ETH's 2180 Put OI Jumps 387% Into Expiry While the Tape Stays Quiet
ETH's 2026-10-31 08:00 UTC expiry (16h out, spot $2233) is seeing a chain-wide same-day OI build, not an isolated print. The 2180 put — just 2.4% below spot — leads it:
| Strike | Side | OI Before | OI Now | Δ% | Notional |
|---|---|---|---|---|---|
| 2340 | call | 141 | 2,405 | +1,606% | $5.30M |
| 2300 | call | 667 | 3,537 | +430% | $6.60M |
| 2240 | put | 251 | 1,438 | +473% | $2.66M |
| 2180 | put | 759 | 3,696 | +387% | $6.40M |
| 2380 | call | 208 | 671 | +223% | $1.10M |
What stands out on the 2180 put specifically: a 48-hour aggressor breakdown on that instrument shows only ~$6.8k in buy premium and $8.5k in sell premium, net -$1,730, dominant side "balanced" across thin, choppy buckets. Nearly 3,000 contracts of OI appeared without a matching footprint of aggressive taker buying or selling on the lit tape — the size came in through blocks or quote-matched flow rather than visible lifting. Context: spot tape over the last hour is 67% buy-side, max pain sits at 2280, gamma flip at 2276, and the largest put wall on this expiry is still way out at 2000 (6,336 contracts).