Gate Research Institute: BTC implied volatility returns to neutral, investors lay out long positions in the futures at low cost.

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In the options market, the implied volatility of BTC and ETH has declined compared to last week, indicating that the market has shifted from a state of panic pricing to a more neutral and cautious stance. Sentiment indicators show that the 25-Delta Skew of BTC options remains negative, suggesting that investors still hold a defensive attitude toward downside risks; in contrast, ETH's Skew has significantly converged in the middle of the week, showing that market expectations for its rebound have warmed. The block trading structure is dominated by bullish calendar spreads, indicating that investors are positioning for long positions in the forward market at a low cost. Meanwhile, the options functionality of the Gate App has been fully launched, supporting USDT settlement options for mainstream assets such as BTC and ETH, and introducing cross-coin and combination margin mechanisms, further enhancing trading flexibility and capital efficiency.

Details link: https://www.gate.com/options/BTC_USDT

BTC-2.75%
ETH-3.62%
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