btc options flow. put/call oi ratio 0.56, calls dominant in open interest. but volume tells a different story. put/call volume ratio 1.38, puts traded heavier today. someone's buying protection or positioning for a move lower.
nearest expiry 7jul26. max-pain $62,500. atm iv 41.0%. spot at $64,909, sitting above max-pain. if spot drifts toward $62,500 into expiry, dealers who are short those puts start buying spot to hedge. above $65k, they're selling into strength. the flip zone is tight.
$3.6m call volume vs $5.0m put volume. not massive but directional. put buying outpacing call buying while oi still leans call-heavy. could be fresh positioning or closing of existing call positions. hard to tell from aggregate numbers alone.
dealer gamma flips negative if spot breaks below $62,500. until then, they're selling rips and buying dips. rangebound behavior until that level gets tested.
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