BTC IV remains persistently low alongside Gamma reversal, with the options market exhibiting a "near-term bearish, long-term bullish" structure

According to Odaily, BTC IV stands at 38%, ETH IV at 53%. ETH Skew shows divergence: the medium-to-long term maintains +2 to +4 with solid institutional bullish consensus, while 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 (slow bull) to short Gamma, widening short-term volatility, making it difficult for IV to significantly decline. The medium-term bullish framework remains intact, indicating this is more of an event-driven release of short-term risk rather than a trend reversal. In block trades, BTC $82K Call expiring on 5/15 saw 2,181.8 contracts traded ($176 million); ETH $2,100 Put expiring in June saw 11,026 contracts traded ($24.97 million).

Gate has launched an exclusive incentive program for options VIPs, where users can participate in sharing a 100,000 USDT prize pool during the campaign. The platform supports cross-exchange VIP rate matching; users can apply for lower rates by submitting VIP proof or trading volume records from other exchanges. Rewards are distributed in tiers based on options trading volume—the more you trade, the higher the reward. Additionally, participating users enjoy exclusive service benefits, including VIP customer support, API technical integration, and daily options strategy and data services, providing professional traders with more competitive trading costs and liquidity support.