Coincall Options Weekly: Traders Turn Defensive While Keeping Upside Exposure – Coincall

Total Options Trading Volume $133,462,325

RFQ Trading Volume $55,111,417

RFQ Share of Total Options Volume: 41.29%

During the week of July 13–19, 2026, Coincall recorded $133.46 million in total options trading volume. RFQ contributed $55.11 million, accounting for more than 41% of overall activity.

The clearest theme was continued demand on the put side. Puts represented nearly 60% of taker volume, led by put buying, while BTC activity was concentrated around the 64k strike and several lower levels. At the same time, meaningful trading at 68k showed that positioning was not entirely defensive.

1. Most Traded BTC Strikes

BTC options remained the main driver of weekly activity, with the 64,000 strike clearly leading the market.

Rank	BTC Strike	Trading Volume
1	64,000	$17,000,531.73
2	50,000	$15,482,140.18
3	68,000	$8,614,519.25
4	52,000	$8,111,160.88
5	55,000	$5,688,097.12

The distribution shows activity across a broad range of outcomes. The 64k strike attracted the most attention, while strong volume at 50k and 52k pointed to continued interest in lower-price positioning and downside structures.

The 68k strike also ranked among the most active, suggesting that traders were still maintaining exposure to potential upside rather than concentrating exclusively on defensive positions.

2. Most Traded ETH Strikes

ETH options activity was smaller in absolute size and more concentrated around a limited number of levels.

Rank	ETH Strike	Trading Volume
1	1,950	$2,142,166.18
2	2,000	$2,095,884.07
3	1,800	$1,220,069.67
4	2,150	$222,106.11
5	1,450	$217,337.43

The 1,950 and 2,000 strikes dominated ETH flow, with both attracting more than $2 million in trading volume. Activity outside those levels dropped noticeably, showing a more focused pattern than in BTC.

3. Most Active Expiries

The expiry curve was strongly concentrated in the July 31, 2026 contracts.

Rank	Expiry	Trading Volume
1	July 31, 2026	$53,783,269.82
2	August 28, 2026	$20,675,024.28
3	July 17, 2026	$15,619,243.08
4	July 24, 2026	$8,735,232.01
5	September 25, 2026	$8,661,328.20
6	July 20, 2026	$5,100,865.34
7	July 15, 2026	$5,062,566.15
8	July 14, 2026	$2,741,795.52
9	August 7, 2026	$2,732,482.55
10	July 21, 2026	$1,781,517.54

The July 31 expiry represented just over 40% of total weekly volume, making it the clear center of positioning.

August 28 and July 17 were also active, showing that traders combined near-term exposure with positions extending further along the curve. Together, the three leading expiries accounted for roughly two thirds of total volume.

4. Taker Flow Breakdown

Put-side activity remained the dominant flow theme, accounting for 59.19% of total taker volume.

Flow	Trading Volume	Share
Buy Calls	$27,503,108.77	20.61%
Sell Calls	$26,963,040.73	20.20%
Buy Puts	$42,058,187.04	31.51%
Sell Puts	$36,937,989.43	27.68%

Buy puts were the largest individual category at 31.51%, indicating that demand for downside protection or bearish exposure remained an important part of the market.

Sell puts also represented a meaningful share of activity, showing that traders were approaching lower price levels through a mix of protection buying and premium-selling strategies.

Call flow was notably balanced, with buy calls and sell calls accounting for almost identical shares. This suggests that upside positioning remained present, but without a clear one-sided directional bias.

5. Final Thoughts

Overall, the week showed a market with a cautious tilt, but not a purely bearish one.

Put flow led the taker breakdown, and several lower BTC strikes attracted meaningful volume. However, activity at 64k and 68k, together with balanced call flow, showed that traders continued to position across a wider range of possible outcomes.

RFQ remained an important part of Coincall’s options market, contributing more than 41% of total weekly volume and supporting execution across larger orders, multi-leg structures, and a broad range of strikes and expiries.