Ethereum ETF Put Volume Jumps as Spot Prices Drift; BTC Holds $75K After Worst Weekly Outflow Since June

Put volume on BlackRock's ETHA ran nearly 1.9x call volume in the latest options snapshot, the most defensive single-session skew across the major spot ETFs as bitcoin and ether traded in tight ranges Saturday. The positioning print lands alongside confirmation that spot bitcoin ETFs logged $1.28 billion in net outflows for the week — the worst weekly tally since June, according to InflowScan data.

Market Pulse

Spot tape is quiet. Bitcoin trades at $75,770, down 0.06% over 24 hours with an intraday range of 0.80%. Ether sits at $2,235 (-0.16%), Solana at $89.64 (-0.54%), and XRP at $1.16 -1.52% ↓ — the only major posting a session range above 2%. Perpetual funding leans modestly long across the complex: BTC prints +0.0035% per 8h on Binance (annualized ~3.8%), ETH at +0.0083% (~9.1%), and XRP the firmest at +0.0100% (~10.9%). Nothing in the funding tape suggests forced positioning in either direction.

Options Positioning

The standout signal is in ether ETF optionality. ETHA's latest snapshot shows a put/call volume ratio of 1.888 against a far-calmer P/C open interest of 0.666, consistent with fresh downside hedging on top of a longer-dated call-heavy book. The $10 and $5 put strikes dominate OI (roughly 80-90% below the snapshot underlying of $50.59), pointing to tail-risk coverage rather than directional conviction. ETHE echoes the same tilt with a 1.261 put/call volume ratio. By contrast, FBTC prints a 0.474 P/C volume ratio — the most call-skewed in the set — with top call OI stacked at $100 and $110 strikes, well above the snapshot close. IBIT sits in the middle at 0.787 P/C volume, 37.9% 30-day IV. XRPC remains structurally call-heavy with a 0.212 P/C volume ratio and OI concentrated at the $22-$30 call strikes, according to InflowScan data.

Narrative

Two threads are shaping the tape. Spot bitcoin ETFs flipped negative for 2026 after the $1.28 billion weekly outflow — the worst since June — and the ether ETF selloff referenced in headlines is now visible in the options book as near-dated put demand. Separately, follow-on reporting on the Binance exchange incident indicates attackers accumulated an additional 2,300 BTC, a headline being watched for secondary market impact but not yet reflected in funding or spot volatility. Price prediction pieces flagging $60,000 as a downside level are circulating but have not shown up in the IBIT put chain, where the heaviest OI remains at $30 — roughly 30% below the snapshot underlying.

Afternoon Watch

Weekend session: no scheduled US macro prints or Fed speakers; low-conviction drift into Sunday's Asia open is the base case.
Stablecoin supply: USDT contracted $719M over 24 hours and USDC fell $29M, per InflowScan data — a second consecutive session of dry-powder reduction worth monitoring into Monday.
ETHA put-skew follow-through: whether Monday's options print retains the 1.88 P/C volume ratio or mean-reverts would historically be associated with either a persistent hedging bid or a one-day flush.