Coincall Options Weekly: Put Buying Leads as RFQ Accounts for Half of Weekly Volume

Total Options Trading Volume $240,871,839.20

RFQ Trading Volume $121,044,277.84

RFQ share of total options volume: 50.25%

 

During the week of July 6–12, 2026, total options trading volume on Coincall reached $240.87 million. RFQ remained central to market activity, contributing $121.04 million and accounting for just over half of total options flow.

 

The week was defined by strong put-side activity, particularly put buying, alongside a clear concentration in lower BTC strikes. At the same time, meaningful participation at higher strikes showed that traders continued to maintain exposure across both sides of the market.

BTC remained the main driver of Coincall options activity, with the 50,000 and 52,000 strikes standing well above the rest of the market.

The concentration at 50k and 52k, combined with the week’s strong put buying, points to elevated interest in downside protection and positioning around lower price levels.

However, activity was not limited to downside strikes. The presence of 68k, 70k, and 73k among the most traded levels shows that traders were also maintaining upside exposure and structuring positions across a broad range.

ETH options activity was smaller in absolute terms and concentrated across a relatively narrow group of strikes.

The 1,950 strike led ETH activity by a clear margin, while the remaining flow was distributed between 1,725 and 1,900. This suggests that ETH positioning remained focused rather than spread across a wide strike range.

The expiry curve was led decisively by the July 31, 2026 contracts, followed by the end-of-August and late-July tenors.

The July 31 expiry alone represented more than 42% of total weekly volume, making it the clear center of positioning.

Strong activity in the July 24 and August 28 contracts also shows that traders were looking beyond immediate market moves and building exposure across the coming weeks.

Put-side activity was the dominant theme of the week, accounting for 61.94% of total taker volume.

Buy puts were the largest individual category at 36.78%, suggesting that demand for downside protection or bearish exposure was a major driver of the week’s activity.

 

At the same time, sell puts also represented a meaningful share of the market. This indicates that traders were approaching the downside in different ways: some were paying for protection, while others were selling premium around lower levels.

 

Call flow was smaller and relatively balanced, with sell calls slightly ahead of buy calls. Overall, the flow showed a stronger defensive tilt than the previous week, while still reflecting a mix of hedging, directional positioning, and premium-selling strategies.

The week’s options market was shaped by three clear themes: strong put buying, concentrated activity at lower BTC strikes, and continued reliance on RFQ execution.

 

With 50.25% of total options volume coming through RFQ, the channel remained an important part of how traders accessed liquidity for larger orders, multi-leg strategies, and positions across different strikes and expiries.

 

Overall, positioning leaned more defensive, but it was not entirely one-sided. Traders remained active at higher BTC strikes and across longer-dated expiries, showing continued interest in maintaining exposure to a broader range of possible market outcomes.