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 reworked 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 fall 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 by means of derivatives slightly than spot markets, choices have develop into main drivers of worth dynamics. Glassnode’s guess is that merchants must see each side—who holds danger on-chain and the way that danger 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 may look important by OI, however represents minimal capital in danger.
The platform now separates taker flows by intent: name patrons versus name sellers, put patrons versus put sellers. Since takers pay the unfold for quick execution, their exercise indicators 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 bought” may 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 total constructions slightly than remoted legs, revealing whether or not merchants are paying for volatility, harvesting carry, or working structured hedges throughout maturities.
Gamma Publicity Maps Supplier Hedging Flows
The brand new Gamma Publicity (GEX) metrics deal with a structural actuality: seller hedging flows are massive relative to crypto market depth. When market makers keep delta-neutral positions, they need to repeatedly hedge gamma publicity by buying and selling futures or spot.
At worth ranges with excessive optimistic gamma, sellers take in shocks—shopping for dips, promoting rallies—creating “gamma gravity” that pins costs close to strikes. At adverse gamma ranges, hedging amplifies strikes in each instructions. Monitoring the place GEX flips signal helps anticipate regime shifts between quiet and unstable 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 by means of 50D) and commonplace tenors (1-week by means of 6-month) for all lined property. Beforehand, Glassnode solely provided 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 may sign rotation towards higher-beta property. The time period construction reveals whether or not markets are pricing short-term stress versus longer-dated repricing.
A proprietary Glassnode Skew Index integrates the total volatility smile by means of UpVol and DownVol, slightly than simply evaluating two factors like conventional 25-delta skew. Constructive values point out the market paying extra for upside tails; adverse values present choice for draw back safety.
What This Means for Merchants
The sensible functions are particular. Delta skew serves as a fear-and-greed barometer—optimistic skew means premium for upside calls, adverse skew signifies a rush for put safety. Historic extremes in both path usually mark native tops or capitulation bottoms.
IV heatmaps show the total volatility floor in a single view, making it simple to identify skew asymmetries and tail-risk pricing. Elevated IV at low-delta places (−10D to −5D) with out worth follow-through usually indicators 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
