Options

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

Gate Research: Bitcoin’s short-term trend remains bearish, with prices consolidating below key resistance levels. Ethereum is also trading within a descending channel, reflecting continued uncertainty over market direction.BEEFI surged 31.72%, driven primarily by technical momentum, while ZBT jumped 35.50% following a strategic technology upgrade. This Friday marks the largest Bitcoin options expiry on record. Nvidia has agreed to acquire AI chip startup Groq for approximately $20 billion in cash, its largest acquisition to date. Meanwhile, Maple Finance completed a record-breaking single loan of $500 million, with outstanding borrows on the platform reaching an all-time high.

Gate Research: On December 19, the crypto market as a whole displayed a synchronized pullback pattern, with risk appetite continuing to cool. BTC surged briefly after the CPI-driven rally but then retreated, leaving its bearish structure unchanged; ETH followed suit in weakness, consolidating under pressure within its range. Market sentiment is primarily characterized by proactive de-risking and awaiting repricing, with the short term likely entering a phase of sideways oscillation and digestion. Tokens such as JELLYJELLY and NBLU bucked the trend and strengthened amid speculative fervor, while IR rose driven by new token listings and exchange-related activity. In terms of hotspots, $23 billion in BTC options are imminent for expiry; Lido DAO has applied for a $60 million ecosystem budget to accelerate its transformation; JPMorgan forecasts that the total stablecoin market cap will reach approximately $500–600 billion by 2028.

Dual-currency investment has attracted attention due to its simple structure and transparent returns, yet the market lacks systematic, cycle-based quantitative research and analysis of optimal entry points. This study constructs a backtesting framework in four steps: first, segmenting Bitcoin market cycles using trend and standard deviation; second, verifying that implied volatility (IV) in Bitcoin responds to both upward and downward movements, making it an effective entry signal; third, establishing “buy low / sell high” rules based on market phase; and fourth, estimating dual-currency APR using a simplified Black-Scholes model. Results indicate that the dual-factor framework of “IV-based entry + cycle-driven direction” effectively captures volatility premiums, performs particularly well in sideways markets, delivers stable returns, and supports reinvestment, providing a practical path for systematizing dual-currency investment strategies.

Gate Research: On December 15, the crypto market remained under pressure, with BTC and ETH consolidating at low levels while GT showed relative strength. FHE (+95.2%) surged on strong momentum from privacy computing narratives, Chainlink partnership, and ecosystem incentives; ICE (+46.8%) rallied amid speculative hype over token migration and mainnet transition; BAS (+48.2%) climbed sharply, driven by ERC-8004 protocol upgrades. Persistent structural selling in options continued to suppress BTC upside, with OG holders selling volatility diverging from ETF-driven call buying. Ant International is reshaping corporate treasury management using blockchain, AI, and tokenized deposits. Stable's on-chain activity has lagged expectations post-mainnet launch, highlighting ongoing challenges for differentiated stablecoin public chains.