Coincall Options Weekly: $304M in Volume as September Positioning Builds – Coincall

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Total Options Trading Volume $303,827,881.22

RFQ Trading Volume $85,332,704.08

RFQ share of total options volume: 28.09%

During the week of August 24–30, 2026, Coincall recorded $303.83 million in total options trading volume. RFQ contributed $85.33 million, representing 28.09% of overall activity.

Positioning was broadly balanced across calls and puts, with call-side flow holding a narrow lead at 50.28%. The 88K BTC strike emerged as the most active level, and traders increasingly focused on contracts extending into September and beyond.

Coincall also remained stable through the week’s market turbulence, continuing to support liquidity across a broad range of strikes and longer-dated expiries. Strong activity in September contracts, alongside October, December, and March maturities, showed continued participation further out on the curve.

1. Most Traded BTC Strikes

The 88,000 BTC strike stood clearly above the rest of the market, generating more than $46 million in trading volume.

Rank	BTC Strike	Trading Volume
1	88,000	$46,040,913.89
2	60,000	$19,548,426.51
3	69,000	$17,236,711.89
4	68,000	$15,209,928.29
5	54,000	$10,303,575.14

Activity stretched across a wide strike range. The 88K strike became the main focal point, and meaningful volume at 68K–69K, 60K, and 54K showed active positioning across several BTC price scenarios.

2. Most Traded ETH Strikes

ETH activity was led by the 2,150 and 2,900 strikes, each approaching $10 million in volume.

Rank	ETH Strike	Trading Volume
1	2,150	$9,827,896.53
2	2,900	$9,466,788.14
3	2,300	$1,779,643.92
4	2,460	$1,369,568.87
5	2,350	$1,120,290.56

The two leading strikes accounted for the majority of top ETH activity, giving the market two distinct areas of concentration during the week.

3. Most Active Expiries

September became the main focus of the expiry curve, led by the September 25 contracts.

Rank	Expiry	Trading Volume
1	September 25, 2026	$104,043,927.61
2	August 28, 2026	$76,035,444.53
3	October 30, 2026	$18,267,472.37
4	September 4, 2026	$18,136,729.43
5	December 25, 2026	$16,599,754.24
6	September 11, 2026	$16,458,132.44
7	September 1, 2026	$9,332,578.57
8	September 3, 2026	$7,149,071.04
9	March 26, 2027	$6,822,051.42
10	August 31, 2026	$6,238,728.71

The September 25 expiry accounted for 34.24% of total weekly volume. August 28 followed with another 25.03%, placing almost 60% of activity in these two maturities alone.

The curve also showed meaningful activity further out, including October, December, and March 2027 contracts. This points to continued demand for longer-dated positioning alongside shorter-term strategies.

4. Taker Flow Breakdown

Taker activity finished the week almost evenly divided between calls and puts.

Flow	Trading Volume	Share
Buy Calls	$47,941,193.41	15.78%
Sell Calls	$104,824,955.64	34.50%
Buy Puts	$60,426,533.58	19.89%
Sell Puts	$90,635,198.59	29.83%

Call-side flow represented 50.28% of activity, with puts at 49.72%.

Sell calls were the largest individual category at 34.50%, followed by sell puts at 29.83%. Premium-selling activity therefore played a major role in the week’s positioning, across both sides of the options market.

5. Final Thoughts

The week delivered more than $303 million in options volume, with positioning spread across a broad range of BTC strikes and maturities.

The 88K BTC strike became the standout level, and September 25 emerged as the dominant expiry with more than $104 million in volume. The taker-flow split remained almost perfectly balanced between calls and puts, with option selling representing the strongest individual flows.

Coincall continued operating steadily through elevated market turbulence, with active trading extending across shorter-term contracts and longer-dated expiries. RFQ contributed $85.33 million, remaining an important execution channel for larger orders and structured options strategies.