Gate Research: BTC Implied Volatility Rises to the 81st Percentile Over the Past Year, with Put Spread Strategies Dominating the Options Market

According to observations from Gate Research, current implied volatility (IV) for BTC and ETH stands at approximately 50% and 70%, respectively. BTC IV has reached around the 81.7th percentile of its range over the past year, indicating a clear increase in options market expectations for near-term price volatility. Over the past week, the 25-delta skew for both BTC and ETH has remained in negative territory, with the short end of the curve steepening noticeably. This suggests rising short-term hedging demand and greater sensitivity to downside risk. Meanwhile, the mid- to long-term structure remains relatively stable, implying cautious sentiment rather than a strongly bearish outlook, with the market leaning toward short-term defense while awaiting clearer directional signals. Over the past 24 hours, large block options trades in BTC and ETH have been dominated by put spreads. The largest BTC structure was a 27MAR26 buy 75k put / sell 80k put, totaling approximately 1,500 BTC, with USD 370,000 in net premium received. For ETH, the largest trade was a 27FEB26 buy 1,800 put / sell 1,500 put, totaling approximately 15,000 ETH, with USD 320,000 in net premium paid.

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