btc options flow 24jun26. put/call oi ratio 0.62, calls dominant in open interest. but volume tells a different story. put/call volume ratio 1.96, puts trading almost 2x calls today. someone's buying protection.
max-pain $64,000, underlying $64,322. spot sitting just above the magnet. atm iv 42.0%.
the divergence between oi skew and volume skew is the signal. dealer gamma flips negative if spot breaks below $64k with this put flow accelerating. hedging would amplify any move lower.
$BTC #OnchainAlpha #PerpFunding #FundingArb
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Originally published on FalsifyLab Substack.