Gate Research Institute: Implied volatility remains high with fluctuations; block trades suggest a mild rebound may occur towards the end of the year.

Odaily Planet Daily reports that according to Gate Research Institute, Bitcoin rebounded to approximately $106,000 after falling below $100,000 this week, mainly driven by the easing of the federal government shutdown crisis and a rebound in risk appetite; although the MACD shows an initial golden cross, trading volume and capital flow remain insufficient, and the trend has not yet strengthened. Ethereum remains oscillating in the $3,400–$3,650 range with limited rebound momentum. Overall, market sentiment remains cautious, and this rebound is likely a technical correction rather than the start of a new upward phase. Implied volatility in the options market remains high, with BTC IV at 45% and ETH IV at 74%. The 25-Delta Skew for both BTC and ETH has quickly turned negative and the curve is steepening, indicating rising market panic and defensive sentiment. The largest block trade involved an options portfolio of about 1,000 BTC: buying BTC-261225-95,000-P and selling BTC-261225-108,000-P, aiming for moderate upside or range-bound movement, while providing some downside protection, with total premium income of approximately $5.98 million. Additionally, Gate Options launched a new fee discount promotion from November 3, 00:00 to November 30, 00:00 (UTC+8), with BTC and ETH option fees as low as 0.025%, implementing a tiered fee structure where trading more results in lower fees. This initiative aims to further enhance market liquidity and attract more professional and institutional investors to participate in options trading.