Options Market Dynamics
Latest data shows BTC implied volatility (IV) remains around 54%, while ETH IV stays relatively high at 75%. In traditional markets, the gold volatility index is around 33%, and the crude oil volatility index remains elevated at 108%. From a percentile perspective, BTC IV is currently around the 91st percentile over the past year, while both gold and oil volatility indices have risen to their highest levels since 2021, indicating that options markets continue to price in elevated short-term volatility expectations.
BTC skew remained in negative territory this week. Short-term skew briefly widened before gradually recovering, with put premiums still dominant, although extreme hedging demand has somewhat eased. From the GEX structure, a notable positive gamma peak is concentrated around the March 27 expiry, suggesting market makers are positioned with long gamma exposure. As a result, prices may be more influenced by gamma pinning effects, and short-term volatility could trend toward compression.
Block Trade Structure
In the past 24 hours, the largest BTC and ETH block trades in the options market were:
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BTC: Buy BTC-25DEC26-120000-C, sell BTC-25SEP26-100000-C, totaling ~1,000 BTC, with approximately $300,000 net premium received.
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ETH: Buy ETH-25SEP26-4000-C, sell ETH-25SEP26-1200-P, totaling ~8,500 ETH, with approximately $45,000 net premium paid.
Options combination strategies can be executed using the strategy order tool available on the Gate platform.
Gate has officially launched Gold and Crude Oil Options, marking a new era of multi-asset options trading. Building on support for 11 crypto asset options, the platform has introduced traditional asset underlyings for the first time, offering users more opportunities for cross-market volatility trading. The symbol for Gold options is XAUT, and for Crude Oil options is XTI. Amid rising global macro volatility, gold and oil — as core Commodity Assets — provide traders with new tools for volatility trading and risk management.
Options trading portal: https://www.gate.com/options/BTC_USDT
