ETF funds are driving a slow, steady Gamma bull market; the Options Rising Star Trader Support Program is launched.

According to ChainCatcher, BTC IV is 39% and ETH IV is 55%. ETH skew is at a key inflection point—the mid-to-long-term end is stable at +2 to +5, while the short-term end has repeatedly fallen to -10 but quickly recovered to zero. If ETH stabilizes above $2,400, the short-term end will turn positive, resonating with the mid-to-long-term end, confirming a shift from event hedging to upward momentum. The BTC/ETH GEX Term Structure shows a significant positive turn in near-month Gamma, with ETF inflows and increased call positions driving a slow bullish structure with positive Gamma. In a market-making long Gamma environment, the short-term bias is towards high-level consolidation and a slow rise, with IV declining. Bull call spread and put selling strategies are dominant, but the long-term months retain negative Gamma, reflecting continued tail-end hedging demand. In terms of block trades, 1,001.8 BTC 5/8 expiring $88K call contracts were traded, and 14,288 ETH 5/15 expiring $2,600 call contracts were traded, indicating a clear bullish signal from institutions. Gate has launched its Options Rising Star Trader Support Program, with a total prize pool of $25,000 USDT. During the program, users can earn multiple rewards through options trading, inviting friends, and participating in the KOL incubation camp: up to $3,000 in rewards for achieving trading volume targets, and up to $2,000 in referral commissions. Simultaneously, the platform also provides outstanding traders with resources such as one-on-one options hedging training, exclusive fee discounts, and traffic support to help traders improve their strategy capabilities and market influence, providing professional options users with a more competitive trading environment and growth opportunities.