacency about volatility' has historically served as a sign of upcoming increased volatility," and assessed that, "There is currently a phase in which on-chain data and options market expectations are in conflict."