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.
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