[Gate Research Institute: Implied Volatility Fluctuates at High Levels, Betting on Neutral to Slightly Bullish Structured Trades] Odaily Planet Daily News – According to observations by Gate Research Institute, the crypto market experienced a weak rebound this week amid improved macro sentiment. Influenced by weaker macroeconomic data and dovish remarks from officials, rate cut expectations have risen, with the probability of a rate cut in December reaching 84.9%. Bitcoin stabilized and rebounded from around $80,000 to approximately $88,000, driving a simultaneous recovery in major cryptocurrencies. However, market sentiment remains cautious, with limited ETF inflows. In the options market, short-term Put IV remains elevated, indicating persistent demand for downside hedging. Overall, the market is in a technical rebound phase driven by improved macro expectations. This week, implied volatility in the options market remained fluctuating at high levels, with BTC IV at 49% and ETH IV at 73%. The 25-Delta Skew for both BTC and ETH steepened rapidly, reflecting heightened market panic and defensive sentiment. The largest block trade by cumulative volume involved buying BTC-261225-100000-C, buying BTC-261225-118000-C, selling BTC-261225-106000-C, and selling BTC-261225-112000-C, with a total transaction volume of approximately 10,000 BTC and premium expenditures of about $5.84 million. The primary bet is that BTC is highly likely to settle between 106,000 and 112,000 at expiration, hedging against extreme price volatility on both ends. Additionally, Gate Options launched its latest fee discount campaign from 00:00 on November 3 to 00:00 on November 30 (UTC+8). During this period, BTC and ETH options fees are as low as 0.025%, with a tiered fee structure where the more you trade, the lower the fees. This initiative aims to further enhance market liquidity and attract more professional and institutional investors to participate in options trading.