Glassnode Refutes Bitcoin’s Bottoming Out

Traders buy put options as Bitcoin falls below $94,000, says Glassnode.

Following Bitcoin’s drop below the $94,000 level earlier this week, traders have been actively purchasing short-term put options with a strike price of $75,000. This trend was noted by Glassnode.

75K Put Premium

Short- and mid-term 75K puts have been heavily bought since BTC lost the 94K level. The options market isn’t signaling a bottom yet and is leaning toward the risk of a deeper move.https://t.co/EjNiVN7l4F pic.twitter.com/tvLWG9SVM7

— glassnode (@glassnode) November 21, 2025

Dominant positions in put contracts indicate expectations of prices falling below the strike level.

“The options market isn’t signaling a bottom yet and is leaning toward the risk of a deeper move,” concluded analysts from the platform.

The total volume of bets on put options reached 67.6%. Traders aggressively hedged against the decline by purchasing longer-term contracts.

The dynamics of weekly and monthly volatility indices signaled “extreme panic” in the short-term horizon, analysts added.

On November 21, the leading cryptocurrency fell below the $85,000 mark.

Previously, analyst Axel Adler Jr. identified two critical levels for Bitcoin’s current correction based on three key metrics for institutional investors. One was the $87,000 level, the other $74,000.

Experts from XWIN Research suggested that prices might “compress” within the $60,000-80,000 range by year-end. This scenario will unfold if the US Federal Reserve refrains from lowering the key rate in December.

Prospects for Recovery

Trader EgyHash believes that a bullish reversal requires increased activity from whales.

A Market Without Whales: Retail Fatigue Pushes Bitcoin Into Deeper Declines

“Unless significant institutional demand returns or retail participation meaningfully recovers, Bitcoin is likely to remain under pressure.” – By @EgyHashX pic.twitter.com/6RRc3g8m3S

— CryptoQuant.com (@cryptoquant_com) November 21, 2025

Metrics from the futures segment have indicated the exit of large players from the market in recent months. Now, smaller investors have joined this trend, further reducing the liquidity of the digital gold market, the expert noted.

“Unless significant institutional demand returns or retail participation meaningfully recovers, Bitcoin is likely to remain under pressure, with limited prospects for a strong rebound in the near future,” concluded EgyHash.

Analysts at Swissblock noted that the Risk-Off metric in Bitcoin is nearing the capitulation zone. Such values have corresponded to major price lows over the past two years.

The Risk-Off Signal is just inches from the capitulation zone, the same zone that has marked major BTC bottoms in the past two years.

We’re entering the final stretch of seller exhaustion.

Once it rolls over, BTC snaps into a bottoming phase with sharp, fast rebounds. pic.twitter.com/hFPdG8IPmm

— Swissblock (@swissblock__) November 21, 2025

“We’re entering the final phase of seller exhaustion. Once the Risk-Off signal reaches its minimum, BTC rebounds sharply and quickly,” experts stated.

Researchers at Bernstein believe that the current Bitcoin correction will be short-lived and does not signal the start of a major downtrend.