A wall of quiet defense is forming around Bitcoin: on-chain and derivatives data show traders building hedges in the $109K–$115K zone while long-term holders start distributing above $110K. Glassnode flags concentrated net-premium flows and elevated options activity—classic signs of a market choosing risk management over aggression. This isn’t complacency; it’s calculated positioning for the next big move.

What’s happening in the $109K–$115K band

Glassnode highlights concentrated selling and premium flows clustered in this range, pointing to institutional traders selling options and defending levels rather than chasing upside. Long-term holders taking profits into strength adds supply, while options markets show increased premium selling as traders monetize volatility and cap topside exposure. The result is consolidation with a defensive tilt.

Why this matters to traders

When hedges stack up, markets often compress until a catalyst forces repricing. Dealer positioning can dampen moves inside the range and amplify breakouts when hedges unwind. Expect fakeouts to be common, liquidity to thin near edges, and volatility to spike when $109K or $115K gives way with volume.

How pros are positioning

• Favor defined-risk option structures (debit spreads) over naked leverage in a hedge-heavy chop.
• Use laddered entries and exits inside $109K–$115K; avoid all-in bets.
• Trade breakouts only on confirmation: expanding volume, rising spot-led flows, and options skew flipping.
• Keep invalidation tight: below $109K for longs, above $115K for shorts, re-evaluate quickly if reclaimed.

Levels, signals, and traps to watch

• Implied vs. realized vol: If IV underprices RV, breakout options can be attractive; if IV is rich, spreads reduce premium bleed.
• Skew and term structure: A shift to call skew or backwardation can foreshadow topside release.
• Open interest by strike: Clusters around $110K–$115K hint at where dealer hedging may snap.
• Basis and funding: Spot-led surges with neutral funding are healthier than perp-led squeezes.
• LTH distribution and exchange inflows: Rising inflows near $115K add supply headwinds.

Actionable takeaway

In a hedge-dense range, the edge is in patience and structure: let price prove direction, use spreads or tight-risk spot entries, and only press momentum when the range breaks with volume, OI migration, and skew alignment.

Bottom line

The $109K–$115K zone is a battleground of defense, not euphoria. Respect the range, manage premium decay, and prepare playbooks for both a volatility expansion and a failed breakout. The market is coiling—your job is to be ready, not early.

If you don't want to miss any crypto news, follow my account on X.