Gate Research: Implied volatility is fluctuating at high levels; large-scale transactions suggest a possible moderate rebound by the end of the year.

According to Gate Research, Bitcoin rebounded to approximately $106,000 this week after falling below $100,000, primarily driven by the easing of the federal government shutdown crisis and a recovery in risk appetite. While the MACD has shown an initial golden cross, trading volume and capital flow remain insufficient, indicating the trend has not yet strengthened. Ethereum, meanwhile, has remained range-bound between $3,400 and $3,650, with limited upward momentum. Overall, market sentiment remains cautious, and this rebound may still be a technical correction rather than the start of a new upward trend.

This week, implied volatility in the options market remained high, with BTC IV at 45% and ETH IV at 74%. The 25-Delta Skew for both BTC and ETH quickly turned negative and the curves became steep, indicating rising market panic and defensive sentiment. The largest trade was an options portfolio of approximately 1,000 BTC: a buy of BTC-261225-95,000-P and a sell of BTC-261225-108,000-P, betting on a moderate rise or range-bound movement while providing some downside protection, generating a total premium of approximately $5.98 million.

In addition, Gate Options launched a new fee discount promotion from 00:00 on November 3rd to 00:00 on November 30th (UTC+8), with BTC and ETH option fees as low as 0.025%, and implemented a tiered fee structure, where the more you trade, the lower the fee. This initiative aims to further improve market liquidity and attract more professional and institutional investors to participate in options trading.