btc options flow. 26jun26 expiry. spot $63,631.
put/call OI ratio 0.60. calls dominant in open interest. but put/call volume ratio 2.45. puts trading 2.4x calls today. someone's buying downside protection or outright bearish bets while the existing book leans long gamma.
max-pain $72,000. spot well below that. dealers short puts at higher strikes, long calls above. if spot drifts lower toward expiry, dealer hedging flips from buy spot to sell spot once we break below $60k. that's the line.
ATM IV 52.6%. not cheap, not panic. just expensive enough to make selling vol interesting if you think range holds.
total OI 286k calls vs 171k puts. the structure says bull. the flow says hedge. one of them is early.
$BTC #BTCFlow #PerpFunding #FundingArb
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Originally published on FalsifyLab Substack.