--- title: "Bitcoin Market Caution Rises After Failed Breakout: Glassnode Data" type: "News" locale: "en" url: "https://longbridge.com/en/news/280020856.md" description: "The Bitcoin market is experiencing high uncertainty and bearish sentiments, with a recent failed breakout at $75,000. Currently priced around $70,000, traders are seeking downside protection as Bitcoin options Open Interest reaches an all-time high. Implied Volatility has decreased, indicating expectations of lower price swings. Increased demand for put options suggests market caution, with a dominant share of puts in trading flows. Bitcoin's current price is $70,668, reflecting a minor gain amid declining trading volume." datetime: "2026-03-21T11:30:21.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/280020856.md) - [en](https://longbridge.com/en/news/280020856.md) - [zh-HK](https://longbridge.com/zh-HK/news/280020856.md) --- # Bitcoin Market Caution Rises After Failed Breakout: Glassnode Data The Bitcoin market remains subject to high uncertainty, with bearish sentiments at heightened levels. In the last week, the premier cryptocurrency attempted another failed breakout as prices faced stiff resistance at the $75,000 level. With Bitcoin now back to around $70,000, Glassnode data on the options market shows that traders are pushing for more downside protection alongside expectations of low market volatility. ****Bitcoin Open Interest Hits New ATH – What Does It Mean?**** In an X post on March 20, Glassnode provides an update on the Bitcoin options market covering developments on positioning, volatility expectations, and market sentiments. In terms of positioning, the analytics platform reported that Bitcoin options Open Interest (OI) reached a new all-time high value ahead of the expected expiry order on Friday. While a rise in OI typically represents an increase in market participation, Glassnode analysts explain that this recent positioning spike may still be indicative of short-term hedging flows. However, the after-effects of quarterly expiry on March 27 would provide more clarity on the recent positioning spike and the long-term sentiment. Meanwhile, the 1-week Implied Volatility (IV) declined from 70% to 53%, while options with longer maturities are also down by ~10 vols. This indicates that options are anticipating less dramatic price swings, despite the unstable macro environment. ****Bitcoin Put Options In Demand As Traders Hedge Against Price Fall**** According to Glassnode, the Bitcoin Options Skew, which measures the demand difference between put options (bearish protection) and call options (bullish bets), has stabilized. However, Bitcoin’s rejection at $75,000 has pushed the 25 Delta Skew into the 15-20% range, indicating increased put option demand. This development suggests a rise in market caution as options traders are paying a premium to protect against any potential downside. This creeping market fear is further confirmed by the 24-hour taker flow chart, which shows that options traders’ positioning has now turned defensive. Puts Bought activity is dominating the flows chart with a 30.7% share, while Calls Bought accounts for around 20.9%. Meanwhile, the Put/Call Ratio had also indicated a potential rejection at $75,000. Put actions dominated flows activity above $72,000, indicating that traders lacked belief in the breakout. Following the pullback, traders attempted to buy the dip with a spike in call options, but it was short-lived. At the time of writing, Bitcoin trades at $70,668 following a minor 0.33% gain in the last day. 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