Options Market Dynamics
The latest data shows BTC implied volatility (IV) at approximately 38%, edging down from 39% last week. ETH IV has declined to around 53%, continuing its slide from 55% the prior week. On the traditional asset side, the CBOE Gold Volatility Index (GVZ) has dropped further to 26.34, fully returning to its pre-conflict normal level, while the CBOE Crude Oil Volatility Index (OVX) sits near 70, easing slightly from 72 last week — crude oil's wartime premium is still dissipating more slowly than gold's.
ETH 25-Delta Skew showed notable divergence this week. Mid-to-long tenors (60–180 days) held steady at +2 to +4, with longer-dated risk appetite unshaken by the CPI shock — institutional medium-term bullish consensus remains solid (June Call OI at 473K vs Put at 209K). In contrast, the short end deteriorated sharply into the -8 to -12 range, reflecting a surge in short-term put protection demand.
BTC/ETH GEX weakened notably this week. The slow-bull structure previously supported by near-month positive Gamma loosened as BTC broke below $80K and ETFs experienced heavy outflows, pushing market makers from a Long Gamma toward a Short Gamma position. However, longer-dated positive Gamma structure remains intact, and June through September institutional Call OI has not been unwound, indicating the medium-term bullish framework persists. The current environment resembles short-term risk release and heightened volatility rather than a trend reversal. If macro events are digested and capital flows return, BTC/ETH still have the structural foundation to resume a slow-bull trajectory.
Options Block Trade Structure
The largest BTC and ETH options trades over the past 24 hours are as follows:
- BTC: BTC-15MAY26-82000-C, 2,181.8 contracts, notional value approximately $176.17M
- ETH: ETH-26JUN26-2100-P, 11,026 contracts, notional value approximately $24.97M
Options combination strategies can be executed using Gate's combo order strategy tool.
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