BTC Implied Volatility at 88th Percentile Over the Past Year; 24H Bull Call Spreads Dominate the Options Market

Market Highlights
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Latest data shows BTC implied volatility (IV) remains elevated at 53%, while ETH IV holds at 69%. BTC IV is currently around the 88th percentile over the past year, indicating that short-term volatility expectations remain near yearly highs.
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Recently, BTC 25-Delta Skew first narrowed, then sharply declined on Feb 23–24, with 7D Skew briefly approaching -18 vol. This suggests concentrated demand for short-term downside protection and a temporary rise in hedging sentiment. The subsequent rapid rebound implies the move was more event-driven than a structural repricing of risk. Overall skew remains moderately negative, with puts slightly richer, indicating cautious downside protection but no sustained bearish bias.
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From the GEX distribution, Gamma is mainly concentrated in late-February expiries, implying short-term hedging pressure may suppress volatility and keep prices range-bound. However, a negative Gamma zone emerges in mid-March; if prices move into that area, volatility could expand, signaling potential structural regime shifts.#CryptoMarketRebounds #CryptoRelatedStocksRallyBroadly