European-session sell-off, losses pared into the close
A steady start gave way at 11:00 UTC and ETH slid $59 to $2,389. Put writers added the most fresh OI at $2,260 (+1,409 ETH). Call writers built positions at $2,350–$2,640, led by $2,640 (+977 ETH). Max pain moved from $2,360 to $2,350, following price down.
SpotMax painPCR15-min · UTC
Open$2,431
High · 11:02$2,450
Low · 21:38$2,373
Avg PCR0.51
Max pain$2,350
Liquidations$9.0M
Key levels for the next session
$2,640Fresh calls +977 ETHcap
$2,500Call wall · 61,095 ETH OIresistance
$2,460Fresh calls +361 ETHcap
$2,410.63Close●
$2,350Max painmagnet
$2,320Fresh puts +917 ETHsupport
$2,300Put wall · 47,636 ETH OIfloor
$2,260Fresh puts +1,409 ETHsupport
Where writers added today
$2,640
+977 ETH
$2,350
+364 ETH
$2,460
+361 ETH
$2,260
+1,409 ETH
$2,320
+917 ETH
$2,220
+637 ETH
■ calls ■ puts · OI change from the first snapshot to the close, strikes near spot
Move vs what options priced
Next-day ATM straddle at open · IV 22.1%$31
Session range$77
One session moved 2.5× the next-day straddle's full priced move.
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