ChainCatcher reports that, according to Gate Research Institute, the current implied volatility (IV) for BTC and ETH is approximately 53% and 69%, respectively. BTC IV is near the 88th percentile over the past year, reflecting a significant increase in the options market’s short-term price volatility expectations. Over the past week, the 25-Delta Skew for BTC and ETH has remained in negative territory, initially converging before a sharp drop to -18 vol on the short end around the 23rd–24th, indicating a temporary rise in risk aversion. The Skew then quickly recovered, suggesting that the impact is driven by short-term events.
From the GEX distribution, gamma is concentrated near the February expiration, putting short-term volatility under pressure. In mid-March, negative gamma was observed; if the price reaches this range, volatility could be amplified, posing a risk of structural shifts. In the past 24 hours, large options trades for BTC and ETH have been predominantly bullish: the largest structure is a BTC 27MAR26 call spread (buy 90k-C / sell 100k-C), approximately 600 BTC, with a net premium of $70,000; for ETH, a 27MAR26 2500-C buy, about 9,000 ETH, with a net premium of $220,000.
Gate has fully upgraded its options VIP fee system, covering all options products, achieving substantial fee reductions from beginner to professional users. VIP0 requires no assets or trading volume thresholds to enjoy lower rates, giving newcomers a cost advantage from the start. During the growth phase, users with “tens of thousands in assets and hundreds of thousands in trading volume” can upgrade to lower fees, with thresholds far below mainstream platforms’ billion-level trading or high asset requirements. Professional and institutional users at VIP10+ can enjoy maker fees of 0% and taker fees of 0.015%, truly optimizing costs across all stages.
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