Gate Research: Implied volatility is oscillating at high levels; bet on structured trading within a neutral-to-bullish range.

According to Gate Research, the crypto market saw a weak rebound this week driven by improved macro sentiment. Weaker macroeconomic data and dovish comments from officials boosted expectations of interest rate cuts, with the probability of a December rate cut reaching 84.9%. Bitcoin rebounded from around $80,000 to approximately $88,000,带动大大币相回涨 (leading to a synchronized rise in major cryptocurrencies). However, liquidity remained cautious, with limited inflows into ETFs. The short-term put implied volatility (IV) in the options market remained high, indicating continued demand for downside hedging. Overall, the market is in a technical rebound phase driven by improved macroeconomic expectations.

This week, implied volatility in the options market remained high, with BTC IV at 49% and ETH IV at 73%. Both BTC and ETH's 25-Delta Skew curves showed rapid and steep inflection points, indicating rising market panic and defensive sentiment. The largest cumulative trades were buy BTC-261225-100000-C, buy BTC-261225-118000-C, sell BTC-261225-106000-C, and sell BTC-261225-112000-C, totaling approximately 10,000 BTC and costing approximately $5.84 million in premiums. The primary bet was that BTC would likely expire between $106,000 and $112,000, hedging against extreme price volatility at both ends.

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.