options

According to 10x Research analysis, since mid-January, the total gamma exposure of Bitcoin has remained negative, currently reaching -3.2 billion dollars at the strike price of 82,000 dollars. In a negative gamma environment, market makers are forced to trade in the direction of the trend, accelerating buying during price increases and accelerating selling during price decreases, which exacerbates price volatility.As the options expiration on May 29 and June 26 approaches, the negative gamma suppression effect is expected to gradually dissipate, and the downward bias of Bitcoin will subsequently ease. Currently, the market demand for call options is significantly higher than for put options, and institutions expect that market sentiment will shift from bearish to bullish at that time.

According to Jinshi News, Chicago Fed President Goolsbee stated that all interest rate options are on the table, and it is not just about cutting rates. At the end of April, the Federal Reserve kept interest rates unchanged, and three officials opposed the wording in the statement that suggested a possible rate cut next, arguing that the possibility of a rate hike should be retained. Goolsbee's remarks reflect a shift among Federal Reserve policymakers, mainly due to the inflationary pressures caused by the energy price shock resulting from the Iran war. He reiterated that both rate cuts and hikes are being considered and expressed concern about inflation, believing that there are price pressures beyond the energy shock.

Glassnode pointed out that after Bitcoin broke through resistance and entered the $82,000-$83,000 range, market volatility has significantly rebounded. Options data shows that the implied volatility (IV) has rebounded sharply from the low in October 2025, with 1-week IV rising by 6 points, indicating a recovery in short-term options demand. The 25D skew continues to compress towards neutrality, with bearish hedge demand weakening.The volatility risk premium (VRP) has turned positive, and the future volatility priced in options is now higher than the realized volatility in the spot market. Additionally, there is a short-term gamma short cluster of nearly $2 billion around the $82,000 mark, and traders' hedging behavior may amplify the current price volatility.In the past 24 hours, selling call options accounted for 81% of trading flow, indicating that some traders are starting to cash in on gains, with overall positions leaning towards consolidation rather than panic hedging.

Glassnode analysis indicates that Bitcoin has broken through key resistance, rising to $82,000 - $83,000, ending several weeks of narrow fluctuations, and market volatility has returned.Options data shows that the short-term 1-week implied volatility has rebounded by about 6 points, while long-term volatility remains moderate, and short-term trading demand has quickly recovered. In terms of sentiment and positioning, the 25 delta skew is converging towards neutral, with reduced demand for downside hedging; short-term outlook is slightly bearish, while long-term has turned bullish, with upward expectations being repriced. Structurally, implied volatility exceeds realized volatility, and the VRP has turned positive; there is a concentration zone of about $2 billion in "short gamma" around $82,000, which may amplify volatility. Over the past 24 hours, the proportion of call options sold is 81%, indicating that the market tends to consolidate.

BTC IV 39%, ETH IV 55%; ETH Skew is at a critical turning point------the mid to long term stabilizes at +2 to +5, while the short term has repeatedly dropped to -10 but quickly returned to zero. If ETH stabilizes above $2,400, the short term turning positive will resonate with the mid to long term, confirming a shift from event hedging to upward chasing. The BTC/ETH GEX Term Structure shows that the near-month Gamma has clearly turned positive, with ETF inflows and Call accumulation driving a positive Gamma slow bull structure------under a Long Gamma environment for market makers, the short term is inclined towards high-level fluctuations and slow increases, with IV retreating. Bull Call Spread and selling Put strategies are dominant, but the far month retains negative Gamma reflecting ongoing tail hedging demand. In terms of block trades, 1,001.8 BTC 5/8 expiration $88K Calls were traded, and 14,288 ETH 5/15 expiration $2,600 Calls were traded, indicating clear bullish signals from institutions.Gate has launched the "Rising Star Trader Support Program" for options, with a total prize pool of $25,000 USDT. During the event, users can earn multiple rewards through options trading, inviting friends, and participating in KOL incubation camps: the highest reward for meeting trading volume standards can reach $3,000, and the highest commission for inviting can reach $2,000. Meanwhile, the platform also provides high-quality traders with 1-on-1 options hedging training, exclusive rate discounts, and traffic support, helping traders enhance their strategy capabilities and market influence, and providing a more competitive trading environment and growth opportunities for professional options users.

Bitcoin bulls have high expectations for the year-end options expiring on December 25, involving about $6 billion in funds. Since the year’s low of $60,130 on February 6, the BTC price has risen by 33%, which has largely driven the return of bullish sentiment in the market. However, the large number of call (buy) options with target prices pointing to $115,000 and above has also raised questions about whether the bulls are overly optimistic.The Deribit trading platform holds a 92% market share in December Bitcoin options open interest, reaching $5.5 billion. On Deribit, put (sell) options have decreased by 56% compared to call options, as crypto traders have traditionally favored bullish positions, with the put-call ratio typically skewed. Even so, the open interest for call options at $115,000 and above amounts to $1.85 billion, which is still a considerable size. However, the number of put options at $55,000 and below is also significant, with total open interest of $1 billion. This indicates that both sides are viewed as having a similar proportion of bets deemed unlikely to materialize, each accounting for about 50% of their respective open interest segments. If the bulls are seen as overly optimistic, the bears also seem to be equally extreme in their pessimism.The options skew indicator more clearly reflects professional traders' comfort levels regarding upside and downside price risks. Put options are trading at a 9% premium relative to equivalent call options, indicating moderate concern about Bitcoin's downside price volatility. Under neutral conditions, the skew indicator should be between -6% and +6%. According to derivatives indicators, investor optimism has not been materially affected during Bitcoin's rise to $80,000. Ultimately, the $1.85 billion in call options for December should not be interpreted as a signal of excessive confidence from the bulls.

According to CoinDesk, Bitcoin has risen from about $63,000 to over $80,000 in the past three months, with several key indicators currently pointing to a target of $85,000.On-chain, BTC has broken through two key supports: the "real market average" ($78,200) and the "short-term holder cost basis" ($79,100). Research firm Glassnode indicates that the next resistance level is around the active realized price of $85,200; on the futures front, the funding rate has shifted from negative to neutral, as significant short pressure has clearly eased, increasing the risk of a short squeeze; on the options front, market makers hold about $2 billion in "short gamma" exposure around $82,000, and a price increase will force them to continue hedging purchases, creating positive feedback. However, analysts warn that Bitcoin remains highly correlated with the tech sector of the U.S. stock market, and if the equity market shifts to risk-off, upward momentum may be suppressed.

Lin Chen, the Head of Asia-Pacific Business at Deribit, posted on platform X that a certain options trader bought 800 BTC in a bull spread, purchasing $80,000 in call options and selling $85,000 in put options, as the trader is optimistic about BTC prices rising at the beginning of this month.

Bitcoin returned above $78,000 on Friday, with a 15% increase over the past 30 days, but the derivatives market remains cautious about further rises.Data from Deribit shows that the trading price of the BTC call option with a strike price of $84,000 is 0.0136 BTC (approximately $1,063), with an implied probability of only 25% for Bitcoin to rise 8% to that price level by the end of May.

Bitcoin has returned above $78,000, and overall market risk appetite has rebounded, with the S&P 500 index rising to a record high on Friday. Although Bitcoin has risen 15% in the past 30 days, the options market is pricing in only a 25% chance of Bitcoin rising above $84,000 by the end of May. The derivatives market remains skeptical about further increases, but institutional spot demand remains robust.The price of Bitcoin call options (buy) expiring on May 29 with a strike price of $84,000 is 0.0136 BTC, approximately $1,063. With 27 days until expiration, this data implies a 25% probability of Bitcoin rising 8% in May. Bitcoin put options (sell) have been trading at a premium for the past month, indicating an increased demand for downside price protection. The lack of demand for bullish leveraged positions can be partly explained by Bitcoin's 12% decline so far in 2026. Despite derivatives traders' lack of confidence in Bitcoin reaching $84,000, the U.S.-listed spot Bitcoin ETF has sent different signals, with a cumulative net inflow of $1.3 billion in March and another $2 billion in April, pushing total net assets above $10 billion. This metric is often used as a proxy for institutional investor demand.Additionally, in the past 30 days, several publicly listed companies have significantly increased their Bitcoin reserves, including 56,235 BTC from Strategy and 5,075 BTC from Metaplanet. These companies' increases have surpassed the equivalent of Bitcoin mining output for the next five months, significantly reducing potential selling pressure. The insufficient demand for bullish derivatives exposure does not negate the probability of BTC prices rising to $84,000 or higher by the end of May. As long as institutional buying remains strong, bullish momentum should continue.

According to CoinDesk, Bitcoin (BTC) rose slightly on Friday, increasing by 1.25% since UTC midnight to about $77,250, but it has still been fluctuating between $75,000 and $80,000 since April 19.The futures funding rates are mostly negative, indicating that traders still prefer to short at highs; the open interest in Bitcoin futures is about $19 billion, remaining basically flat week-over-week, with a 3-month annualized basis of 1.5%. The options market, on the other hand, leans bullish, with 58% of the options traded in the past 24 hours being call options, and the demand for downside protection has eased.

According to market news, options delivery data shows: 23,000 BTC options expired, with a Put Call Ratio of 1.13, a maximum pain point of $76,000, and a nominal value of $1.74 billion; 175,000 ETH options expired, with a Put Call Ratio of 0.94, a maximum pain point of $2,325, and a nominal value of $400 million.This week, market fluctuations were small, and market sentiment gradually became calmer. The short-term RV significantly decreased, combined with monthly deliveries releasing nearly a quarter of the position margin, leading to a noticeable decline in the implied volatility of major term options this week. Bitcoin's main term IV fell below 40%, while ETH's main term IV decreased even more, with short-term IV dropping below 50% and medium to long-term falling below 60%. From the main options data, the Skew remained relatively stable, and the market's directional sentiment maintained a slight bearish bias. This week, only 6% of options expired, with about 25% of positions at the end of May and about 30% at the end of June. Block trades were relatively inactive, all of which are signs of consolidation.

According to data from Greeks.live, a total of 23,000 BTC options are set to expire, with a Put Call Ratio of 1.13, a maximum pain point of $76,000, and a nominal value of $1.74 billion. Additionally, 175,000 ETH options will also expire, with a Put Call Ratio of 0.94, a maximum pain point of $2,325, and a nominal value of $400 million.Greeks.live analyst Adam stated that this week's market fluctuations are small, with Bitcoin hovering around $78,000, and market sentiment gradually becoming calmer. The short-term RV has significantly decreased, combined with monthly settlements releasing nearly a quarter of the position margin, leading to a noticeable decline in the implied volatility of major expiration options this week. The major expiration IV of Bitcoin has fallen below 40%, while the major expiration IV of ETH has decreased even more, with short-term IV dropping below 50% and medium to long-term also falling below 60%. From the main options data, the Skew remains relatively stable, and the market's directional sentiment remains slightly bearish. This week, only 6% of options are expiring, with about 25% of positions at the end of the month and about 30% of positions at the end of June. Block trades are relatively inactive, all of which are signals of consolidation. In April of this year, Bitcoin performed significantly better in both price and popularity compared to the previous three months, but the altcoin market has seen limited recovery. Currently, the focus is mainly on Bitcoin, and trading altcoins will require further waiting.

According to Jinshi reports, ECB President Lagarde stated that the central bank discussed various options, including the possibility of raising interest rates.

According to market news, the U.S. PCE inflation data is about to be released, combined with rising international oil prices and climbing U.S. Treasury yields, which continue to suppress the performance of risk assets. Currently, Bitcoin is facing significant resistance around the $80,000 mark, while the derivatives market continues to signal risk aversion.Analysis indicates that the cost basis for short-term holders is concentrated around $80,000. If the price breaks through this level, it may trigger profit-taking selling pressure, thereby limiting further upside potential. In addition, Bitwise researcher Luke Deans pointed out that the current 180-day correlation and Beta quantile of altcoins with Bitcoin are close to 97% and 99%, respectively, indicating that most tokens will still behave as "high-leverage versions of Bitcoin."

Recently, the U.S. Securities and Exchange Commission (SEC) released a document formally approving the rule change proposal submitted by the Nasdaq ISE exchange (Document No. SR-ISE-2025-26, amended by Amendment No. 5). This proposal significantly increases the same market direction position and exercise limits for iShares Bitcoin Trust (IBIT) options from the original 250,000 contracts to 1,000,000 contracts.In the approval order, the SEC stated that after reviewing the data and analysis provided by the exchange, it believes the new limits meet the requirements of Section 6(b)(5) of the Securities Exchange Act of 1934, which aims to prevent fraud and manipulation and protect investors and the public interest.

Bitcoin recently rebounded to a high of $79,477 before falling back, currently hovering around $77,000. Data from the options market shows that traders are intensively positioning around the $80,000 line, creating what analysts call the "electric fence" effect—between $80,000 and $82,500, a large number of short positions have accumulated, forming strong resistance; while the $76,000 to $77,000 range is a concentrated area of liquidation risk for bulls, putting the price in a state of dual pressure.From a fundamental perspective, the market is not lacking in support for long positions: net inflows into Bitcoin spot ETFs exceed $2 billion, Strategy has repurchased 34,000 BTC in a single month, and an ETF under Morgan Stanley has attracted $153 million within two weeks of its launch. USDC reserves on Binance have risen from a low of $3 billion in March to $7.5 billion. However, macro pressures have not yet cleared. The expectation for interest rate cuts by the Federal Reserve is nearly zero, and geopolitical situations continue to disturb risk appetite, with the cumulative funding rate still close to -4.5%, indicating an overall bearish sentiment in the derivatives market. Analysts judge that $80,000 is not a valuation anchor, but rather a liquidity threshold built up by leveraged positions. Whether it can be effectively broken will largely depend on this week's Federal Reserve meeting and inflation data as catalysts.

According to Crowdfund Insider, Ripple and the digital asset trading platform Bullish announced an expansion of their long-term partnership, with Bullish's Bitcoin options market opening to Ripple Prime institutional clients.According to the announcement from both parties, this integration will allow Ripple Prime users to directly access Bullish's regulated BTC options market. Bullish stated that its platform is currently the second largest cryptocurrency settlement Bitcoin options market in the world by open interest and supports spot, perpetual contracts, and futures trading.In addition, both parties revealed that OKX has reached a strategic partnership with Ripple to introduce the stablecoin RLUSD (Ripple USD) in the compliant market. Ripple Prime, as one of the largest non-bank prime brokers globally, has exceeded a clearing scale of $30 trillion in 2025 and can provide multi-asset brokerage, clearing, and financing services.

The Financial Secretary of Hong Kong, Paul Chan, published an essay titled "Gathering Greater Energy through Innovation and Cooperation," in which he pointed out that global investors are accelerating the diversification of asset allocation, reducing reliance on a single market or single asset. With the development of hot themes in the investment market, the types of assets linked to exchange-traded funds (ETFs) are continuously increasing, ranging from spot and futures of precious metals; technology companies; semiconductor companies; to digital assets, etc. These different themes or ETFs that combine various leverage characteristics provide investors with efficient and highly transparent investment tool options.

Crypto analyst Murphy posted on the X platform, stating that by overlaying three sets of data (Options Gamma Exposure, Options Open Interest by Strike Price, Options ATM Implied Volatility), the impact on BTC from an options perspective shows that $80,000 is currently the first effective resistance above BTC. This position simultaneously has high Call OI, positive Gamma, and low IV conditions.As the price moves upward, the dynamic hedging of market makers can easily create selling pressure; the lower the IV, the higher the marginal sensitivity of market makers to hedge adjustments. Therefore, the thickness of this wall (OI of 7,200 BTC + positive Gamma magnitude) makes $80,000 a "hard nut to crack" in May. Once it breaks through and approaches $82,000, due to the presence of a larger scale of negative Gamma (OI of 4,644 BTC), the market may quickly switch from being suppressed to "amplified volatility" mode.