Options

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.

Gate Options Daily Market Update.

Last week, the crypto market overall maintained a “cautiously optimistic” tone, with BTC rising from around $68K to above $77K. TradFi trading activity cooled somewhat, though gold remained the core trading asset. On-chain capital continued concentrating in highly liquid and high-turnover venues, with PancakeSwap recording nearly $36 billion in weekly trading volume. Stablecoin capital clearly rotated back into settlement-focused dollar assets, while USDT supply climbed to nearly $200 billion. Following the rsETH incident, Aave’s total lending balance plunged 26.7% within a single week. Meanwhile, the derivatives market showed a typical divergence structure of “deeply negative funding rates alongside high-level price consolidation,” with BTC perpetual short positioning remaining crowded as implied volatility and options trading volume both increased.

Gate Options Daily Market Update.

Gate Options Daily Market Update.

Over the past week, global markets shifted into a risk-off mode, driven by the Fed’s hawkish stance and escalating geopolitical tensions. Rising US Treasury yields have weighed on risk asset valuations. Gold and silver, after previous rallies, corrected by more than 10%. The crypto market also weakened, with BTC dropping below $70,000. At the same time, crude oil prices remained resilient amid expectations of potential supply disruptions, and energy factors continue to influence the inflation outlook. On the capital front, both BTC and ETH ETFs saw net outflows, and short-term capital inflows slowed. Nevertheless, total assets under management remain high, indicating that long-term allocation capital has not exited the market. On-chain, DEX liquidity has become increasingly concentrated in leading and high-efficiency protocols, with Meteora’s rapid rise reshaping the trading landscape. Marginal increases in stablecoins are now primarily driven by protocol-based assets, while DeFi cred

Over the past week, global markets have been primarily driven by energy shocks and geopolitical risks. WTI crude rose more than 4%, with higher oil prices reinforcing inflation expectations and further constraining the scope for rate cuts. The Dollar Index moved back above 100, while Treasury yields climbed in tandem. Risk assets broadly came under pressure, yet the crypto market showed notable resilience. Consecutive net inflows into BTC ETFs indicate continued institutional accumulation during the pullback. On-chain, stablecoin supply continued to expand, with liquidity increasingly concentrated in leading protocols. Lending and LST sectors also rebounded, reflecting a marginal recovery in risk appetite. In derivatives markets, funding rates remained largely negative while implied volatility declined, suggesting market sentiment is gradually recovering from extreme caution. Looking ahead, markets will focus on the upcoming Fed rate decision and policy signals from major central banks

Global markets faced pronounced impacts from energy price shocks and heightened geopolitical risks over the past week. Escalating tensions in the Middle East sent oil prices surging, with WTI climbing more than 25% in just one week. This drove a risk-off environment, resulting in simultaneous declines across BTC, ETH, and US equities. From a macro perspective, while higher oil prices are unlikely to trigger an immediate recession, they may fuel inflation and slow the pace of rate cuts in the coming months. On-chain metrics show DEX trading volumes remained robust, with liquidity further consolidating around leading protocols. The total stablecoin market cap climbed to approximately $330 billion, with USDC accounting for the majority of new inflows. In derivatives, funding rates stayed negative and option volatility increased, reflecting continued caution toward tail risks. Overall, markets are now undergoing a phase of macro risk repricing and liquidity reallocation. In the week ahea

Gate Research: Over the past week, macro uncertainty has continued to dominate market pricing. Escalating tensions in the Middle East, tariff expectations, and the ongoing AI narrative have reinforced risk-off sentiment, with capital rotating into defensive assets such as oil, gold, and the Japanese yen, putting pressure on risk assets. BTC declined sharply over the weekend amid thin liquidity conditions, while ETH underperformed BTC overall, leaving the market in a fragile post-deleveraging equilibrium. On-chain data shows event-driven spikes in DEX trading volume, while stablecoin supply has remained elevated but flat, suggesting capital is largely in a wait-and-see mode. In derivatives markets, open interest continues to decline and funding rates remain negative but stable, indicating that overall leverage in the system has been significantly reduced. Meanwhile, mid-tier protocols such as Hyperliquid and Jupiter recorded revenue growth, pointing to a modest rebound in on-chain tradi