期权市场动态
最新数据显示，BTC 隐含波动率（IV）维持在 38%，ETH IV 维持在 54%。其中，ETH IV 已跌至过去一年 1.6% 分位的极低水平，显示期权市场对短期价格波动的预期极为谨慎。
近一周 BTC 与 ETH 的 25-Delta Skew 整体维持在负值区间，显示市场对下行保护的需求仍占主导。周中短期限 Skew（7D、14D）出现明显走陡并快速下探，一度接近 -7~-8 vol，反映阶段性避险情绪集中释放；随后 Skew 逐步修复。中长期期限（30D、60D、90D、180D）波动相对温和，整体维持在 -3~-4 vol 区间，说明中长期风险定价保持稳定，恐慌更多集中在短端。
本周 ETH 实际波动率在1 月 22 日后快速抬升并维持在 60%+ 的高位，而 7D ATM 隐含波动率先行回落、随后仅温和修复，整体持续低于 RV，导致 VRP 全周大部分时间为负。这表明期权市场对短期真实波动的定价偏谨慎，卖波动策略性价比下降，而做多波动率或具备 Gamma 暴露的策略在本周相对占优。
大宗交易结构
本周五合计约 98 亿美元的 BTC 与 ETH 期权将集中交割，最近 24 小时 BTC 与 ETH 期权市场中，大宗交易以看跌价差为主，BTC 和 ETH 最大规模的大宗交易如下：
- BTC：卖 BTC-30JAN26-85000-P，共成交约 500 BTC，权利金净收入约 18 万美元。
- ETH：买 ETH-6FEB26-3150-C，共成交约 2,000 ETH，权利金净支出约 9 万美元。
期权组合策略可使用 Gate 平台推出的组合下单策略工具进行交易。
平台更新
Gate 推出便捷化期权交易工具——组合策略下单，帮助用户更高效地应对不同市场行情判断，如窄幅震荡、缓涨或缓跌等。该功能覆盖多种常见的多腿期权策略场景，包括价差、跨式等。通过组合策略下单，用户可在一次操作中同时创建多腿期权，并以组合形式直观展示整体成本、盈亏结构（PnL）及风险敞口。无需逐腿下单，即可高效构建和管理多腿期权策略，显著降低操作复杂度并提升交易效率。
组合策略产品说明：https://www.gate.com/zh/help/other/combinationstrategies/49208
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