[glassnode: After a Historic Record of Options Expiry, Bitcoin Awaits the Arrival of the Next Decisive Trend] BlockBeats News, October 2, glassnode shared its analysis of the Bitcoin market, stating that on-chain dynamics continue to highlight the critical role of the short-term holding cost basis, which has provided reliable support since May 2025. Prices remain challenged by the dense supply cluster between $114,000 and $118,000, but the easing distribution of long-term holders and the return of ETF funds suggest that demand is stabilizing. Market sentiment, as measured by RVT and the Fear and Greed Index, indicates that the market is in a cooling phase, shifting toward consolidation rather than capitulation. In the options market, the record-breaking expiry date has reset positions, and open interest is now re-entering the fourth quarter. Volatility has softened, skew is moving toward a neutral stance, and the curve remains in a contango state, with the back end appearing more robust. Capital flows show moderate upward interest, while dealers' gamma values remain roughly balanced, suppressing hedging flows. Overall, these signals suggest that the market is resetting to a more neutral and constructive environment, awaiting the arrival of the next decisive trend.