[Gate Research Institute: $2.1 Billion Options Expiry Approaching, Long Volatility Combo Strategy Cost-Effectiveness Rises] Odaily Planet Daily News — According to observations by Gate Research Institute, approximately $2.1 billion worth of BTC and ETH options are set to expire this Friday. Currently, the implied volatility (IV) for BTC and ETH stands at 42% and 56%, respectively, with ETH IV having dropped to an extremely low level at the 1.1% percentile over the past year. Over the past week, the 25-Delta Skew for BTC and ETH has shown a clear negative trend overall, with the short-term (7D/30D) decline being the most pronounced. This indicates a significant increase in demand for short-term downside hedging, as funds are concentrated on purchasing put options. In terms of block trades, the BTC and ETH options market has seen block trades primarily focused on bearish spreads over the past 24 hours. The structure includes BTC bearish spread buying at 88k/selling at 90k (30JAN26-P), with approximately 1,115 BTC traded, generating net premium income of around $730,000. For ETH, a long volatility straddle strategy was executed by buying 2800-P & 3200-C, with approximately 5,000 ETH traded, resulting in a net premium expenditure of $2.03 million.