Gate Research Institute: ETH Hidden Wave Falls to New Low in Nearly a Year, Long Volatility Combination Strategy Increases Cost Performance According to observations from Gate Research Institute, approximately $2.1 billion worth of BTC and ETH options will be delivered this Friday. Currently, the implied volatility (IV) of BTC and ETH are 42% and 56% respectively, with ETH IV falling to an extremely low level of the 1.1% percentile over the past year. In the past week, BTC and ETH's 25 Delta Skew have shown a significant negative trend overall, with the short-term (7D/30D) decline being the most severe, indicating a significant increase in the demand for funds to buy put options and hedge against short-term downturns. In terms of bulk trading, in the BTC and ETH options markets over the past 24 hours, bulk trading has mainly focused on looking at price differentials; The structure is to buy 88k/sell 90k (30JAN26-P) based on the price difference of BTC, with a total transaction of approximately 1115 BTC and a net royalty income of approximately 730000 US dollars. ETH long volatility wide spread strategy bought 2800-P&3200-C, with a total transaction of approximately 5000 ETH and a net premium expenditure of 2.03 million US dollars. Recently, Gate has launched a convenient option trading tool - portfolio strategy ordering, which helps users efficiently cope with different market conditions such as narrow range fluctuations, slow rise or slow fall. This feature supports various common multi leg option strategies such as spreads and crosses. It allows for the creation of multi leg options in one go and visually displays the overall cost, profit and loss structure, and risk exposure in combination. Users can quickly build and manage multi leg strategies without the need for leg by leg operations, significantly reducing operational complexity and improving trading efficiency.