btc options flow. put/call oi ratio 0.61, so open interest still leans calls. but volume tells a different story. put/call volume ratio 3.30. puts traded 3.3x more than calls today. someone's buying protection or positioning for a move down.
nearest expiry 25jun26. max-pain $62,500. spot at $64,677, so we're above max-pain. atm iv 31.3%. not cheap, not panicked. just elevated.
the falsifiable bit: dealer gamma flips negative if spot breaks below $62,500 before expiry. below that strike, dealers sell into weakness to hedge, accelerating any drop. above it, they're still buying dips. the line is clear.
cta: more at falsifylab.com
#BTCFlow #PerpFunding #OnchainAlpha $BTC
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Originally published on FalsifyLab Substack.