What Are the Big Options Players Buying?
In the last 24 hours traders paid $14.8M for Bitcoin call options and $11.4M for put options. Largest print: $2.8M of premium for the BTC 7NOV26 $78K calls.
Every option trade leaves a print: who paid premium, for which strike, at what volatility. Single prints can be noise, but the large ones, and the direction premium flows day after day, show where sophisticated money positions itself. This tape tracks the biggest prints and the daily call-versus-put premium balance.
Today's tape
Bought and sold legs of one spread or combo are netted on prints recorded since 2026-09-29; older prints count one by one.
Which way did premium move?
Every print at its full premium, per option type: bought is what takers paid, sold is what takers collected, net is bought minus sold with its sign kept. A negative net means takers sold more premium than they bought in that window. The cells above net spread legs and stop at zero; this table does neither.
| Window | Calls bought | Calls sold | Calls net | Puts bought | Puts sold | Puts net | Prints |
|---|---|---|---|---|---|---|---|
| Last hour | $397K | $473K | -$76K | $211K | $76K | +$136K | 585 |
| Last 4 hours | $533K | $851K | -$317K | $445K | $235K | +$210K | 1,447 |
| Last 24 hours | $23.00M | $24.77M | -$1.78M | $11.49M | $10.89M | +$595K | 22,162 |
Which side is premium flowing to?
Taker-bought premium per day, net of the sold legs inside the same spread or combo: green bars are call buying (upside), red bars are put buying (downside or protection). A regime where one side persistently dominates tells you more than any single print.
Where did premium trade, by expiry? (24h)
The 8 expiries with the most premium traded in the last 24 hours. Net is bought minus sold per option type: green means takers paid, red means takers collected.
| Expiry | Call net | Put net | Premium traded | Prints |
|---|---|---|---|---|
| 27NOV26 | +$953K | -$761K | $28.18M | 3,959 |
| 25DEC26 | -$1.72M | -$838K | $13.61M | 1,602 |
| 13NOV26 | +$4.42M | +$68K | $7.16M | 1,963 |
| 7NOV26 | -$5.39M | +$26K | $6.20M | 2,158 |
| 6NOV26 | -$1.13M | -$32K | $3.75M | 4,047 |
| 29JAN27 | +$243K | +$162K | $2.50M | 473 |
| 25JUN27 | +$971K | +$864K | $2.33M | 176 |
| 20NOV26 | +$61K | -$90K | $2.16M | 1,091 |
Where did premium trade, by strike? (24h)
The 12 strikes with the most premium traded in the last 24 hours, every expiry together.
| Strike | Call net | Put net | Premium traded | Prints |
|---|---|---|---|---|
| $78K | -$6.75M | -$628K | $12.51M | 1,427 |
| $80K | -$4.44M | +$706K | $10.52M | 1,734 |
| $81K | +$5.21M | +$300K | $9.18M | 1,368 |
| $85K | +$1.91M | -$39K | $4.27M | 751 |
| $86K | +$1.23M | +$81K | $3.89M | 576 |
| $82K | +$97K | +$224K | $3.89M | 1,104 |
| $77K | -$6K | -$227K | $2.96M | 1,023 |
| $76K | -$189K | -$137K | $2.90M | 807 |
| $84K | +$421K | +$81K | $2.70M | 938 |
| $75K | +$131K | +$141K | $2.56M | 690 |
| $83K | -$57K | -$51K | $2.32M | 771 |
| $88K | +$595K | -$14K | $1.70M | 520 |
Which venue printed it? (24h)
Premium traded, prints and the block trade share per tape venue in the last 24 hours.
| Venue | Premium traded | Prints | Block share |
|---|---|---|---|
| DERIBIT | $60.98M | 9,711 | 48% |
| OKX | $9.17M | 12,451 | - |
Which multi-leg structures traded?
The 20 newest blocks and combos Deribit printed with one structure id in the last 7 days, each named from its legs: a spread buys one strike and sells another of the same type and expiry, a straddle trades a call and a put at one strike and a strangle at two, a risk reversal buys one type and sells the other, a calendar trades one strike across two expiries, and a butterfly trades two of a middle strike against one of each wing on the other side. Any other shape is listed as other. OKX prints carry no structure id. Net premium is what the taker paid (negative: collected).
| Time (UTC) | Structure | Legs | Net premium |
|---|---|---|---|
| 11-05 07:37 | Other | Bought 40 BTC 25DEC26 $80K Call $195K Sold 40 BTC 26MAR27 $82K Call $307K | -$112K |
| 11-05 07:24 | Other | Bought 75 BTC 27NOV26 $84K Call $109K Bought 25 BTC 27NOV26 $84K Put $116K Sold 100 BTC 27NOV26 $91K Call $34K | +$191K |
| 11-05 06:01 | Call spread | Sold 80 BTC 27NOV26 $90K Call $33K Bought 80 BTC 27NOV26 $100K Call $6K | -$27K |
| 11-05 05:12 | Call spread | Sold 31 BTC 27NOV26 $85K Call $37K Bought 31 BTC 27NOV26 $95K Call $5K | -$31K |
| 11-05 04:50 | Other | Sold 20 BTC 13NOV26 $81K Call $30K Bought 20 BTC 5NOV26 $81K Call $4K | -$26K |
| 11-05 04:41 | Strangle | Sold 1 BTC 27NOV26 $71K Put $387 Sold 1 BTC 27NOV26 $94K Call $193 | -$580 |
| 11-05 03:26 | Call spread | Bought 12.5 BTC 29JAN27 $83K Call $65K Sold 12.5 BTC 29JAN27 $90K Call $35K | +$30K |
| 11-05 03:21 | Other | Sold 16.8 BTC 13NOV26 $83K Call $14K Bought 22.4 BTC 20NOV26 $72K Put $6K Sold 16.8 BTC 20NOV26 $75K Put $9K | -$17K |
| 11-05 03:10 | Calendar | Bought 20 BTC 5NOV26 $80K Call $10K Sold 20 BTC 7NOV26 $80K Call $23K | -$13K |
| 11-05 03:04 | Calendar | Bought 0.1 BTC 6NOV26 $84K Call $1 Sold 0.1 BTC 8NOV26 $84K Call $12 | -$11 |
| 11-05 03:04 | Calendar | Sold 0.1 BTC 6NOV26 $84K Call $1 Bought 0.1 BTC 8NOV26 $84K Call $12 | +$11 |
| 11-05 02:40 | Other | Sold 25 BTC 13NOV26 $81K Call $38K Bought 25 BTC 5NOV26 $81K Call $6K | -$32K |
| 11-05 02:28 | Other | Bought 12.5 BTC 13NOV26 $80K Put $18K Bought 25 BTC 13NOV26 $81K Call $39K Sold 75 BTC 13NOV26 $88K Call $11K | +$46K |
| 11-05 00:13 | Put spread | Bought 0.2 BTC 25DEC26 $76K Put $468 Sold 0.2 BTC 25DEC26 $78K Put $595 | -$127 |
| 11-05 00:02 | Call spread | Bought 0.1 BTC 27NOV26 $81K Call $263 Sold 0.1 BTC 27NOV26 $83K Call $176 | +$87 |
| 11-04 23:51 | Put spread | Sold 0.2 BTC 6NOV26 $78K Put $11 Bought 0.2 BTC 6NOV26 $79K Put $24 | +$13 |
| 11-04 23:51 | Put spread | Sold 0.1 BTC 6NOV26 $78K Put $6 Bought 0.1 BTC 6NOV26 $79K Put $12 | +$6 |
| 11-04 23:39 | Other | Bought 12.5 BTC 13NOV26 $80K Put $18K Bought 25 BTC 13NOV26 $81K Call $40K Sold 75 BTC 13NOV26 $88K Call $13K | +$45K |
| 11-04 23:27 | Calendar | Bought 25 BTC 5NOV26 $81K Call $6K Sold 25 BTC 6NOV26 $81K Call $15K | -$9K |
| 11-04 23:00 | Other | Sold 0.1 BTC 24SEP27 $60K Call $3K Bought 0.1 BTC 25JUN27 $80K Call $1K | -$1K |
The biggest prints (48h)
The 25 largest trades by premium paid. BLOCK marks privately negotiated institutional trades; a legs badge marks one leg of a spread or combo. Bought = the aggressor paid premium; Sold = the aggressor collected it.
| Time (UTC) | Side | Contract | Size | Premium | IV |
|---|---|---|---|---|---|
| 11-04 15:49 | SoldBLOCK2 legs | BTC 7NOV26 $78K Call DERIBIT | 1000 | $2.76M | 41% |
| 11-04 15:55 | SoldBLOCK2 legs | BTC 7NOV26 $78K Call DERIBIT | 1000 | $2.57M | 43% |
| 11-04 15:49 | BoughtBLOCK2 legs | BTC 13NOV26 $81K Call DERIBIT | 1500 | $2.34M | 36% |
| 11-04 15:55 | BoughtBLOCK2 legs | BTC 13NOV26 $81K Call DERIBIT | 1500 | $2.19M | 36% |
| 11-04 08:47 | SoldBLOCK2 legs | BTC 27NOV26 $78K Call DERIBIT | 389.6 | $1.20M | 35% |
| 11-04 08:47 | SoldBLOCK2 legs | BTC 27NOV26 $78K Put DERIBIT | 389.6 | $941K | 35% |
| 11-03 09:41 | BoughtBLOCK | BTC 7NOV26 $78K Call DERIBIT | 1000 | $861K | 41% |
| 11-03 09:50 | BoughtBLOCK | BTC 7NOV26 $78K Call DERIBIT | 1000 | $861K | 42% |
| 11-03 09:31 | BoughtBLOCK | BTC 7NOV26 $78K Call DERIBIT | 1000 | $791K | 40% |
| 11-04 15:01 | BoughtBLOCK3 legs | BTC 24SEP27 $60K Put DERIBIT | 180 | $592K | 44% |
| 11-04 06:30 | SoldBLOCK4 legs | BTC 25DEC26 $80K Call DERIBIT | 150 | $539K | 37% |
| 11-04 15:13 | SoldBLOCK3 legs | BTC 25DEC26 $80K Call DERIBIT | 100 | $537K | 38% |
| 11-03 12:20 | BoughtBLOCK2 legs | BTC 29JAN27 $76K Put DERIBIT | 100 | $474K | 39% |
| 11-03 12:38 | BoughtBLOCK2 legs | BTC 29JAN27 $76K Put DERIBIT | 100 | $468K | 39% |
| 11-04 19:14 | BoughtBLOCK2 legs | BTC 25JUN27 $85K Call DERIBIT | 50 | $462K | 40% |
| 11-04 19:13 | BoughtBLOCK2 legs | BTC 25JUN27 $85K Call DERIBIT | 50 | $462K | 39% |
| 11-04 03:55 | SoldBLOCK | BTC 7NOV26 $78K Call DERIBIT | 1000 | $458K | 38% |
| 11-04 14:53 | SoldBLOCK2 legs | BTC 25DEC26 $80K Call DERIBIT | 100 | $431K | 37% |
| 11-04 14:42 | SoldBLOCK2 legs | BTC 25DEC26 $80K Call DERIBIT | 100 | $424K | 37% |
| 11-04 14:42 | SoldBLOCK2 legs | BTC 25DEC26 $80K Call DERIBIT | 100 | $411K | 36% |
| 11-04 11:21 | SoldBLOCK2 legs | BTC 25DEC26 $80K Call DERIBIT | 100 | $383K | 36% |
| 11-04 11:23 | SoldBLOCK2 legs | BTC 25DEC26 $80K Call DERIBIT | 100 | $382K | 36% |
| 11-04 13:47 | SoldBLOCK3 legs | BTC 25DEC26 $80K Call DERIBIT | 100 | $381K | 37% |
| 11-04 19:14 | BoughtBLOCK2 legs | BTC 25JUN27 $78K Put DERIBIT | 50 | $381K | 40% |
| 11-04 19:13 | BoughtBLOCK2 legs | BTC 25JUN27 $78K Put DERIBIT | 50 | $381K | 40% |
Methodology and honest caveats
The tape covers listed crypto options on Deribit and OKX (each print carries its venue) and refreshes every 15 minutes; every print is recorded since 2026-08-05 and none is deleted. Premium is the dollar value paid for the option at trade time; Bought/Sold is the taker side of each print.
Bought call premium is the cleanest simple gauge of aggressive upside positioning, and bought puts of downside or protection demand. Deribit prints the legs of a block or combo with one structure id, and the bought and sold legs of one structure are netted per option type before they count: a call spread that buys one strike and sells another adds its net premium, not its bought leg. It is still a simplification: a bought call can hedge a short book, a sold put can be a bullish income trade, and OKX prints carry no structure id.
Read the tape together with open interest: the flow shows what changed today, the walls on our options page show where the accumulated positions sit.
FAQ
What is a block trade and why does it matter?
A privately negotiated trade between large counterparties, printed to the tape after agreement rather than executed on the public book. Blocks are almost always institutional, so a burst of block activity at one strike is one of the stronger clues that serious money is positioning.
Does big call buying mean the price will go up?
Not by itself. It means someone paid real money for upside exposure, which is information, but the same print can be a hedge or part of a spread. The persistent daily balance of call versus put premium is more informative than any single trade.
Why show premium instead of contract counts?
A thousand cheap far-out-of-the-money contracts can cost less than one at-the-money print. Premium measures actual dollars committed, which is what makes a print meaningful.
How fresh is this data?
The capture runs every 15 minutes and the page notes the newest print it has seen. For intraday event trading treat it as a near-real-time tape with a short delay.
Source: ByKaranteli, https://bykaranteli.com/options-flow, data as of 2026-11-05 07:44 UTC