btc options flow. 15jun26 expiry. put/call oi ratio 0.60. calls dominate open interest. put/call volume ratio 0.87. volume skew less extreme but still call-heavy. max-pain $63,500. atm iv 36.9%.
spot at $66,485. sitting above max-pain. dealers short calls against that oi pile. above $63,500 they buy spot to hedge short call gamma. below it they sell. the flip line is $63,500. right now spot is above so dealer hedging adds bid. if we break below max-pain, that flow reverses and dealers become spot sellers.
the volume ratio at 0.87 says puts are trading almost even with calls. not a panic bid but not complacent either. someone is paying for downside exposure while the oi stack still leans bullish. could be hedging long spot, could be positioning for a move back toward max-pain.
36.9% atm iv isn't cheap. market pricing in decent swing potential even with spot grinding sideways. 944 contracts tracked. not a sleepy expiry.
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