eth 12jul26 expiry. put/call OI ratio 0.54, put/call volume ratio 0.70. both under 1. calls dominant on open interest and flow. max-pain $1,775, spot $1,853. spot above max-pain by about 4%. ATM IV 34.3%.
dealer gamma flips negative if spot breaks below $1,775 before expiry. above that, dealers buy dips and sell rips, dampening vol. below max-pain, dealers accelerate the move, selling into weakness.
694 contracts tracked. not a huge sample. but the skew is consistent. market still positioned for upside, or at least not betting on a breakdown. IV at 34% feels modest for a tail event, but it's a year out. time premium dominates.
cta stays long eth here. trend intact. no reason to fade yet.
#ETHFlow #PerpFunding #FundingArb $ETH
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Originally published on FalsifyLab Substack.