Gate Research: Implied volatility is fluctuating at high levels; large-scale transactions suggest a possible moderate rebound by the end of the year.

According to Gate Research, Bitcoin rebounded to approximately $106,000 this week after falling below $100,000, primarily driven by the easing of the federal government shutdown crisis and a recovery in risk appetite. While the MACD showed an initial golden cross, trading volume and capital flow remained insufficient, indicating the trend has not yet strengthened. Ethereum, meanwhile, remained range-bound between $3,400 and $3,650, with limited upward momentum. Overall, market sentiment remained cautious, and this rebound may still be a technical correction rather than the start of a new upward trend. This week, implied volatility in the options market remained high, with BTC IV at 45% and ETH IV at 74%. The 25-Delta Skew for both BTC and ETH quickly turned negative and the curves became steep, indicating rising market panic and defensive sentiment. The largest transaction was an options portfolio of approximately 1,000 BTC: buying BTC-261225-95,000-P and selling BTC-261225-108,000-P, aiming to profit from a moderate upward trend or range-bound trading while providing some downside protection, generating a total premium of approximately $5.98 million. In addition, Gate Options launched a new fee discount promotion from November 3rd 00:00 to November 30th 00:00 (UTC+8), with BTC and ETH option rates as low as 0.025%, and a tiered fee structure where the more trades, the lower the rate. This initiative aims to further improve market liquidity and attract more professional and institutional investors to participate in options trading.