Coincall Options Weekly: RFQ Activity Drives Over Half of Weekly Options Flow

During the week of June 29–July 5, Coincall options trading activity remained strong, with total options trading volume reaching $281.20 million. RFQ activity was the standout part of the market, contributing $142.62 million, equal to 50.72% of total options flow.

 

This marks a week where RFQ was one of the main drivers of overall activity. More than half of the total options volume came through RFQ, showing continued demand for larger trades, flexible execution, and access to liquidity across different strikes and expiries.

BTC options led the market again, with activity spread across both upside and downside strikes.

The presence of both 70k/75k and 54k–56k strikes among the most traded levels points to a market where traders were using options for more flexible positioning rather than simple one-directional exposure.

ETH options activity was smaller in absolute size, but still showed clear participation around several key levels.

Compared with BTC, ETH flow looked more focused. A meaningful part of activity was clustered around the 1,575–1,650 range, while the 2,000 and 2,450 strikes showed additional interest in higher levels.

On the expiry side, the market was clearly led by the July 31, 2026 expiry, which accounted for $124.19 million in options trading volume.

 

The next most active expiries were August 28, 2026 and July 10, 2026, followed by shorter-dated contracts around early July.

This shows that traders were especially active in the end-of-July tenor, while still using shorter-dated expiries for near-term positioning. The activity was not limited to immediate market reactions — traders also appeared to be building positions further out on the curve.

The taker flow was much more balanced this week compared with a strongly one-sided market.

Overall, put-side flow represented 51.92% of total taker volume, while call-side flow made up 48.08%.

 

The main takeaway is that puts were still slightly ahead, but the market was not aggressively one-sided. 

Sell puts led the breakdown, suggesting traders were actively using options to structure premium-based strategies around lower levels. At the same time, balanced call activity showed that upside participation remained present.

The week showed a strong and active options market on Coincall, with RFQ playing a central role in execution. More than half of the total options volume came through RFQ, highlighting its importance for larger trades, multi-leg structures, and flexible access to liquidity.

 

BTC remained the main driver of activity, with strikes spread across both higher and lower levels. ETH flow was smaller, but still active around focused strike ranges. Taker flow was slightly put-led, though much more balanced overall, pointing to a market where traders were using options for structured positioning rather than purely directional exposure.