CRCL Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $75.05.

Put/Call (OI)

0.73

325k P / 443k C

Put/Call (Volume)

0.47

27k P / 58k C today

30d ATM IV

79%

annualized implied move

Call wall

$80

34k contracts

Put wall

$65

28k contracts

Tail hedging

0.6×

deep-OTM puts vs calls

What the positioning says

●Call wall at $80 (34k contracts), 7% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $65 (28k contracts), 13% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 79% — 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	88k	51k	0.58	32k
2026-08-28	11k	10k	0.88	11k
2026-09-04	6k	6k	0.93	4k
2026-09-11	5k	9k	1.76	8k
2026-09-18	70k	60k	0.86	12k
2026-09-25	2k	2k	1.00	1k
2026-10-02	197	215	1.09	2k
2026-10-16	39k	30k	0.78	5k
2026-11-20	934	1k	1.10	2k
2026-12-18	46k	49k	1.06	1k
2027-01-15	83k	53k	0.65	2k
2027-03-19	9k	8k	0.83	615
2027-06-17	22k	8k	0.39	321
2027-12-17	9k	9k	0.90	319
2028-01-21	23k	9k	0.42	3k
2028-06-16	15k	12k	0.79	54
2028-12-15	13k	7k	0.52	197

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