ETH's 2400 Call OI Build Hides a Single $100k Seller Block

Between 04:00-05:00 UTC a lone block trade offloaded 2,500 contracts of ETH's 13-Nov 2400 call for $100,592 in premium, a z-score of 38.6 against the strike's recent flow. Every hourly bucket in the prior day on this strike ran buyer-dominant (buyerAggression at or near 1.0), so the block is a sharp reversal, not a continuation. Over the full 24h window the strike's net premium flips to -$98,593 on $107,403 total traded, with buyerAggression collapsing to 0.04 — a seller-led tape sitting underneath what the OI-delta table alone would call a bullish call build.

Strike	Call ΔOI 24h	Put ΔOI 24h	Buyer Aggression	Block Trades
2200	-50	2484	0.00	0
2400	2650	11	0.04	1
2500	774	0	1.00	0

Cross-expiry OI summary still labels the aggregate as call_buying (4,441 call delta vs 2,646 put delta), but that label is driven by this one print, not by distributed buyer interest. Spot sits 0.46% below the 2300 max pain for this expiry, and the 1h spot tape reads strong_sell (buyShare 0.37).