The roll
$ETH on Deribit does not look like the
$BTC roll. After the 27SEP pin, the residual and the weekly point in opposite directions.
FACTS (Deribit get_book_summary_by_currency, ETH options, read 27/09 UTC):
โข 27SEP26: expired / delivered โ 2,712 (more in the active book)
โข Residual 28SEP26: puts โ 20,856 / calls โ 9,927, put/call โ 2.10, OI โ 30.8k, max pain โ 2,680. Clearly put-heavy in the book vs spot (~2,714 Kraken)
โข Weekly 2OCT26: calls โ 33,856 / puts โ 27,250, put/call โ 0.80, OI โ 61.1k, max pain โ 2,600. Visible call wall at 3,000 (โ 10.0k OI)
BTC MIRROR (same window, previous post):
โข BTC 28SEP put/call โ 0.64 (call-leaning) ยท BTC 2OCT put/call โ 1.23 (put-heavy)
โข On ETH, itโs the opposite: residual puts, then the weekly flips back to calls
INTERPRETATION:
The ETH options market keeps short-dated coverage (28SEP) while rolling gamma/calls toward 2OCT. This is not a single directional signal. Itโs a positioning structure: near-term hedge, upside further out, with weekly max pain still below spot.
SCENARIOS:
โข Holding above ~2,680โ2,700: the residual put loses value, focus shifts to the 2OCT 3k wall
โข Rejection below ~2,680: the 28SEP put book becomes the short-term magnet again
โข โMirrorโ reading invalidation: if the 2OCT put/call ratio rises clearly above 1.0 before the weekly
$ETH $BTC Does the ETH structure look more like a defensive hedge to you, or like a roll already toward the 3k upside?
#Ethereum #Options #Deribit