[Glassnode: Bitcoin Options Market Dominated by Put Buying, Leaning Towards Defensive Positioning] Glassnode analysis indicates that over the past 7 days, put buying accounted for 28% of the total options premium traded in the Bitcoin options market, put selling accounted for 26.8%, and call buying accounted for 24.1%, with market capital flows leaning towards downside protection. Implied volatility has cooled down, while realized volatility remains higher than implied volatility. Bitcoin's price is near the dense short gamma zone, and defensive positioning around key support levels continues.