Options Market Trends
Latest data shows that BTC implied volatility (IV) remains high at 55%, and ETH IV stays elevated at 74%. BTC IV is near the 91st percentile over the past year, indicating that the options market’s short-term price volatility expectations are still at a one-year high.
In the past week, BTC 25-Delta Skew widened initially and then converged, with the 7-day skew dropping to about -15 vol, reflecting a temporary increase in short-term put demand. It then quickly recovered to around -5 vol. The 30-day to 90-day skew generally remains between -4 and -6 vol, indicating a mild negative bias overall. This suggests the market maintains downside hedging needs but has not developed into sustained pessimistic pricing.
From the GEX distribution, the main peak is centered around March 27 with significant positive Gamma, indicating market makers are in a positive Gamma environment, making prices easier to hedge and tending toward sideways movement. Near March 13, in the negative Gamma zone, volatility could be amplified and evolve into a trending market.
Block Trade Structure
In the past 24 hours, the largest block trades in BTC and ETH options markets are as follows:
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BTC: Bought BTC-27MAR26-125000-C, approximately 1,500 BTC traded, with a net premium expenditure of about $100,000.
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ETH: Bought ETH-13MAR26-1950-P, approximately 10,000 ETH traded, with a net premium expenditure of about $800,000.
Options portfolio strategies can be executed using the combination order tool available on the Gate platform.
Platform Updates
Gate has fully upgraded its options VIP fee structure, covering all options products, providing substantial fee reductions from beginner to professional users. VIP0 users can enjoy lower rates without asset or trading volume requirements, giving newcomers a cost advantage from the start. During the growth phase, assets of “tens of thousands” and “hundreds of thousands in trading volume” can upgrade to lower fees, far below mainstream platforms’ billion-level trading or high asset thresholds. Professional and institutional users at VIP10+ can enjoy Maker 0% and Taker 0.015% fees, truly optimizing costs at all stages.
Options trading entry: https://www.gate.com/zh/options/BTC_USDT
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