Bitcoin has fallen below $78,000, trading at $76,744, as options traders adopt a defensive stance, according to Glassnode. The options market setup suggests a potential amplification of a drop toward the mid-$75,000s. Implied volatility has compressed, with one-week implied volatility at approximately 31%, down from 39% earlier this week. The 25-delta skew remains in put territory, indicating a preference for downside protection. The gamma map reveals a concentration of short gamma around $75,000, with $3.2 billion of negative exposure below this level, which could force dealer hedges and amplify price movements if Bitcoin approaches this zone. Positive gamma clusters near $78,000 and $80,000 may act as resistance, potentially confining Bitcoin between these levels. Traders are currently hedging against downside risks, with put buying slightly leading call buying, reflecting a cautious market sentiment.