btc options flow. 2jul26 expiry.
put/call oi ratio 0.57. calls dominate open interest. but volume tells a different story. put/call volume ratio 1.37. puts traded heavier than calls today. someone's buying protection or positioning for a move lower.
max-pain $59,000. spot at $60,858. sitting above max-pain by about $1,800. atm iv 45.8%. not cheap, not panic levels. just elevated.
the falsifiable bit: dealer gamma flips negative if spot breaks below $59,000. below that, dealers sell into weakness, amplifying any drop. above it, they dampen moves. the line is drawn.
total oi 223k calls vs 127k puts. the structure still leans bullish but the flow today was defensive. watching whether that put volume was opening or closing. if opening, the max-pain magnet at $59k gets stronger.
$BTC #BTCFlow #PerpFunding #OnchainAlpha
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Originally published on FalsifyLab Substack.