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Last week, BTC, ETH, and the broader crypto market staged a sharp reversal, recovering after an initial sell-off, while ETF fund flows improved significantly. Over the same period, Gate TradFi Perp recorded daily trading volumes exceeding $500 million on multiple occasions, with stocks accounting for a noticeably larger share of total volume, reflecting growing interest in equities and Pre-IPO-related assets. Meanwhile, DEX trading volumes declined across major protocols compared with the previous week, indicating softer on-chain trading activity. The LST sector rebounded alongside the recovery in ETH and SOL prices, while Aave lending activity stabilized and resumed growth, supported by persistently low borrowing rates and easing liquidity pressure in USDC markets. In derivatives markets, sentiment improved in tandem with BTC's rebound. Leverage began rebuilding as traders re-entered the market, downside hedging demand eased significantly, and both options trading volume and implied v

Last week, global macro markets experienced a dramatic shift from rising optimism to a sharp reversal. Bitcoin fell approximately 15% for the week, while Ethereum declined around 22%. Following the launch of Gate’s U.S. stock trading service, the number of listed assets expanded rapidly. On-chain trading activity rebounded notably, with major DEXs including Uniswap, PancakeSwap, and Aerodrome recording higher trading volumes. Meanwhile, the LST sector broadly weakened, Aave’s lending volume continued to contract, and new demand increasingly flowed into emerging ecosystems such as MegaETH. In derivatives markets, BTC open interest (OI) dropped by more than 15%, while 25D Skew plunged to deeply negative levels and DVOL briefly surged to 52–54, indicating that short-term downside hedging demand reached one of the highest levels of the current cycle. On the institutional side, Gate’s spot trading volume increased 92.16% week-over-week, while CrossEx trading volume rose 47.1% over the same

In May, global capital markets continued their recovery, with U.S. equities extending gains as the AI theme, resilient corporate earnings, and improving risk appetite supported the broader market, especially in technology and semiconductors. At the same time, structural divergence remained evident, with capital increasingly concentrated in core assets backed by visible growth and solid earnings. Against this backdrop, Gate officially launched real stock trading, further connecting crypto assets with traditional financial markets and providing users with a one-stop multi-asset trading gateway covering crypto, U.S. stocks, and ETFs. This also signals that crypto platforms are accelerating their evolution into comprehensive global financial infrastructure.

Over the past week, the market was jointly driven by easing geopolitical tensions, cooling inflation, and stable policy expectations. Oil prices declined sharply, the S&P 500 Volatility Index moved lower, and risk appetite rebounded, with BTC shifting its range upward to $68,000–$73,000. On the capital side, the market saw a strong recovery following prior volatility, with Bitcoin ETF net inflows reaching approximately $833 million for the week—marking a new cyclical high—while Ethereum ETFs also recorded net inflows, indicating a return of institutional dominance. Trading structure shifted toward macro-driven, high-volatility assets and leading platforms, with capital concentrating in energy products such as crude oil, while on the DEX side, liquidity gravitated back to major venues like Uniswap. Stablecoins and DeFi showed structural recovery, with USDC emerging as the primary source of incremental liquidity, and funds flowing back into leading staking protocols and core lending mark

Over the past week, the market was jointly driven by easing geopolitical tensions, cooling inflation, and stable policy expectations. Oil prices declined sharply, the S&P 500 Volatility Index moved lower, and risk appetite rebounded, with BTC shifting its range upward to $68,000–$73,000. On the capital side, the market saw a strong recovery following prior volatility, with Bitcoin ETF net inflows reaching approximately $833 million for the week—marking a new cyclical high—while Ethereum ETFs also recorded net inflows, indicating a return of institutional dominance. Trading structure shifted toward macro-driven, high-volatility assets and leading platforms, with capital concentrating in energy products such as crude oil, while on the DEX side, liquidity gravitated back to major venues like Uniswap. Stablecoins and DeFi showed structural recovery, with USDC emerging as the primary source of incremental liquidity, and funds flowing back into leading staking protocols and core lending mark

Over the past week, markets were primarily driven by the escalation of the US Iran conflict. WTI crude rose nearly 17% and returned above the $100 level, pushing US Treasury yields higher, with the 10 year reaching 4.44%, while the US dollar strengthened. The crypto market declined by more than 6% overall, and the S&P 500 Volatility Index climbed to 31. On the capital side, BTC and ETH ETFs recorded about $500 million in net outflows mid week, followed by a modest rebound.

The market repriced expectations for further Fed rate hikes, keeping pressure on crypto assets. BTC declined approximately 4.3% over the week, while ETH fell around 4.8%. Global crypto ETPs recorded net outflows for a second consecutive week, totaling $2.54 billion. Gate officially launched stock trading, providing access to more than 10,000 U.S. stocks and ETFs. PancakeSwap surpassed Uniswap in trading volume, while activity in the LST sector cooled, with the Solana ecosystem remaining relatively resilient. Risk appetite across DeFi remained cautious, as Aave's lending volume continued to decline, although borrowing rates for its three core assets largely stabilized. In the derivatives market, BTC exhibited a combination of falling prices, persistently positive funding rates, and continued volatility compression.

Over the past week, markets continued to swing around developments in U.S.-Iran negotiations and expectations for Fed policy. Easing geopolitical tensions briefly pushed oil prices lower, while the U.S. 10 year Treasury yield climbed toward 4.56%. U.S. equities extended their divergent rally, whereas the crypto market remained broadly weak. BTC ETFs recorded roughly $1.256 billion in net outflows for the week, while ETH ETFs saw approximately $216 million in net outflows, reflecting continued cautious institutional positioning. Onchain liquidity continued to concentrate in leading DEXs such as Uniswap, PancakeSwap, and Aerodrome, while the stablecoin market increasingly shifted toward a repricing framework centered on settlement efficiency and regulatory compatibility. The Aave lending market gradually moved back toward normalization, while emerging chains such as MegaETH and Plasma continued absorbing incremental liquidity flows. In derivatives, the market maintained a low leverage, w

Last week, BTC ETFs recorded net outflows of approximately $996 million, while ETH ETFs saw net outflows of around $255 million. On-chain TradFi activity and CEX derivatives trading continued to be dominated by safe-haven assets such as gold. On-chain liquidity remained concentrated in leading DEXs including PancakeSwap and Raydium. Lending activity and LST sectors on the Aave mainnet declined, with leverage demand across both Ethereum and Solana ecosystems cooling simultaneously. Meanwhile, emerging chains such as MegaETH and Plasma continued to absorb structural capital rotation. BTC open interest (OI) continued to trend lower, while the share of put option trading volume and negative 25D Skew both expanded further, accompanied by a gradual rise in the DVOL baseline. Gate’s institutional spot market share increased against the broader trend, rising 10% week-over-week, while cross-margin lending volume also grew 10% WoW.

Gate Options Daily Market Update.

Last week, BTC broke above $82,000, driven by continued ETF inflows, with BTC ETFs recording net inflows of $632 million for the week. CEX-listed TradFi equity-related assets continued to expand steadily. On-chain capital rotated back into leading DEXs and mature liquidity venues, with Uniswap and PancakeSwap serving as the primary liquidity hubs. Meanwhile, Aave continued to absorb the impact of the rsETH incident, leaving the lending market relatively weak. Emerging ecosystems such as MegaETH and Plasma began attracting incremental capital inflows, while Solana LSTs were among the first to benefit from improving market risk appetite. The derivatives market maintained a “negative funding rate + high-level consolidation” structure, with BTC’s short squeeze rally being partially released in stages. In May, Gate Institutional spot trading volume increased by 14.54% month-over-month, while futures trading volume rose 18.10% MoM. CrossEx also recorded record highs in both trading volume an

Gate Research: Shorting put options stands out as one of the most prominent directional option strategies during a bear market. Investors can secure leveraged downside return by paying a fixed premium, with their maximum loss limited to the amount of premium paid. This strategy is especially effective for expressing a bearish outlook or hedging portfolio risk. Using BTC as a case study, this article offers an in-depth analysis of the return structure, common use cases, key risk factors, and essential practical considerations for shorting put options, enabling you to comprehensively understand how this trading tool delivers both defensive and offensive advantages in highly volatile markets.