COIN Flow Report

Analysis based on market close April 6, 2026

Directional Theta Gang Flow Earnings Consensus

Flow Verdict

Confidence:

5.5 / 10

base 5; +1 GEX positive (pinning); -0.5 net premium bearish; +0.5 P/C volume ratio extreme

Watch next session: $170 gamma flip level; Put flow at $175 (near-term max pain); IV term structure for 4/10 vs 4/17 expirations

Flow Summary

Net premium: -$64.2M bearish

P/C volume ratio: 0.47 — extreme call-dominant

P/C OI ratio: 0.72 — moderate call lean

Massive net premium outflow (-$64.2M) contradicts extreme call volume dominance (P/C 0.47). This suggests large institutional put buying or call selling, creating a bearish flow regime despite high call volume.

Notable Prints

COIN 2026-06-18 $170 Call

Vol: 12,135

OI: 572

Vol/OI: 21.2x

IV: 76.0%

Notional: ~$3.2M (12,135 × $26.08 × 100)

Intent: Fresh directional call buying or call spread leg

Dual read: Bought (bullish) or sold/overwritten (neutral/bearish)

Read-through: Large block in ITM call with high volume/OI ratio suggests new position; given net premium bearish, could be part of a bear call spread or overwriting.

COIN 2026-04-10 $175 Put

Vol: 2,911

OI: 444

Vol/OI: 6.6x

IV: 77.0%

Notional: ~$1.7M (2,911 × $5.70 × 100)

Intent: Protective put buying or directional bearish bet

Dual read: Bought (bearish) or sold (neutral/bullish)

Read-through: ITM put with high volume/OI ratio at near-term max pain ($175 for 4/24); aligns with net premium outflow and pinning regime.

COIN 2026-04-10 $172.50 Put

Vol: 1,477

OI: 457

Vol/OI: 3.2x

IV: 77.9%

Notional: ~$676K (1,477 × $4.58 × 100)

Intent: Near-term hedge or directional put

Dual read: Bought (bearish) or sold (neutral/bullish)

Read-through: OTM put just below spot; adds to put flow concentration around $170-$175 support zone.

COIN 2026-04-10 $197.50 Call

Vol: 377

OI: 112

Vol/OI: 3.4x

IV: 74.7%

Notional: ~$13.6K (377 × $0.36 × 100)

Intent: Lottery ticket call buying or spread leg

Dual read: Bought (bullish) or sold (neutral/bearish)

Read-through: Small notional OTM call; likely noise or part of a defined structure given low dollar value.

COIN 2026-09-18 $95 Put

Vol: 1,020

OI: 617

Vol/OI: 1.6x

IV: 83.1%

Notional: ~$535K (1,020 × $5.25 × 100)

Intent: Far OTM protective put or tail hedge

Dual read: Bought (bearish hedge) or sold (neutral)

Read-through: Deep OTM put (46% below spot) with elevated IV; likely portfolio insurance rather than near-term directional bet.

Institutional Positioning

Call additions: $170-$185 calls across near-term expirations (4/10, 4/17, 4/24)

Put additions: Protective $170-$175 puts (near-term), far OTM $95 puts (9/18)

GEX/DEX consistency: No — positive GEX (+$15.6M) contradicts bearish net premium flow, indicating mixed positioning

OI clusters: $170 call wall (14,206 OI), $185 call wall (7,519 OI), $170 put cluster (7,151 OI)

Hedging evidence: Yes — concentrated put OI at $170 (7,151) and far OTM $95 puts suggest hedging activity

Max pain context: Near-term max pain at $170 (4/10), $180 (4/17), $175 (4/24); spot at $174.79 between pins, favoring drift toward $170

Signal vs Noise

~High-volume $170 call (12,135 volume) on 6/18 expiration could be part of a calendar spread or roll, not pure directional bet

~Small OTM calls like $197.50 (4/10) with low notional (~$13.6K) are likely lottery tickets or spread legs, not institutional flow

~Far OTM $95 puts (9/18) are tail hedges, not near-term directional signals

~IV term structure shows steep inversion: 4/10 ATM IV 77.7% vs 4/17 ATM IV 72.8% (4.9pp differential). This suggests volatility-based strategies like short calendar spreads at strikes like $175 are prominent, explaining some unusual activity as part of defined structures rather than directional bets.

Key Conclusions

⚠️Net premium -$64.2M bearish contradicts extreme call volume (P/C 0.47), signaling institutional put buying/call selling

📌Gamma pinning regime with positive GEX (+$15.6M) creates magnet at $170-$175; spot likely drifts toward $170 max pain

🛡️Hedging evident via $170 put cluster (7,151 OI) and far OTM $95 puts, suggesting downside protection

📊IV term structure inversion: 4/10 ATM IV 77.7% vs 4/17 ATM IV 72.8% (4.9pp differential) presents opportunity for short calendar spreads (e.g., sell 4/10 $175C, buy 4/17 $175C) to capitalize on rapid IV decay

Read the Flow analysis for COIN for 2026-04-06. This AI-generated report covers regime classification, key price levels, strategy recommendations, and actionable trade ideas drawn from end-of-day options data including gamma exposure, delta exposure, and implied volatility.