Glassnode: After the historically high options expiration, Bitcoin is looking forward to the next decisive trend
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最新报道：According to a Bitcoin analysis published by Glassnode on October 2nd, on-chain dynamics continue to highlight the critical role of the short-term holding cost basis, which has provided reliable support since May 2025. While prices remain challenged by a dense supply cluster between $114,000 and $118,000, a moderation in the distribution of long-term holders and the return of ETF funds suggest stabilizing demand. Market sentiment, as measured by the RVT and Fear & Greed Index, suggests a cooling phase, with the market shifting towards consolidation rather than capitulation. In the options market, record expiration dates have reset positions, with open interest now re-entering the fourth quarter. Volatility has weakened somewhat, with the slope shifting towards neutrality. The curve remains in contango, with a firmer back end. Fund flows indicate moderate upside interest, while trader gamma remains roughly balanced, dampening hedge flows. Taken together, these signals suggest that the market is resetting to a more neutral, constructive environment, awaiting the next decisive move.
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