ETH's 2400 Call Flow Spike Is One Block, Not a Crowd
The 2400 call (Nov 27 expiry) flagged with a z=26.6 taker-flow spike, and the aggressor breakdown shows why: a single block trade of 2500 contracts hit at 07:00-08:00 UTC, buyer-led with aggression near 1.0, carrying $136,250 of the strike's $152,027 net premium for the full 24h window.
| metric | value |
|---|---|
| 24h call OI delta (2400) | 2343 contracts |
| 24h taker buy volume | 2765 contracts |
| net premium (24h) | $152,027 |
| buyer aggression | 0.997 |
| block trades | 1 |
| block notional | $5,630,150 |
Reading OI delta alone — a 2343-contract 24h build, filed under "balanced" at the expiry level — gives no hint this was one concentrated print rather than organic drift. The taker tape shows otherwise: 97 trades total, but one block carried 90% of the premium.
Notably, the 2150 put at the same expiry carried an identical block notional ($5,630,150) in the same window, with buyer aggression of 0.70. Same notional, same tenor, opposite strike — consistent with a single combo print (long call financed against a put leg) rather than two unrelated bets.