[Gate Research Institute: $14.5 Billion in Crypto Options Expiring Friday, Largest Settlement Volume Since 2025] According to Gate Research Institute's analysis, this Friday will see the monthly settlement of August options, with approximately $14.5 billion in contracts expiring, marking the largest scale since 2025. Details are as follows: BTC Options: Nominal value of $11.4 billion, maximum pain price at $116,000, put/call ratio of 1.6; ETH Options: Nominal value of $3.16 billion, maximum pain price at $3,800, put/call ratio of 0.7. In terms of implied volatility, the BTC Volatility Index (DVOL) has slightly rebounded to 38, while the short-term 25 Delta skew has declined, indicating that traders are hedging downside risks by purchasing short- to medium-term put options. The sentiment in the ETH market is relatively optimistic, with U.S. spot ETFs seeing a net inflow of $455 million yesterday. Continuous spot buying has supported Ethereum's price rebound to surpass $4,500. Currently, Gate has launched USDT-settled options for mainstream assets such as BTC, ETH, SOL, XRP, DOGE, TON, ADA, and LTC. It also supports cross-currency margin and portfolio margin mechanisms, continuously improving its options and derivatives trading system.