Caroline Bishop
Jan 16, 2026 11:40
Glassnode expands from 10 to 40 choices metrics, including Deribit, OKX, Bybit knowledge plus new gamma publicity and premium circulate instruments for BTC, ETH, SOL buying and selling.
Glassnode has remodeled from an on-chain analytics supplier right into a full-stack derivatives platform, quadrupling its choices metrics from 10 to 40 devoted instruments. The growth, accomplished in This autumn 2025, now covers BTC, ETH, SOL, XRP, and PAXG throughout Deribit, OKX, and Bybit exchanges.
The timing issues. With Bitcoin hovering round $95,000 as of January 16, 2026, and institutional capital more and more flowing via derivatives slightly than spot markets, choices have grow to be major drivers of value dynamics. Glassnode’s guess is that merchants have to see either side—who holds threat on-chain and the way that threat will get priced in choices.
Premium Flows Exchange Quantity because the Conviction Sign
The centerpiece of the brand new suite treats premium—precise {dollars} spent on choices—because the definitive measure of conviction slightly than contract quantity or open curiosity. A pile of low cost out-of-the-money choices would possibly look important by OI, however represents minimal capital in danger.
The platform now separates taker flows by intent: name consumers versus name sellers, put consumers versus put sellers. Since takers pay the unfold for fast execution, their exercise alerts urgency. Merchants can now establish strike-level magnets the place positioning builds, and distinguish between end-users aggressively shopping for crash safety versus quietly promoting premium in anticipation of range-bound situations.
Combo Technique Reconstruction
Uncooked option-by-option circulate usually misleads. What seems as “one name purchased, one name offered” would possibly really be a single taker executing a strangle—a pure volatility guess with no directional bias.
Glassnode now reconstructs multi-leg trades into canonical methods: straddles, strangles, spreads, condors, and ladders. This tracks internet premium for whole constructions slightly than remoted legs, revealing whether or not merchants are paying for volatility, harvesting carry, or operating structured hedges throughout maturities.
Gamma Publicity Maps Supplier Hedging Flows
The brand new Gamma Publicity (GEX) metrics tackle a structural actuality: supplier hedging flows are massive relative to crypto market depth. When market makers keep delta-neutral positions, they have to constantly hedge gamma publicity by buying and selling futures or spot.
At value ranges with excessive constructive gamma, sellers soak up shocks—shopping for dips, promoting rallies—creating “gamma gravity” that pins costs close to strikes. At damaging gamma ranges, hedging amplifies strikes in each instructions. Monitoring the place GEX flips signal helps anticipate regime shifts between quiet and risky situations.
Interpolated IV Grid Throughout Deltas and Tenors
The volatility floor instruments now present name and put implied volatility throughout a number of deltas (5D via 50D) and normal tenors (1-week via 6-month) for all lined property. Beforehand, Glassnode solely supplied 25-delta skew with out particular person legs.
The standardized delta buckets reveal cross-asset divergences. If SOL 25D name IV rises whereas BTC stays flat, that divergence would possibly sign rotation towards higher-beta property. The time period construction exhibits whether or not markets are pricing short-term stress versus longer-dated repricing.
A proprietary Glassnode Skew Index integrates the total volatility smile via UpVol and DownVol, slightly than simply evaluating two factors like conventional 25-delta skew. Optimistic values point out the market paying extra for upside tails; damaging values present desire for draw back safety.
What This Means for Merchants
The sensible purposes are particular. Delta skew serves as a fear-and-greed barometer—constructive skew means premium for upside calls, damaging skew signifies a rush for put safety. Historic extremes in both course usually mark native tops or capitulation bottoms.
IV heatmaps show the total volatility floor in a single view, making it straightforward to identify skew asymmetries and tail-risk pricing. Elevated IV at low-delta places (−10D to −5D) with out value follow-through usually alerts concern saturation and potential volatility compression.
Glassnode says the roadmap contains deeper market construction analytics and additional integration between on-chain and derivatives knowledge. For institutional groups with customized necessities, the corporate is providing direct session on implementation.
Picture supply: Shutterstock
