[Gate Research Institute: Implied Volatility Fluctuates at High Levels, Block Trades Suggest a Mild Rebound by Year-End] Odaily Planet Daily News – According to Gate Research Institute, Bitcoin rebounded to approximately $106,000 this week after falling below $100,000, primarily driven by the easing of the federal government shutdown crisis and a recovery in risk appetite. Although the MACD has shown an initial golden cross, trading volume and capital inflows remain insufficient, and the trend has yet to strengthen. Ethereum, on the other hand, continues to fluctuate within the $3,400–$3,650 range, with limited rebound momentum. Overall, market sentiment remains cautious, and this round of rebound is likely a technical correction rather than the start of a new upward trend. During this period, the implied volatility in the options market remains at high levels, with BTC IV at 45% and ETH IV at 74%. The 25-Delta Skew for both BTC and ETH has quickly turned negative with steep curves, indicating heightened market panic and defensive sentiment. The largest block trade involved an options combination of approximately 1,000 BTC: buying BTC-261225-95,000-P and selling BTC-261225-108,000-P, aiming to bet on mild upward movement or range-bound fluctuations while providing partial downside protection, with total premium income of approximately $5.98 million. Additionally, Gate Options will launch a new fee discount campaign from November 3, 00:00 to November 30, 00:00 (UTC+8). During this period, BTC and ETH options fees will be as low as 0.025%, with a tiered fee structure—more trading leads to lower fees. This initiative aims to further enhance market liquidity and attract more professional and institutional investors to participate in options trading.