Coincall Options Weekly: Call Buying Leads as 88K and 96K BTC Strikes Dominate – Coincall

Total Options Trading Volume $263,254,610.64

RFQ Trading Volume $88,131,050.27

RFQ share of total options volume 33.48%

During the week of July 20–26, 2026, Coincall recorded $263.25 million in total options trading volume. RFQ contributed $88.13 million, accounting for roughly one third of overall activity.

The clearest theme was stronger call-side positioning. Buy calls were the largest taker-flow category, while the 88,000 and 96,000 BTC strikes attracted the most trading activity. At the same time, meaningful volume at lower strikes showed that traders continued to manage downside exposure alongside their upside positioning.

1. Most Traded BTC Strikes

BTC options remained the main driver of weekly activity, with the market led by two higher strikes.

Rank	BTC Strike	Trading Volume
1	88,000	$36,568,266.85
2	96,000	$26,470,194.50
3	55,000	$19,775,021.50
4	56,000	$13,928,089.82
5	68,000	$11,286,403.67

The 88k and 96k strikes generated more than $63 million in combined volume, making higher-strike BTC options the centre of activity during the week.

However, the distribution was not entirely focused on upside levels. Strong trading at 55k and 56k suggests that traders were also maintaining downside hedges, selling premium, or building structures around lower price levels.

Overall, BTC positioning covered a broad range of outcomes, but the combination of active higher strikes and strong call buying gave the week a clearer upside tilt.

2. Most Traded ETH Strikes

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

Rank	ETH Strike	Trading Volume
1	1,700	$2,135,536.34
2	1,750	$1,893,564.15
3	2,000	$1,082,600.71
4	1,850	$606,109.00
5	1,200	$561,214.98

The 1,700 and 1,750 strikes clearly led ETH activity, while the 2,000 strike also attracted meaningful participation.

Compared with BTC, ETH positioning appeared more focused, with the majority of leading strike activity clustered between 1,700 and 2,000.

3. Most Active Expiries

The expiry curve was strongly led by the August 28, 2026 contracts.

Rank	Expiry	Trading Volume
1	August 28, 2026	$115,499,003.35
2	July 31, 2026	$41,581,881.07
3	September 25, 2026	$41,532,478.24
4	August 7, 2026	$30,476,130.05
5	July 24, 2026	$7,313,071.76
6	July 27, 2026	$5,961,710.86
7	July 25, 2026	$5,397,138.47
8	July 23, 2026	$4,001,347.18
9	July 26, 2026	$3,721,276.90
10	August 14, 2026	$2,033,772.71

The August 28 expiry alone accounted for 43.87% of total weekly volume, making it the clear centre of positioning.

July 31, September 25, and August 7 also saw substantial activity. Together, the four leading expiries represented approximately 87% of total volume, showing that traders were primarily focused on positions extending beyond the immediate term.

4. Taker Flow Breakdown

Call-side flow accounted for 53.42% of total taker volume, compared with 46.58% on the put side.

Flow	Trading Volume	Share
Buy Calls	$93,034,509.14	35.34%
Sell Calls	$47,607,094.20	18.08%
Buy Puts	$59,816,249.50	22.72%
Sell Puts	$62,796,757.80	23.85%

Buy calls were the largest individual category by a clear margin, accounting for more than one third of total taker activity. Combined with strong volume at the 88k and 96k BTC strikes, this points to meaningful demand for upside exposure.

Put activity nevertheless remained substantial. Buy puts and sell puts were relatively balanced, suggesting that traders continued to use downside options for a mixture of protection, directional positioning, and premium-selling strategies.

The market therefore leaned toward calls, but the flow was not entirely one-sided.

5. Final Thoughts

The week was shaped by three main themes: strong call buying, concentrated activity at higher BTC strikes, and a clear preference for the August 28 expiry.

The data suggests that traders were increasingly positioning for upside outcomes, particularly through the 88k and 96k BTC strikes. At the same time, activity at 55k and 56k, together with nearly half of taker volume remaining on the put side, showed that downside risk management remained firmly in place.

RFQ continued to play an important role, contributing 33.48% of total options volume and supporting execution across larger orders, structured trades, and a broad range of strikes and expiries.