Caroline Bishop
Jan 16, 2026 11:40
Glassnode expands from 10 to 40 choices metrics, including Deribit, OKX, Bybit information plus new gamma publicity and premium move 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 enlargement, 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 fairly than spot markets, choices have grow to be major drivers of value dynamics. Glassnode’s wager is that merchants must see each side—who holds threat on-chain and the way that threat will get priced in choices.
Premium Flows Change 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 fairly than contract quantity or open curiosity. A pile of low cost out-of-the-money choices may look vital 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 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 circumstances.
Combo Technique Reconstruction
Uncooked option-by-option move typically misleads. What seems as “one name purchased, one name bought” may truly be a single taker executing a strangle—a pure volatility wager with no directional bias.
Glassnode now reconstructs multi-leg trades into canonical methods: straddles, strangles, spreads, condors, and ladders. This tracks web premium for whole buildings fairly than remoted legs, revealing whether or not merchants are paying for volatility, harvesting carry, or working structured hedges throughout maturities.
Gamma Publicity Maps Vendor Hedging Flows
The brand new Gamma Publicity (GEX) metrics tackle a structural actuality: supplier hedging flows are giant relative to crypto market depth. When market makers keep delta-neutral positions, they have to repeatedly hedge gamma publicity by buying and selling futures or spot.
At value ranges with excessive optimistic gamma, sellers take up shocks—shopping for dips, promoting rallies—creating “gamma gravity” that pins costs close to strikes. At unfavourable gamma ranges, hedging amplifies strikes in each instructions. Monitoring the place GEX flips signal helps anticipate regime shifts between quiet and risky circumstances.
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 customary tenors (1-week via 6-month) for all lined belongings. 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 belongings. 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 via UpVol and DownVol, fairly than simply evaluating two factors like conventional 25-delta skew. Constructive values point out the market paying extra for upside tails; unfavourable 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—optimistic skew means premium for upside calls, unfavourable skew signifies a rush for put safety. Historic extremes in both course typically 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 value follow-through typically alerts worry saturation and potential volatility compression.
Glassnode says the roadmap consists of deeper market construction analytics and additional integration between on-chain and derivatives information. For institutional groups with customized necessities, the corporate is providing direct session on implementation.
Picture supply: Shutterstock
