Bitcoin's native options market remains relatively subdued, with implied volatility and skew continuing to narrow even as open interest increasingly clusters around key strike prices, Glassnode said on Aug. 14. The data shows short-dated implied volatility is still falling, with one-week at-the-money implied volatility down to about 26%, while the six-month tenor remains near 39%. That has made the term structure steeper, suggesting traders expect limited near-term price swings but are still pricing in uncertainty further out. Demand for downside protection has also eased, indicating options positioning is no longer as defensive as before. In the gamma profile, negative gamma is concentrated in the lower $60,000 area, while positive gamma is gradually building near $70,000. That structure implies Bitcoin could see larger moves if it falls, while rallies toward $70,000 may be steadied by market makers' hedging activity. Glassnode said the market's defensiveness has declined, but conditions do not yet point to excessive complacency. The combination of softer implied volatility, lower skew and concentrated gamma and strike positioning suggests the $60,000 to $70,000 range remains the key zone for Bitcoin's next directional move.