Bitcoin's market dynamics are stabilizing following a record options expiry, according to a Glassnode analysis. The short-term holder cost basis differential has consistently provided support since May 2025, while the price faces resistance between $114,000 and $118,000. Long-term holder distribution and ETF inflows indicate stabilizing demand, with market sentiment shifting towards consolidation. In the options market, positions have reset, and open interest is re-entering the fourth quarter. Volatility has decreased, with skew moving towards neutrality and the curve in a positive contango state. Funding flows show moderate bullish interest, and dealer gamma remains balanced, suggesting a neutral and constructive market environment as Bitcoin awaits its next major move.