According to Gate Research, approximately $2.1 billion worth of BTC and ETH options will be settled this Friday. Currently, the implied volatility (IV) for BTC and ETH is 42% and 56% respectively, with ETH IV falling to an extremely low level at the 1.1% percentile over the past year. Over the past week, the 25-Delta Skew for both BTC and ETH has been significantly negative, with the short-term (7D/30D) declines being the most pronounced, indicating a significant increase in demand for short-term downside hedging through concentrated buying of put options. In terms of block trades, the BTC and ETH options market in the last 24 hours has been dominated by put spreads; the structure is BTC put spread buy 88k/sell 90k (30JAN26-P), with a total volume of approximately 1,115 BTC and net premium income of approximately $730,000. An ETH long volatility straddle strategy was executed, buying 2800-P & 3200-C, with a total trading volume of approximately 5,000 ETH and a net premium expenditure of $2.03 million.