Gate Research Institute: BTC implied volatility rises to an 81% one-year percentile, with options put spread strategies dominating the market

BTC4,25%
ETH2,96%

PANews February 5 News, according to Gate Research Institute observations, the implied volatility (IV) of BTC and ETH are approximately 50% and 70%, respectively. Among them, BTC IV has already reached about the 81.7% percentile over the past year, reflecting a significant increase in the options market’s expectation of short-term price volatility. Over the past week, the 25-Delta Skew for BTC and ETH has remained in the negative territory overall, with the short end clearly steepening, indicating rising short-term hedging demand and increased sensitivity to downward volatility; however, the medium to long-term structure remains relatively stable, suggesting a cautious sentiment rather than a trend-based bearish outlook. The market is more inclined toward short-term defense and waiting for direction.

In the past 24 hours, large options trading for BTC and ETH has been dominated by put spreads: the largest structure is BTC 27MAR26 buy 75k-P / sell 80k-P, approximately 1,500 BTC, with a net premium of $370,000; ETH is 27FEB26 buy 1800-P / sell 1500-P, about 15,000 ETH, with a net premium of $320,000.

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