Coincall Options Weekly: Put Flow Dominates as RFQ Activity Reaches Nearly $100M – Coincall

Total Options Trading Volume $385,088,302

RFQ Trading Volume $98,499,617

RFQ Share of Total Options Volume: 25.58%

During the last week of June 22–28, Coincall options trading activity remained strong, with total options trading volume reaching $385.09 million. RFQ activity also played a meaningful role in the market, contributing $98.50 million in trading volume, equal to 25.58% of total options flow.

1. Most Traded BTC Strikes

The data shows a clear concentration of activity in BTC options, with traders actively positioning around several key strikes.

Rank	Strike	Volume
1	59,000	$56,381,244.14
2	56,000	$37,184,405.34
3	60,000	$23,105,028.09
4	58,000	$19,376,500.47
5	46,000	$18,339,880.50

2. Most Traded ETH Strikes

ETH options activity was smaller in absolute size, though several strikes still saw notable participation.

Rank	Strike	Volume
1	1,200	$1,934,016.00
2	1,575	$1,906,370.54
3	1,550	$1,585,517.43
4	1,600	$1,344,063.52
5	1,650	$1,317,332.66

3. Most Traded Expiries

On the expiry side, activity was not limited to one part of the curve. Traders were active across both short-dated and longer-dated contracts, with the strongest demand seen in late July, end-June, and early July expiries. This suggests that traders were not only reacting to near-term market conditions, but also building positions for the weeks ahead.

Rank	Expiry	Volume
1	July 31, 2026	$78,766,795.89
2	June 26, 2026	$74,982,214.38
3	July 3, 2026	$66,222,254.39
4	August 28, 2026	$41,052,808.33
5	June 28, 2026	$28,076,058.92

4. Taker Flow Breakdown

The most important theme of the week was the dominance of put-side flow. Both buy puts and sell puts saw strong activity, together accounting for more than two thirds of total taker volume. This points to a market where traders were actively using options to manage downside exposure, express cautious views, or structure premium-based strategies around lower price levels.

Call flow was more balanced and less dominant compared with puts. Buy calls and sell calls were nearly even, suggesting there was no aggressive one-sided demand for upside exposure during the period. Instead, the market’s attention was more clearly focused on downside strikes and put structures.

Flow	Volume	Share
Buy Calls	$65,733,845.87	17.07%
Sell Calls	$64,439,052.50	16.73%
Buy Puts	$123,296,197.53	32.02%
Sell Puts	$131,619,206.18	34.18%

Main takeaway: flow was clearly put-heavy, with Sell Puts + Buy Puts = 66.20% of total taker volume.

Execution Note

The RFQ activity also highlights how traders are using Coincall beyond standard screen execution. For larger orders, multi-leg strategies, or less liquid strikes, RFQ gives traders another way to access options liquidity across the curve. Together with active screen markets, automated quoting, and deep liquidity support, this helps traders execute more flexible structures around BTC and ETH volatility.

5. Final Thoughts

Overall, the week showed a strong and active options market on Coincall, led by BTC strikes, meaningful RFQ usage, and clear demand for put-side strategies. With nearly one quarter of total options volume coming through RFQ, traders continued to use Coincall not only for screen-based options trading, but also for institutional-style execution across strikes, expiries, and larger structures.