Glassnode: Bitcoin falls below STH cost price and triggers safe-haven demand, futures and options markets fully enter defensive mode

Glassnode published a weekly market observation article saying that bitcoin fell below the short-term holder cost benchmark and negative double standard deviation range, and buyers are under pressure recently; the 95,000-97,000 dollar area is now a key resistance level, if it can recover the range, it will become a preliminary signal to repair the market structure
Spot demand remains weak: US spot ETF flows are deep in negative territory, and there is no new buying by traditional financial (TradFi) allocators. Speculative leverage continues to unwind, a trend reflected in the decline in futures unpositioned squaring contracts (OI), and funding rates among the top 500 assets by market cap have fallen to cycle lows.
The options market has repriced risk substantially: implied volatility has risen across maturities, while "skew" remains deeply negative, as traders are willing to pay a hefty premium for downside protection. The flow of funds dominated by put options, and demand at key strike prices such as $90,000, has further strengthened the defensive position pattern of the market, with traders preferring to actively hedge risk rather than increase upside exposure.
The Digital Asset Volatility Index (DVOL) has rallied to a monthly high, a phenomenon that links broad risk repricing at the level of volatility, skewness, capital flows, and other indicators, while signaling expectations that "short-term volatility may increase."