BTC IV continues to remain low with Gamma reversal, and the options market presents a "near short long" structure Odaily Planet Daily reported that BTC IV is 38%, ETH IV is 53%, and there is a divergence in ETH Skew. In the medium to long term, the consensus of institutional bullish sentiment remains strong at+2 to+4, while in the short term, due to CPI exceeding expectations and Powell's resignation, it has sharply deteriorated to -8 to -12, leading to a surge in short-term protective demand. BTC/ETH GEX has shifted from long Gamma slow bull to short Gamma, with the short-term volatility expanding and IV not easily falling sharply. The medium-term bullish framework has not been broken, and the current situation is more like event driven short-term risk release rather than trend reversal. In terms of bulk trading, BTC 5/15 matured with $82K Call transactions totaling 2181.8 ($176 million); ETH sold 11026 transactions ($24.97 million) for $2100 Put in June. Gate launches VIP exclusive option incentive plan, during which users can participate in sharing a 100000 USDT prize pool. The platform supports cross exchange VIP rate matching. By submitting VIP proof or trading volume records from other exchanges, you can apply for lower rates; At the same time, rewards will be distributed based on the trading volume of options, with higher rewards for more trades. In addition, participating users can also enjoy exclusive service benefits, including VIP customer service support, API technology docking, and daily option strategy and data services, providing more competitive trading cost and liquidity support for professional traders.