Total Options Trading Volume $300,078,232.30
RFQ Trading Volume $84,879,561.58
RFQ share of total options volume 28.29%
During the week of August 17–23, 2026, Coincall recorded $300.08 million in total options trading volume. RFQ contributed $84.88 million, representing 28.29% of overall activity.
Call-side flow returned to the lead this week, accounting for almost 57% of taker activity. BTC trading was particularly active across the 75k–78k region, while the 60k and 55k strikes also attracted substantial volume.
Further along the curve, the September 25 expiry became the main center of positioning with more than $115 million in trading volume.
The week also tested trading infrastructure across the market as volatility increased sharply.
Coincall operated steadily throughout the turbulence, continuing to provide liquidity across the options market, including OTM strikes and longer-dated expiries. The activity across September, contracts also reflects continued participation further along the curve.
Coincall operated steadily throughout the turbulence, continuing to provide liquidity across the options market, including OTM strikes and longer-dated expiries. The activity across September, contracts also reflects continued participation further along the curve.
1. Most Traded BTC Strikes
BTC activity was led by the 75,000 strike, closely followed by 60,000 and 76,000.
Rank | BTC Strike | Trading Volume |
1 | 75,000 | $19,178,925.51 |
2 | 60,000 | $18,444,209.64 |
3 | 76,000 | $15,980,132.48 |
4 | 78,000 | $14,712,238.37 |
5 | 55,000 | $14,482,396.41 |
The strongest concentration appeared around 75k–78k, where traders remained active across several adjacent strikes. The 60k and 55k levels also generated significant volume, leaving BTC positioning distributed across a wide strike range.
Overall, the strike activity fits with the stronger call-side flow seen during the week, while lower strikes remained an important part of trader positioning.
2. Most Traded ETH Strikes
ETH activity was led by the 2,100 strike, which generated substantially more volume than any other ETH level.
| Rank | ETH Strike | Trading Volume |
1 | 2,100 | $6,497,182.64 |
2 | 1,400 | $2,828,423.21 |
3 | 1,960 | $1,561,556.13 |
4 | 3,000 | $1,364,113.13 |
5 | 2,400 | $1,322,472.01 |
ETH positioning was spread across a broad range, with activity visible from 1,400 through 3,000. The 2,100 strike was the clear focal point, while participation at both lower and higher levels suggests traders were structuring exposure across a variety of potential market scenarios.
3. Most Active Expiries
The expiry curve shifted toward September 25, which became the largest maturity by a significant margin.
Rank | Expiry | Trading Volume |
1 | September 25, 2026 | $115,110,917.06 |
2 | August 28, 2026 | $68,099,008.96 |
3 | September 4, 2026 | $24,335,916.05 |
4 | October 30, 2026 | $16,800,877.26 |
5 | August 21, 2026 | $15,068,802.14 |
6 | March 26, 2027 | $13,547,501.74 |
7 | August 23, 2026 | $9,148,605.21 |
8 | December 25, 2026 | $8,940,680.13 |
9 | August 24, 2026 | $8,553,618.30 |
10 | August 22, 2026 | $6,726,764.19 |
The September 25 expiry accounted for 38.36% of total weekly volume, while August 28 contributed another 22.69%.
Together with September 4, the three leading expiries captured roughly 69% of total options activity. The curve therefore showed a strong concentration in late-August and September positioning, with additional activity extending into October and longer-dated contracts.
4. Taker Flow Breakdown
Call-side activity accounted for 56.95% of total taker flow during the week.
Flow | Trading Volume | Share |
Buy Calls | $85,709,295.74 | 28.59% |
Sell Calls | $85,009,209.92 | 28.36% |
Buy Puts | $67,503,961.22 | 22.52% |
Sell Puts | $61,554,151.61 | 20.53% |
Buy calls and sell calls were almost perfectly balanced, each accounting for around 28.5% of activity. This created a clear call-side lead at the aggregate level while showing active participation on both sides of call trades.
Put flow represented 43.05% of taker activity, with buy puts moderately ahead of sell puts. Overall, the distribution points to active positioning across calls and puts, with traders placing greater emphasis on call structures during the week.
5. Final Thoughts
The week was shaped by stronger call activity, concentrated BTC trading around 75k–78k, and a major shift toward the September 25 expiry.
Options volume returned above $300 million, while RFQ contributed almost $85 million and remained a meaningful part of overall execution. The near-even split between call buying and selling suggests particularly active use of call structures across the market.
The expiry distribution adds another important signal: traders placed a large share of weekly volume into late-August and September contracts, creating a clear focus on positioning several weeks ahead.
The week also demonstrated the depth of Coincall options market during a highly volatile period, with active trading across OTM strikes and expiries extending well beyond the front of the curve.
The week also demonstrated the depth of Coincall options market during a highly volatile period, with active trading across OTM strikes and expiries extending well beyond the front of the curve.
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