VanEck points out that the current Bitcoin options market exhibits significant defensive characteristics, with investors paying a record premium for downside protection. The put/call open interest ratio has risen to 0.84, the highest level since June 2021. Over the past 30 days, put option spending was approximately $685 million, while call option premiums declined about 12% to approximately $562 million. Meanwhile, realized volatility has retreated from approximately 80 to 50, and futures funding rates have dropped to 2.7%. However, historical data shows that similar option skew typically appears at cyclical lows. Over the past six years, this has corresponded to an average 90-day Bitcoin gain of about 13% and a 360-day gain of about 133%. (CoinDesk)

#Gate13thAnniversaryGlobalCelebration Thirteen years ago, a PhD in photonics founded a crypto exchange with a single thesis: build the platform that serious traders actually need, not the one that is easiest to regulate into mediocrity. Gate was founded in 2013 by Dr. Han Lin — when Bitcoin was trading around $100, Ethereum did not exist, and the phrase "digital asset exchange" meant something only a few thousand people on the planet fully understood. Most of the names that dominated crypto in 2013 are gone. Gate is not only still here — it is still building. Thirteen years is a long time in any industry. In crypto, it is multiple lifetimes. The space has survived exchange collapses, regulatory crackdowns across five continents, three major bear markets, a global pandemic, DeFi summers, NFT manias, and now the most structurally significant regulatory transformation in the industry's history — the formal commodity classification of major digital assets, Nasdaq tokenized securities approval, and Bitcoin accepted as futures margin collateral by the CFTC. Gate has been present for every chapter of this story. Here is what thirteen years of operation actually means in verifiable terms: Depth. Gate lists more trading pairs than virtually any exchange on the planet, consistently early on emerging assets that later became household names. That breadth is not accidental — it is a deliberate product philosophy built over more than a decade of market observation. GT. The Gate Token is currently trading at $6.83, up 1.48% today and outpacing BTC's0.84% gain on the same session. GT mining product total staking recently crossed 40.19 million tokens — a clear signal of genuine platform participation, not manufactured volume. The daily chart shows a double-bottom formation and CCI deep in oversold territory, with a day-level bullish divergence beginning to form. For holders who understand the anniversary context, the setup is worth noting. Infrastructure. The platform has evolved from spot trading into a comprehensive financial ecosystem — spanning spot, futures, options, TradFi instruments, Launchpool, quantitative strategies, Web3 wallet infrastructure, CandyDrop airdrops, and the Gate Pay merchant network. The 13th anniversary is not a celebration of age. It is a checkpoint on an ongoing build. The market context for this anniversary is notable. BTC sits at $70,436, forming a double-bottom on the daily chart with Strategy holding761,068 BTC, BlackRock extracting 6,167 BTC from Coinbase in a single two-day window, and a13-year-dormant whale wallet awakening with 2,100 BTC bought at $6.50 — now worth $147million. ETH is at $2,152, up 1.29%, recovering its 20-day moving average and outperforming BTC on the session. The institutional accumulation happening beneath the surface of this market is not consistent with the Fear and Greed reading of 12. Divergences like this have historically preceded significant trend reversals. Thirteen years of surviving everything this market throws at participants is the most rigorous stress test an exchange can pass. Gate has passed it continuously. Here is to the next thirteen. ‍#Gate13thAnniversaryGlobalCelebration #Gate13Years #GTToken

$BTC ‌$GT ‌