btc deribit options (1jul26 expiry). underlying $61,398. put/call OI ratio 0.57. put/call volume ratio 0.66. both ratios below 0.7 so calls dominate open interest and today's flow. max-pain $59,500. atm iv 41.5%.
the max-pain magnet sits about 3% below spot. dealer hedging flips from supportive to resistive if spot breaks below $59,500 before expiry. above that level, delta hedging adds a bid. below it, dealers sell into weakness.
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