ETH's 2340 Call OI Jump Is Built From Coin-Flip Hourly Flow
ETH's Nov-5 2340 call open interest rose from 193 to 715 contracts in 24 hours (+270%, ~$1.2M notional), the second-largest call OI build on the board behind the 2320 strike (+2,248 contracts). The strike-level OI-flow summary for this expiry still reads "balanced" overall (total call delta 4,252 vs put delta 5,269), with the 2220 put actually topping the board at +4,002 contracts.
What stands out on 2340C is the hourly taker tape underneath the build:
| Hour (UTC start) | Buyer aggression | Dominant side | Net premium ($) |
|---|---|---|---|
| 11:00 | 1.00 | buyer | +3,324 |
| 13:00 | 1.00 | buyer | +2,294 |
| 14:00 | 0.00 | seller | -309 |
| 15:00 | 0.00 | seller | -588 |
| 16:00 | 0.00 | seller | -147 |
| 17:00 | 0.62 | buyer | +190 |
| 09:00 (next day) | 1.00 | buyer | +1,239 |
Cumulative volume across these buckets (~528 contracts) lines up almost exactly with the 522-contract OI increase, yet no single hour shows a mixed crowd — each is nearly 100% one side before flipping. That pattern is more consistent with dealer-side inventory crossing building the strike from both ends than with one directional buyer accumulating conviction. Spot sits 0.66% below this expiry's max pain (2280).