COIN Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $150.89.

Put/Call (OI)

0.69

446k P / 643k C

Put/Call (Volume)

0.52

28k P / 54k C today

30d ATM IV

62%

annualized implied move

Call wall

$200

39k contracts

Put wall

$125

29k contracts

Tail hedging

0.4×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.69 puts per call outstanding.
●Call wall at $200 (39k contracts), 33% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $125 (29k contracts), 17% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 2.3× deep-OTM put OI — speculative upside positioning dominates the tails.
●30-day ATM implied volatility is 62% — the market prices very large moves; option premium is expensive.

Open interest by strike

All expiries combined. Amber lines mark the call and put walls; the dashed line is spot.

IV term structure

At-the-money implied volatility per expiry.

Volatility smile

IV by strike — expiry 2026-09-18. A steep left side = expensive downside protection.

30-day implied volatility history

Daily ATM IV (~30 DTE bucket) collected since March 2026. Rising IV into an event = the market bracing; collapsing IV after = the crush.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	134k	83k	0.62	40k
2026-08-28	13k	11k	0.87	10k
2026-09-04	8k	7k	0.81	2k
2026-09-11	3k	2k	0.78	1k
2026-09-18	151k	61k	0.40	16k
2026-09-25	2k	3k	1.32	800
2026-10-02	250	258	1.03	670
2026-10-16	36k	33k	0.91	2k
2026-11-20	21k	20k	0.95	889
2026-12-18	53k	45k	0.85	1k
2027-01-15	98k	65k	0.67	2k
2027-02-19	5k	8k	1.54	649
2027-03-19	23k	15k	0.64	151
2027-04-16	1k	5k	3.48	19
2027-05-21	15k	25k	1.69	548
2027-06-17	6k	7k	1.14	926
2027-12-17	24k	18k	0.76	227
2028-01-21	25k	16k	0.63	549
2028-06-16	11k	14k	1.26	304
2028-12-15	13k	8k	0.61	839

Source: CBOE delayed quotes, refreshed daily after US market close. Open interest is exchange-reported and lags one session. Research, not investment advice.