ETH's 2060 Put Rockets 2,806% in OI While the Lit Tape Stays Silent
ETH's Nov 3 08:00 UTC expiry (0.75 days to expiry) is the epicenter of the chain's most unusual OI print. The 2060 put — roughly 10% below spot $2283.13 — went from 139 to 4,040 contracts in 24h, the single largest build on the board. Get_trade_flow shows only 10 trades and $948 of net premium on that strike over the same window, meaning the OI jump arrived almost entirely off the lit tape, consistent with a block or OTC position rather than organic retail buying.
It isn't isolated. Three other strikes on the same expiry also registered outsized builds:
| Strike/side | OI before | OI now | Δ% |
|---|---|---|---|
| 2060 P | 139 | 4,040 | +2,806% |
| 2100 P | 228 | 1,434 | +529% |
| 2500 C | 352 | 2,129 | +505% |
| 2400 C | 159 | 728 | +358% |
Across the full chain, 46 separate strikes also flagged IV spikes (z-scores 2-3.5), pushing near-money IV from the mid-0.6s toward 0.9+. Net flow for the expiry still skews put-heavy (total put delta 11,113 vs call delta 6,134), with max pain at 2260 and gamma flip at 2274.72 — both inside 1% of spot.