BTC's implied volatility (IV) has surged to the 81.7th percentile of its one-year range, according to Gate Research. This rise indicates heightened expectations for short-term price volatility in the options market. The 25-Delta Skew for BTC and ETH has remained negative, with a steepening at the short end, suggesting increased demand for short-term safe-haven assets and sensitivity to downward volatility. In recent trading, put spread strategies have dominated, with significant transactions including BTC 27MAR26 buy 75k-P / sell 80k-P and ETH 27FEB26 buy 1800-P / sell 1500-P. Gate has also upgraded its VIP options fee system, offering substantial fee reductions across all levels, with beginners benefiting from lower rates without asset or trading thresholds, and professional users enjoying industry-leading rates.