[Gate Research Institute: BTC Volatility Fluctuates at High Levels, Divergence in Hedging Demand] According to observations by Gate Research Institute, the crypto market this week has maintained a fluctuating trend under the dual disturbances of macro factors and sentiment. The expectation of rate hikes by the Bank of Japan and the uncertainty of Fed policies continue to ferment, with the probability of a rate cut in December currently at 89.2%. On Wednesday, BTC briefly rebounded to around $93,000, showing a notable short-term recovery. From a technical perspective, the lower support remains resilient, and the market as a whole is in a news-driven range-bound phase. This week, the implied volatility in the options market has slightly declined compared to last week, with BTC and ETH IV at 48.6% and 70%, respectively. The 25-Delta Skew for both BTC and ETH steepened rapidly over the weekend, indicating the spread of market panic and defensive sentiment. BTC's volatility risk premium turned from negative to positive and hovered near the zero axis. The largest block trade in terms of cumulative size was a purchase of BTC-51225-75000-P, with approximately 1,200 BTC traded and a premium expenditure of about $270,000; and a purchase of ETH-51225-3100-C, with approximately 25,000 ETH traded and a premium expenditure of about $340,000.