Gate Research: IV Retreats Across the Board Awaiting Catalysts, ETH Short-Term Skew Flips Positive

Options Market Dynamics

The latest data shows BTC implied volatility (IV) has dropped to around 44%, while ETH IV has fallen to 64%. On the traditional asset side, the Gold Volatility Index (GVZ) has declined to approximately 34%, and the Crude Oil Volatility Index (OVX) has pulled back to around 83%. In terms of percentile rankings, both BTC and ETH IV have retreated from prior highs, falling below their one-year 50th percentile levels. GVZ has rebounded from the previous week, driven by today's gold price surge, but remains well below its January peak of 48.68. OVX, despite retracing from its extreme March high of 126, remains anchored above the 90th percentile over the past year — indicating that the geopolitical risk premium has not materially unwound. In a cross-asset comparison, the crypto options market has shifted from "panic mode" to "awaiting catalysts," while traditional commodities — crude oil in particular — remain at structurally elevated volatility levels, reflecting that the tail risk from the Strait of Hormuz crisis is far from being priced out.

ETH 25-Delta Skew remains negative across all tenors (put premium), yet from 4/7 to 4/9 short-dated tenors (1–7 days) saw a sharp positive spike, briefly flipping positive — reflecting a burst in short-term call demand as risk appetite recovered. Medium- to long-dated tenors (60–180 days), however, stayed flat near -2, with institutional structural hedges unchanged. The pulsed reversal in front-end skew combined with an unmoved back-end is a classic bear market rally signal rather than a trend reversal — chasing upside requires quick entries and exits, as medium-term put premium remains the dominant theme.

Gold options expiring April 10 hold the largest open interest. While call volume slightly exceeds put volume, put concentration is notably higher — with large orders clustered around the $4,500 strike, signaling institutional defensive positioning at that level. Call activity is dispersed across the $4,800–$4,900 range, reflecting tentative bets on a continued rebound. The IV curve displays a pronounced smile structure with both tails elevated: left-side IV near $4,500 sits at approximately 52%, ATM is around 35%, and right-side IV above $5,000 rises back to 42% — left-tail premium is richer, as the market is paying more for deep downside protection. Overall, positioning is balanced between offense and defense: left-tail puts are concentrated to defend the $4,500 floor, while right-side calls probe the $4,800–$4,900 rebound zone, with the elevated right-tail IV suggesting extreme upside risk still carries a premium.

Options Block Trade Structures

Over the past 24 hours, the largest block trades in BTC and ETH options were as follows:

• BTC: Long BTC-26JUN26-80000-C and long BTC-26JUN26-80000-P, with a combined notional of approximately 700 BTC and a net premium outlay of roughly $9.52 million.
• ETH: Long ETH-24APR26-2500-C, with a total notional of approximately 3,000 ETH and a net premium outlay of roughly $120,000.

Options combo strategies can be executed using Gate's combo order strategy tool.

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Options trading portal: https://www.gate.com/options/BTC_USDT