Glassnode: Bitcoin is consolidating in the range of $62,000 to $72,000, and the open interest in options is about to reach an all-time high

According to Glassnode data, Bitcoin is currently consolidating between $62,000 and $72,000, and is expected to close down for the fifth consecutive month.

Despite the weak market environment, the open interest (OI) in Bitcoin options has returned to historical highs, and is expected to surpass the peak of 550,000 Bitcoins set last December within a few days, further highlighting the importance of the options market.

At the same time, the implied volatility (ATM IV) has retreated from its early peak, but remains above the levels of a month ago, with the market pricing the implied volatility for 1-month and 3-month terms at around 47%, about 10 volatility points higher than last month, indicating a steady demand from investors for protection.