Gate Research: ETH's upside potential may be limited; strategy shows a bearish bias.

This Friday will see the settlement of approximately $2.6 billion worth of BTC and ETH options. Currently, the implied volatility (IV) for BTC and ETH is 41% and 57% respectively, a further decline from last week. The 25-Delta Skew for BTC and ETH over the past week shows that short-term defensive sentiment has clearly recovered after a rapid rise, and panic has subsided, while medium- to long-term defensive demand remains, but overall remains stable. In terms of block trades, the largest ETH transaction was a buy of ETH-270326-3100-P and a sell of ETH-270326-3500-C, totaling approximately 14,000 ETH, with a net premium expenditure of approximately $1.34 million. The largest combination trade was a short Risk Reversal strategy.