glassnode: After Historic On-Chain Options Expiry, Bitcoin Awaits Next Defining Move

BlockBeats News, October 2nd, glassnode published a Bitcoin market viewpoint analysis stating that on-chain dynamics continue to highlight the key role of short-term holder cost basis, a discrepancy that has consistently provided reliable support since May 2025. The price is still facing a challenge from a dense supply cluster between $114,000 and $118,000, but the moderation of long-term holder distribution and the return of ETF funds indicate that demand is stabilizing. Market sentiment, measured by RVT and the Fear & Greed Index, indicates that the market is in a cooling-off period, with the market trend shifting towards consolidation rather than capitulation.

In the options market, a record-breaking expiry date reset positions, with open interest contracts currently re-entering the fourth quarter. Volatility has slightly subsided, skewness is moving towards a neutral direction, the curve remains in a positive spread state, with the back end showing more strength. Fund flows show moderate upside interest, while traders' gamma values remain generally balanced, suppressing hedging fund flows. Overall, these signals suggest the market is resetting to a more neutral, constructive environment, awaiting the arrival of the next decisive trend.