btc options flow. deribit 5jul26 expiry.
put/call OI ratio 0.56. call OI 227k vs put OI 128k. calls dominant in open interest. put/call volume ratio 0.75. call vol $7.1M, put vol $5.3M. volume skew also leaning calls but less extreme than OI. the market is structurally long calls, short puts.
max-pain $62,000. spot $64,912. dealers are short puts below max-pain, short calls above it. with spot above max-pain, dealer delta is positive. they hedge by selling spot or futures. if spot drifts down toward $62k, that positive delta shrinks. dealers buy back. the flip line: below $62k dealer delta turns negative, they hedge by buying spot. that's the zone where dealer flow supports price.
ATM IV 35%. not cheap, not panic. just steady premium.
914 options tracked. thin expiry but enough to read the structure.
the CTA trade here is selling the $62k put, buying the $64k call, and shorting spot delta-neutral. you collect vol premium while dealers do the heavy lifting on the hedge.
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