Research Institute of a Certain Exchange: BTC Volatility Remains High, Divergence in Hedging Demand

ChainCatcher News, according to market sources, this week the crypto market maintained a volatile trend under the dual disturbances of macro factors and sentiment. The expectation of a rate hike by the Bank of Japan and the continued uncertainty of Fed policy are fermenting, with the probability of a rate cut in December currently at 89.2%. On Wednesday, BTC rebounded to around $93,000, showing a clear short-term recovery.

From a technical perspective, the support below remains resilient, and the market as a whole is in a news-driven range-bound phase. This week, the implied volatility in the options market has declined compared to last week, with BTC and ETH IV at 48.6% and 70%, respectively. The 25-Delta Skew for both BTC and ETH steepened rapidly over the weekend, indicating the spread of market panic and defensive sentiment. BTC's volatility risk premium turned from negative to positive and hovered near the zero axis.

The largest block trade in terms of cumulative size was buying BTC-51225-75000-P, with a total transaction of about 1,200 BTC and a premium expenditure of approximately $270,000; buying ETH-51225-3100-C, with a total transaction of about 25,000 ETH and a premium expenditure of approximately $340,000.