ETH's 2000 Put Flips Buyer as OI Builds, But the Week Still Leans Seller

ETH's September 25 2000 put — roughly 17% below the $2,412.98 spot — just flipped aggressor. Over the trailing 24 hours takers bought $1,625 of premium against just $35 sold (buyerAggression 0.98, 4 trades, zero block trades), while put open interest at the strike grew 2,505 contracts in the same window, the largest OI move on this expiry outside the newly-listed 2420/2440 strikes.

Read the OI delta alone and it looks like conviction is building steadily toward downside protection. The tape tells a different story once the window widens. Pull back to 72 hours and the strike's dominant side flips to seller, driven by a single ~$11,898 sell cluster on August 31 that outweighs everything bought since. Across the full week, buy premium ($18,541) and sell premium ($24,007) are close enough that flow classifies as balanced overall.

Window | Buy Premium | Sell Premium | Net | Dominant Side 24h | $1,625 | $35 | +$1,590 | buyer 72h | $1,913 | $12,198 | -$10,286 | seller 168h | $18,541 | $24,007 | -$5,466 | balanced

No block trades appear in the 24h buyer push — this is small-lot tape reasserting itself, not a fresh OTC print, distinguishing it from the block-heavy prints seen elsewhere in the same expiry.