Total Options Trading Volume $278,597,000
RFQ Trading Volume $27,832,307
During the week of July 27 – August 2, 2026, Coincall recorded $278.60 million in total options trading volume. RFQ contributed $27.83 million, representing 9.99% of total activity.
The market carried a clear defensive mood. Put-side trades accounted for more than three quarters of taker flow, led by strong put buying, while BTC activity concentrated heavily around the 50,000 strike. Positioning was also focused further on the curve, with the August 28 expiry dominating weekly volume.
1. Most Traded BTC Strikes
The 50,000 BTC strike was the clear center of activity, generating more than twice the volume of the next most traded level.
Rank | BTC Strike | Trading Volume |
1 | 50,000 | $64,082,505.33 |
2 | 53,000 | $24,786,664.56 |
3 | 58,000 | $22,317,738.02 |
4 | 62,000 | $20,749,107.57 |
5 | 63,000 | $16,587,224.06 |
Combined with the strong put-buying activity seen during the week, the concentration at 50k and 53k points to elevated demand for positioning around lower BTC levels.
However, activity extended through 58k, 62k, and 63k, showing that traders were not focused on a single downside threshold. Instead, options were being used across a broader range of strikes to structure protection and directional exposure.
2. Most Traded ETH Strikes
ETH volume was smaller in absolute terms, with the 2,100 strike standing clearly above the rest of the market.
Rank | ETH Strike | Trading Volume |
1 | 2,100 | $2,422,094.94 |
2 | 1,200 | $1,184,894.00 |
3 | 2,050 | $425,633.76 |
4 | 1,700 | $396,340.58 |
5 | 2,250 | $310,423.86 |
The spread between the most active ETH strikes suggests positioning across a wide range of possible outcomes. While 2,100 and 2,050 attracted interest around similar levels, activity at 1,200 and 1,700 showed that lower-strike exposure also remained relevant.
3. Most Active Expiries
The expiry curve was dominated by the August 28, 2026 contracts.
Rank | Expiry | Trading Volume |
1 | August 28, 2026 | $155,568,926.43 |
2 | August 7, 2026 | $33,651,358.58 |
3 | July 31, 2026 | $22,821,613.87 |
4 | August 14, 2026 | $14,870,926.09 |
5 | October 30, 2026 | $11,351,659.78 |
6 | August 1, 2026 | $7,389,524.42 |
7 | August 2, 2026 | $6,997,774.76 |
8 | August 3, 2026 | $6,243,054.53 |
9 | September 25, 2026 | $5,945,553.88 |
10 | July 30, 2026 | $5,481,440.68 |
August 28 alone represented almost 56% of total weekly volume, making it the main destination for options positioning.
Shorter-dated contracts remained active, particularly August 7 and July 31, but the overall concentration suggests that many traders were looking beyond immediate market movements and building exposure for later in August.
4. Taker Flow Breakdown
Put activity was the defining flow theme of the week, accounting for 78.26% of total taker volume.
Flow | Trading Volume | Share |
Buy Calls | $27,383,035.87 | 9.83% |
Sell Calls | $33,184,380.09 | 11.91% |
Buy Puts | $129,537,349.69 | 46.50% |
Sell Puts | $88,499,390.99 | 31.77% |
Buy puts were the largest individual category by a substantial margin, representing 46.50% of taker flow. This indicates a strong demand for downside protection or direct bearish exposure during the period.
Sell puts also made up a significant portion of activity, showing that some traders were approaching lower price levels through premium-selling strategies. Call flow was comparatively limited, with sell calls slightly ahead of buy calls.
Overall, the breakdown reflected a distinctly defensive market, although the combination of put buying and put selling suggests that traders were expressing different views on how downside risk could develop.
5. Final Thoughts
The week was shaped by three clear themes: strong put buying, heavy concentration at the 50,000 BTC strike, and dominant activity on the August 28 expiry.
The flow suggests traders were placing greater emphasis on protection and lower-price positioning, while extending a large share of that exposure beyond the immediate term. Put-side activity was decisively ahead of calls, making this one of the clearest defensive taker-flow signals in recent Coincall Options Weekly data.
RFQ represented a smaller share of activity than in previous weeks, but still contributed $27.83 million in volume and remained part of the execution mix for larger and more structured options trades.
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