Gate Research Institute: BTC's hidden wave rises to the one-year 81st percentile, options see price difference strategy dominating the market According to observations from Gate Research Institute, the implied volatility (IV) of BTC and ETH is currently around 50% and 70% respectively, with BTC IV already at the 81.7% percentile of the past year, reflecting a significant increase in expectations for short-term price volatility in the options market. In the past week, the overall 25 Delta Skew of BTC and ETH has remained in the negative range, with a significant steepening trend in the short term, indicating an increase in short-term safe haven demand in the market and a greater sensitivity to downward volatility; However, the relatively stable structure of the mid to long term indicates a cautious sentiment rather than a bearish trend, and the market is more inclined towards short-term defense and waiting for direction choices. In the past 24 hours, BTC and ETH bulk option trading mainly focused on the price difference: the maximum structure is BTC 27MAR26 buying 75k-P/selling 80k-P, about 1500 BTC, with a net premium of $370000; Buy 1800-P/sell 1500-P for 27FEB26 ETH, approximately 15000 ETH, with a net premium of 320000 USD. Gate has comprehensively upgraded its VIP option fee system, covering all option varieties and achieving substantial fee reductions from entry-level to professional. VIP0 offers lower rates without the need for assets or transaction thresholds, giving beginners a cost advantage from the start; During the growth stage, upgrading to low fees can be achieved with "10000 level assets and million level transactions", which is much lower than the threshold of mainstream platforms' billion level transactions or high asset requirements; Professional and institutional users can enjoy extremely low industry rates of Maker 0% and Taker 0.015% on VIP10+, truly designed with options traders at its core.