Gate Research Institute: $14.5 billion in cryptocurrency options expire this Friday, creating the largest delivery volume since 2025. PANews reported on August 27 that, according to analysis by Gate Research Institute, this Friday will see the monthly delivery of August options, with contracts worth approximately $14.5 billion expiring, setting a record for the largest scale since 2025. Among them: BTC options: notional value of $11.4 billion, maximum pain point price of $116,000, put/call ratio of 1.6; ETH options: notional value of $3.16 billion, maximum pain point price of $3,800, put/call ratio of 0.7. In terms of implied volatility, the BTC volatility index (DVOL) has slightly rebounded to 38, with a downward short-term 25 Delta skew, indicating that traders are hedging downside risks by buying medium to short-term put options. The ETH market sentiment is relatively optimistic, with a net inflow of $455 million into US spot ETFs yesterday, and the ongoing buying pressure in the spot market supports Ethereum's price rebound above $4,500. Currently, Gate has launched USDT settled options for mainstream assets such as BTC, ETH, SOL, XRP, DOGE, TON, ADA, and LTC, and supports cross-coin margin and portfolio margin mechanisms, continually improving the options and derivatives trading system.