Jan. 23 Glassnode Analysis: Short‑Dated Calls Drove BTC Run to $97,600

On Jan. 23, Glassnode assessed Bitcoin’s rally to $97,600, noting a surge in near‑dated call buying while longer‑maturity skews stayed anchored to downside protection. The firm said implied volatility was sold as price rose, a pattern inconsistent with sustained breakouts. BTC was trading at $89,297 at the time of writing.