Gate Research Institute: BTC volatility oscillates at a high level, with differentiated risk aversion demand

According to market news, the cryptocurrency market has maintained a volatile stance this week under the dual disturbances of macro factors and sentiment. The expectation of a rate hike by the central bank and the ongoing uncertainty of Fed policies continue to ferment, with the probability of a rate cut in December currently at 89.2%. BTC rebounded to around $93,000 on Wednesday, showing a clear short-term recovery.

From a technical perspective, the support below remains resilient, and the market is overall in a news-driven range-bound phase. The implied volatility in the options market this period has decreased compared to last week, with BTC and ETH IV at 48.6% and 70%, respectively. The 25-Delta Skew for BTC and ETH steepened rapidly over the weekend, indicating a spread of panic and defensive sentiment in the market. The volatility risk premium for BTC has shifted from negative to positive and is hovering around the zero axis.

The largest cumulative block trade was the purchase of BTC-51225-75000-P, totaling approximately 1,200 BTC, with a premium expenditure of about $270,000; and the purchase of ETH-51225-3100-C, totaling approximately 25,000 ETH, with a premium expenditure of about $340,000.