{"id":9591,"date":"2026-01-24T06:00:23","date_gmt":"2026-01-24T06:00:23","guid":{"rendered":"https:\/\/ad-doge.com\/blog\/can-bitcoin-revisit-97600-glassnode-says-watch-this\/"},"modified":"2026-01-24T06:00:23","modified_gmt":"2026-01-24T06:00:23","slug":"can-bitcoin-revisit-97600-glassnode-says-watch-this","status":"publish","type":"post","link":"https:\/\/ad-doge.com\/blog\/can-bitcoin-revisit-97600-glassnode-says-watch-this\/","title":{"rendered":"Can Bitcoin Revisit $97,600? Glassnode Says Watch This"},"content":{"rendered":"

Bitcoin\u2019s push to $97,600 last week drew a burst of bullish options activity, but Glassnode argues the derivatives tape looked more like short-dated positioning than broad-based conviction. In a Jan. 23 thread, the on-chain analytics firm pointed to a split between front-end call demand and longer-dated risk pricing that stayed anchored in downside protection.<\/p>\n

\u201cLet\u2019s deep dive into options market behavior during last week\u2019s move to 97.6K, and how options metrics help gauge conviction behind the move,\u201d Glassnode wrote. The core takeaway: upside flow showed up, but it didn\u2019t meaningfully change how the market priced risk further out the curve.<\/p>\n

What Bitcoin Traders Can Learn From Last Week’s Rally<\/h2>\n

Glassnode first focused<\/a> on near-term skew. Around mid-January, BTC rose roughly 8% over a few days, and the 1-week 25-delta skew moved sharply toward neutral from \u201cdeep put territory.\u201d That kind of front-end shift can look like a market flipping bullish\u2014until you check whether the same repricing is happening in longer expiries.<\/p>\n

\u201cCareful though,\u201d Glassnode warned. \u201cNear-dated call demand is often misread as directional conviction.\u201d The thread paired that point with flow data: the options volume put\/call ratio dropped from 1 to 0.4, signaling a surge in call activity. But, as Glassnode framed it, the question is not whether calls were bought, but how short-dated that demand actually was.<\/p>\n

The longer-dated picture was notably less enthusiastic. Glassnode said the 1-month 25-delta skew \u201conly moved from 7% to 4% at the low,\u201d staying in put asymmetry even as the 1-week skew fell from 8% to 1%. On the 3-month 25-delta skew, the shift was even smaller (less than 1.5%) and it \u201cstayed firmly in put territory,\u201d continuing to price asymmetric downside.<\/p>\n

For Glassnode, that divergence matters because it separates \u201cflow\u201d from \u201crisk pricing.\u201d Upside participation can be real, but if the market does not reprice skew across maturities, it suggests traders are not extending that optimism into a higher-conviction, longer-horizon view.<\/p>\n

The volatility tape reinforced the same message. \u201cLayering in ATM implied volatility, we see vol being sold as price moved higher,\u201d Glassnode wrote. \u201cGamma sellers monetized the rally. This is not the volatility behavior typically associated with sustained breakouts.\u201d<\/p>\n

That combination: front-end call demand alongside vol supply can align with tactical positioning rather than a regime change. It can also leave spot moves more vulnerable if follow-through buying does not materialize once short-dated structures roll off.<\/p>\n

Glassnode closed with a checklist for what a cleaner breakout would look like: \u201cAn ideal breakout setup combines spot pressing key levels, skew pointing higher with conviction across maturities, and volatility being bid. Last week\u2019s move didn\u2019t meet those conditions.\u201d<\/p>\n

For traders watching whether BTC can revisit $97,600, the thread\u2019s implication is straightforward: monitor whether longer-dated skew begins to lift out of put territory and whether implied volatility starts to get bid, not sold, as spot tests key levels again.<\/p>\n

At press time, BTC traded at $89,297.<\/p>\n

\"Bitcoin<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin\u2019s push to $97,600 last week drew a burst of bullish options activity, but Glassnode argues the derivatives tape looked more like short-dated positioning than broad-based conviction. In a Jan. 23 thread, the on-chain analytics firm pointed to a split between front-end call demand and longer-dated risk pricing that stayed anchored in downside protection. \u201cLet\u2019s…<\/p>\n","protected":false},"author":1,"featured_media":9592,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[245],"tags":[22,28,29,32,33,34,952],"class_list":["post-9591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-glassnode"],"_links":{"self":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/9591","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/comments?post=9591"}],"version-history":[{"count":0,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/9591\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/media\/9592"}],"wp:attachment":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/media?parent=9591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/categories?post=9591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/tags?post=9591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}