Glassnode: The current rebound in the crypto market remains fragile due to a lack of dedicated catalysts.

PANews reported on December 5th that Glassnode published an analysis on the X platform stating that while the price trend in the crypto market has stabilized, this rebound lacks strong cryptocurrency-specific catalysts and remains fragile. In the options market, despite the calm in Bitcoin trading, option open interest remains dominated by call options. The put/call ratio has declined significantly over the past two weeks, indicating that traders expect to profit from the year-end rally. Options trading volume has slowed significantly over the past seven days, showing weakening confidence in supporting the upward trend. Focusing on the $95,000 call option strike price, the net call option premium in the short to medium term has continued to decline in recent days, highlighting the lack of upward momentum in the market. Implied volatility across all maturities continues to decline, indicating reduced market demand for near-term protective strategies or leveraged buying, with traders expecting prices to stabilize. When implied volatility declines and call options dominate open interest, position positioning is relatively passive. The 25-Delta skewness indicator remains positive in the bearish zone, indicating that the market is still pricing in potential continued downside risks. Such a skewness structure usually does not predict a price breakout. At the macro level, market expectations for a December rate cut are the core driver supporting the current price. If expectations change or a "hawkish rate cut" occurs, it will immediately trigger a synchronized repricing of implied volatility and the spot market.