BlockBeats News, July 17th, glassnode released a market insight stating that the Bitcoin options market has started to shift towards a constructive outlook. The implied volatility has decreased from 48 to 40, and the put/call ratio has dropped to a six-month low of 0.59.

The data shows that option traders are reducing downside hedges and rebuilding upside exposure, indicating a gradual improvement in market sentiment from the June panic. However, the volatility remains higher than the low in May.

The current Bitcoin price is consolidating around $63,000, with a downside gamma support zone between $68,000 and $70,000. A breakthrough in this area could trigger more cyclical traders' hedging and amplify volatility.