Gate Research Institute: BTC implied volatility rises to an 81% percentile over the past year, with options put spread strategies dominating the market

Options Market Trends

Recent data shows that BTC implied volatility (IV) has risen to 50.42%, and ETH IV has increased to 70.92%; among them, BTC IV is already in the approximately 81.7% percentile over the past year, reflecting a significant increase in the options market’s expectation of short-term price volatility.

Over the past week, the 25-Delta Skew for BTC and ETH has remained in the negative territory overall, with the short end becoming noticeably steeper, indicating rising short-term hedging demand and increased sensitivity to downward volatility; however, the medium to long-term structure remains relatively stable, suggesting a cautious sentiment rather than a trend-based bearish outlook. The market is more inclined toward short-term defense and waiting for direction.

This week, BTC’s realized volatility (RV) has continued to rise. While short-term ATM implied volatility (IV) has also increased in tandem, the gains are limited. The volatility risk premium (VRP) has mostly been negative, reflecting a conservative pricing stance for both realized and potential volatility in the options market. Overall, the market is transitioning from a low-volatility environment to a high-volatility phase, with increased short-term price fluctuations. There is still room for further upward adjustment of implied volatility.

Block Trades Structure

In the past 24 hours, block trades in the BTC and ETH options markets have mainly involved put spreads. The largest block trades are as follows:

• BTC: Bought BTC-27MAR26-75000-P, sold BTC-27MAR26-80000-P, totaling approximately 1,500 BTC, with a net premium income of about $370,000.
• ETH: Bought ETH-27FEB26-1800-P, sold ETH-27FEB26-1500-P, totaling approximately 15,000 ETH, with a net premium expenditure of about $320,000.

Options portfolio strategies can be executed using the combination order strategy tool available on the Gate platform.

Platform Updates

Gate has fully upgraded its options VIP fee structure, covering all options products, achieving substantial fee reductions from beginner to professional levels. VIP0 users can enjoy lower rates without asset or trading volume thresholds, providing cost advantages for newcomers; during the growth phase, users with “ten-thousand-level assets and millions 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 industry-low maker fees of 0% and taker fees of 0.015%, truly designed with options traders at the core.