Glassnode Warns: Gold Outperforms Bitcoin by 20% as Options Market Prices About 50% Short‑Term Volatility

COINOTAG News reported on October 17 that Glassnode published a market analysis highlighting persistent macro uncertainty as a drag on Bitcoin price dynamics, signaling continued sensitivity of the digital asset to broader economic conditions.

The note indicates that, over the recent weekly window, gold materially outperformed Bitcoin, reducing BTC’s role as a perceived store-of-value and prompting investors to reassess allocation between precious metals and crypto exposures.

Market microstructure supports this shift: the options market shows elevated demand for downside protection, with front-end volatility rising sharply and traders paying higher premia for immediate coverage. Glassnode finds a pronounced preference for put options, where the cost of downside protection remains above upside exposure, underscoring a defensive investor stance.