**[glassnode: Bitcoin Options Trading Volume Steadily Recovers After Breaking $95,000, Market Sentiment Turns Cautiously Optimistic]** Foresight News reports that glassnode stated Bitcoin has risen nearly 10% year-to-date and entered a consolidation phase after breaking $95,000. Options data shows that since the beginning of the year, options trading volume has been steadily recovering, with traders preferring to establish long-term multi-cycle positions rather than short-term speculative trades. In terms of position distribution, the large expiration on December 26 last year caused the put/call options open interest ratio to rise from 0.5 to 0.78. With the recent addition of bullish positions, this ratio has dropped by approximately 10% to around 0.71, indicating a shift in market focus back toward bullish sentiment. Meanwhile, implied volatility across various expiration dates is declining, reflecting reduced demand for crash protection or aggressive hedging against upward movements, with weekly IV falling to recent lows. Additionally, regarding skew metrics, short-term skew is near balanced, while long-term skew is trending higher, indicating market demand for upside convexity rather than simple hedging. Glassnode concludes that options data signals cautious optimism; although traders exhibit confidence at higher levels, they remain reluctant to aggressively sell put options, reflecting a continued defensive stance against downside risks.