ETH Options Curve Splits: 0DTE Sellers vs 09-18 Strangle Buyers

Two ETH expiries are telling opposite stories at spot 2501.87. The 09-04 book (0DTE, hours from settlement) closed the session net seller (-$540.6k premium over 24h), dumping ITM calls at 1950-2100 and puts at 2520 in block-heavy size. The 09-18 book (21 DTE) ran the other way, net buyer (+$293.7k), with aggressive taker buying (buyerAggression 0.90-1.00) building both call (2600, 2700) and put (2450, 2500) exposure — a strangle-shaped accumulation, not a directional bet.

Tenor	DTE	Max Pain	Gamma Flip	GEX Total	Top-3 Concentration	24h Net Flow
09-04	0	2400	2457	-80.3M	79%	-$540.6k (seller)
09-18	21	2500	2485	-1.1M	32%	+$293.7k (buyer)

The front book's negative gamma is stacked almost entirely on the 2500/2550 calls (79% concentration), pinning dealer hedging right where spot sits into expiry. The back book's gamma is flat and spread across the chain (32% concentration), leaving dealers with little directional hedging pressure there. Same underlying, same day, two option books pricing completely different regimes.