btc options flow. 3jul26 expiry.
put/call oi ratio 0.57. calls dominant in open interest. but put/call volume ratio 2.13. puts dominated friday's flow. someone bought protection, or someone sold calls and hedged with puts. the oi skew says structural bullishness. the volume skew says short-term caution.
max-pain $61,000. spot $63,715. market sitting above max-pain. pin risk lower. atm iv 52.0%. elevated. not panic levels, but not cheap.
the falsifiable line: if spot breaks below $61,000, dealer gamma flips from long to short. hedging accelerates the move. above $61,000, dealers buy dips. below, they sell rips.
i track this because flow precedes price. sometimes.
#PerpFunding #FundingArb #OnchainAlpha $BTC
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Originally published on FalsifyLab Substack.