Gate Research Institute: Implied Volatility Reaches Near 2-Year High, 24H Options Call Spread Strategies Dominate the Market

According to observations from Gate Research Institute, the current implied volatility (IV) for BTC and ETH is approximately 53% and 73%, respectively. BTC IV is already near the 90th percentile over the past year, reflecting a significant increase in market expectations for short-term price fluctuations.

Over the past week, the 25-Delta Skew for BTC and ETH has remained in negative territory. The short-term Skew, which widened rapidly due to event shocks, has partially recovered, but the overall structure remains bearish.

From the GEX distribution, around 70K is in a negative Gamma zone, indicating market makers tend to hedge by "chasing gains and cutting losses," which can amplify short-term price volatility.

In the last 24 hours, large options trades for BTC and ETH have been predominantly bullish: the largest structure is BTC 27MAR26 buy 135k-C / sell 96k-C, approximately 1,400 BTC, with a net premium of $230,000; ETH is 27FEB26 buy 3200-C, about 2,250 ETH, with a net premium of $20,000.

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