[Gate Research Institute: ETH's Upside Potential May Be Limited, Strategy Shows Bearish Bias] According to observations by Gate Research Institute, approximately $2.6 billion worth of BTC and ETH options are set to expire this Friday. Currently, the implied volatility (IV) for BTC and ETH stands at 41% and 57%, respectively, marking a further decline compared to last week. Over the past week, the 25-Delta Skew for BTC and ETH indicates that short-term defensive sentiment has significantly recovered after a rapid surge, with panic subsiding. However, medium- to long-term defensive demand remains, though overall sentiment is stable. In terms of block trades, the largest ETH transaction involved buying ETH-270326-3100-P and selling ETH-270326-3500-C, with a total volume of approximately 14,000 ETH and a net premium expenditure of about $1.34 million. Among these, the largest combination trade was a bearish Risk Reversal strategy. Gate has launched a convenient options trading tool—Combination Strategy Order—to help users efficiently respond to various market conditions such as narrow-range fluctuations, gradual rises, or gradual declines. This feature supports multiple common multi-leg options strategies, such as spreads and straddles, allowing users to create multiple option legs in one go and visually display the overall cost, profit and loss structure, and risk exposure in a combined format. Users can quickly construct and manage multi-leg strategies without operating on each leg individually, significantly reducing operational complexity and improving trading efficiency.