ETH 1700 Put OI Doubles on Both Weekly and Monthly, But It's a Roll Not a Bet

ETH's 1700 strike put shows the largest OI dislocation on the board (z=88.5 per the scanner), but splitting it by expiry tells a cleaner story than a single aggregate number would.

On the 10-Jul-26 expiry, OI at 1700P jumped +5,266 contracts (~$8.95M notional) over 24h — yet the taker tape there was net-seller, with total net premium of -$77,590 and two block trades worth -$8.93M hitting in the 15:00-16:00 UTC hour on 07-04.

On the 31-Jul-26 expiry, the same strike built +5,211 contracts (~$8.86M notional) in the same window, but the tape flipped to net-buyer, +$310,527 net premium, driven by two blocks worth +$8.93M in the identical hour.

The block sizes match almost to the dollar and land in the same 60-minute bucket. That pattern reads as a single desk rolling a large 1700 put position out from the weekly to the monthly rather than two independent directional trades — which is why the scanner's blended buyerAggression (0.55) looks neutral even though each leg individually was decisively one-sided. OI flow for the week confirms put-buying dominance overall (net -4,315 signed), with 1700P the single largest line item.