Bitcoin's options market is flashing a cautiously optimistic tone, with short-term fear fading and bullish positioning still dominant, according to Glassnode. The analytics firm said implied volatility (options-based price swing expectations) is now about 10% above realized volatility (observed market moves), reversing several weeks in which realized volatility had stayed above implied levels and indicating traders are again paying a premium for future uncertainty. That volatility backdrop is not yet at an extreme stress level. In skew (the pricing gap between calls and puts), demand for near-term protection has dropped sharply, with 1-week 25-delta skew falling to about 7%, while longer-dated skew remains around 10% to 12%, suggesting investors are still hedging medium- to long-term downside risk. Open interest also remains tilted toward calls, with about $15 billion in call open interest versus about $10 billion in puts, and calls kept the upper hand even after recent expiry-related repositioning. Options flow has centered on the $61,000 to $67,000 range, with active buying in $65,000 calls alongside put selling, a pattern that points to improving short-term trading sentiment.