Gate 研究院：BTC 隐波升至一年 81% 分位，期权看跌价差策略主导市场

链捕手

Feb 05

ChainCatcher 消息，据 Gate 研究院观察，当前 BTC、ETH 隐含波动率（IV）分别约为 50% 与 70%，其中 BTC IV 已处于过去一年约 81.7% 分位，反映期权市场对短期价格波动的预期明显升温。

近一周 BTC 与 ETH 的 25-Delta Skew 整体维持在负值区间，短端明显走陡，显示市场短期避险需求上升、对下行波动更为敏感；但中长端结构相对稳定，说明情绪偏谨慎而非趋势性看空，市场更偏向短期防守、等待方向选择。

近 24 小时 BTC 与 ETH 大宗期权交易以看跌价差为主：最大结构为 BTC 27MAR26 买 75k-P / 卖 80k-P，约 1,500 BTC，净收权利金 37 万美元；ETH 为 27FEB26 买 1800-P / 卖 1500-P，约 15,000 ETH，净付权利金 32 万美元。

Gate 全面升级期权 VIP 手续费体系，覆盖全部期权品种，从入门到专业实现实质性降费。VIP0 无需资产或成交门槛即可享受更低费率，新手起步即具成本优势；成长阶段以“万级资产、百万成交”即可升级至低费率，门槛远低于主流平台的亿级成交或高资产要求；专业与机构用户在 VIP10+ 可享 Maker 0%、Taker 0.015% 的行业极低费率，真正以期权交易者为核心设计。

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