BTC IV remains low while gamma flips; options market forms a "near-term bearish, long-term bullish" structure

Odaily Planet Daily News: BTC IV at 38%, ETH IV at 53%. ETH Skew shows divergence, with the medium-to-long term maintaining +2 to +4 as institutional bullish consensus remains solid. The short end has sharply deteriorated to -8 to -12 due to CPI exceeding expectations and Powell's resignation, triggering a surge in short-term hedging demand. BTC/ETH GEX has shifted from long gamma for a slow bull run to short gamma. Short-term volatility is widening, making it difficult for IV to drop significantly. The medium-term bullish framework remains intact. The current trend appears more like event-driven short-term risk release rather than a trend reversal. In block trades, the BTC 5/15 $82K Call saw 2,181.8 contracts traded ($176 million); the ETH June $2,100 Put saw 11,026 contracts traded ($24.97 million).

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