The leading cryptocurrency tested the $75,000 level ahead of a major options expiry. This high gamma zone held the price and contributed to a pullback to $72,500, Glassnode noted.
Bitcoin retested the 75K strike, a high gamma zone that helped pull price down to 72.5K ahead of this morning’s major options expiry.
Here’s what Bitcoin options data reveals about positioning, volatility expectations, and market sentiment beneath the surface. pic.twitter.com/14dzI2gSXb
— glassnode (@glassnode) May 29, 2026
Analysts recorded a brief spike in implied volatility (IV) to 35% during the sell-off. However, the figure quickly returned to 32%. Market participants viewed the price drop as a local correction.
Demand for risk hedging decreased. The 25-delta skew remains positive at around 14%. This means that protection against a decline (put options) is still more expensive than call options, but the pressure from insurance buyers has weakened.
The premium for price fluctuation risk persists. Realized volatility increased from 24.5% to 28%, while expected volatility remains at 35%. The options market still anticipates sharper movements than Bitcoin shows on the chart.
Order flows reached equilibrium. Purchases and sales of puts and calls were evenly distributed at 25% each. This indicates a lack of consensus on the future price direction.
After closing positions worth $8 billion at the $75,000 zone, the market cleared dominant levels. Gamma distribution began anew across a wide range of prices. Experts also noted profit-taking on insurance contracts at the $70,000 level, indicating reduced concerns about a deep decline.
On May 28, CryptoQuant specialists reported that Bitcoin supply among long-term holders reached a historic high of 15.8 million BTC.