Gate Research Institute: BTC implied volatility rises to the 81st percentile for the year, with put spread strategies dominating the market

According to observations from Gate Research Institute, the current implied volatility (IV) for BTC and ETH is approximately 50% and 70%, respectively. The BTC IV is at about the 81.7% percentile over the past year, reflecting a significant increase in the options market's expectations for short-term price volatility.

In the past week, the 25-Delta Skew for BTC and ETH has remained in negative territory, with a noticeable steepening at the short end, indicating an increase in short-term hedging demand and greater sensitivity to downside volatility. However, the mid-to-long-term structure remains relatively stable, suggesting a cautious sentiment rather than a trend-based bearish outlook, with the market leaning towards short-term defense and waiting for directional clarity.

In the last 24 hours, large options trades for BTC and ETH have primarily involved put spreads: the largest structure for BTC is buying 75k-P / selling 80k-P for 27MAR26, approximately 1,500 BTC, with a net premium received of $370,000; for ETH, it is buying 1800-P / selling 1500-P for 27FEB26, approximately 15,000 ETH, with a net premium paid of $320,000.

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