Total Options Trading Volume $149,673,303.14
RFQ Trading Volume $65,067,702.03
RFQ share of total options volume: 43.47%
During the week of August 3–9, 2026, Coincall recorded $149.67 million in total options trading volume. RFQ contributed $65.07 million, representing 43.47% of overall activity.
The week carried a clear downside-premium theme. Put flow accounted for just over 60% of taker activity, with sell puts emerging as the largest individual category. BTC trading also concentrated heavily around the 54k–56k area, giving lower strikes a central role in weekly positioning.
1. Most Traded BTC Strikes
BTC options activity was led by a tight cluster of lower strikes, with 55,000 taking the top spot.
| Rank | BTC Strike | Trading Volume |
1 | 55,000 | $23,545,647.60 |
2 | 56,000 | $20,888,900.37 |
3 | 54,000 | $14,200,157.99 |
4 | 78,000 | $9,546,257.95 |
5 | 64,000 | $8,890,461.03 |
The 54k, 55k, and 56k strikes generated more than $58.6 million in combined volume, creating a clear concentration around lower BTC levels.
The 78k strike also attracted meaningful activity, extending positioning further up the strike range. Overall, traders were active across a broad set of potential outcomes, with the strongest concentration sitting firmly on the downside.
2. Most Traded ETH Strikes
ETH options volume remained smaller and more concentrated.
Rank | ETH Strike | Trading Volume |
1 | 1,200 | $1,103,822.48 |
2 | 1,700 | $763,414.68 |
3 | 1,900 | $440,976.91 |
4 | 1,960 | $384,859.49 |
5 | 1,850 | $374,081.32 |
The 1,200 strike led ETH activity, followed by 1,700. The remaining leading strikes clustered between 1,850 and 1,960, showing more focused positioning around this range.
3. Most Active Expiries
The expiry curve showed an exceptionally strong concentration in August 28, 2026.
Rank | Expiry | Trading Volume |
1 | August 28, 2026 | $101,610,881.57 |
2 | September 25, 2026 | $16,918,440.43 |
3 | August 14, 2026 | $12,192,767.39 |
4 | August 21, 2026 | $5,696,030.04 |
5 | October 30, 2026 | $2,573,742.06 |
6 | August 7, 2026 | $2,315,684.98 |
7 | August 8, 2026 | $2,027,699.35 |
8 | March 26, 2027 | $1,046,659.05 |
9 | August 9, 2026 | $1,000,036.44 |
10 | August 6, 2026 | $831,824.03 |
The August 28 expiry accounted for nearly 68% of total weekly options volume, making it the clear center of the curve.
September 25 and August 14 followed at a distance. Together, the three most active expiries represented more than 87% of the total volume, showing a strong concentration in mid- and longer-dated positioning.
4. Taker Flow Breakdown
Put-side activity remained the dominant theme, representing 60.17% of total taker volume.
| Flow | Trading Volume | Share |
Buy Calls | $27,166,605.82 | 18.15% |
Sell Calls | $32,442,099.51 | 21.68% |
Buy Puts | $36,918,051.74 | 24.67% |
Sell Puts | $53,146,546.07 | 35.51% |
Sell puts were the largest individual category at 35.51%, pointing to strong premium-selling activity on the downside.
Buy puts remained meaningful at 24.67%, adding another layer of downside-focused positioning. Call activity accounted for 39.83% of taker flow, with sell calls slightly ahead of buy calls.
The overall flow suggests an active market for downside structures, with traders using puts across both premium-selling and protection-oriented strategies.
5. Final Thoughts
The week centered around three clear themes: put selling, lower BTC strikes, and the August 28 expiry.
Sell puts led taker activity, and the 54k–56k BTC strike cluster became the most active part of the market. At the same time, nearly 68% of total volume concentrated in the August 28 expiry, showing that much of the positioning extended several weeks forward.
RFQ remained a major execution channel, contributing 43.47% of total options volume. The combination of strong RFQ participation and concentrated expiry activity points to continued demand for larger and more structured options execution.
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