Options Market Update
The latest data shows BTC VOL at ~43% and ETH at ~66%, with crypto IV dropping below the 50th percentile over the past year. The market is shifting from a “panic phase” to a “low-volatility, catalyst-waiting” environment. In traditional assets, gold GVZ stands at ~31, returning to mid-range levels, while oil OVX has declined to ~75 but remains elevated, indicating that geopolitical risk premium has yet to fully unwind.
ETH 25-delta skew has converged to the -2 to -3 range, marking the tightest cross-tenor distribution in two weeks. Short-term volatility spikes have faded, while mid- to long-term tenors remain stable, suggesting reduced sensitivity to geopolitical events and a transition into a low-volatility holding pattern. With put premium now minimal and skew near neutral, a sustained BTC move above $73K alongside continued oil weakness could push skew into positive territory—serving as a potential signal of trend reversal.
For gold options expiring April 17, open interest is concentrated, with a structurally bullish shift emerging. The $4,500 put support has disappeared, with the defensive range moving up to $4,700–$4,800, indicating reduced downside expectations. Call activity is concentrated above $4,875, reflecting stronger short-term bullish sentiment. Meanwhile, ATM IV has rebounded to ~30% but remains within a normalization trend, with tail premiums continuing to compress. Overall, the market is transitioning from defensive positioning to a moderately bullish stance, with volatility entering a normalization phase.
Block Trade Activity
Over the past 24 hours, the largest block trades in BTC and ETH options include:
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BTC: Buy BTC-29MAY26-84000-C, sell BTC-26JUN26-90000-C, totaling ~1,275 BTC, with a net premium outlay of ~$4,000
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ETH: Buy ETH-17APR26-2250-P, totaling ~5,000 ETH, with a net premium outlay of ~$74,000
Structured options strategies can be executed via Gate’s combination order tools.
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Trade options: https://www.gate.com/options/BTC_USDT
