btc options flow. 10jul26 expiry. put/call oi ratio 0.55. put/call volume ratio 0.72. both under 0.7, so calls dominant. not a bearish skew in sight.
max-pain $62,000. spot at $65,117. price sitting above max-pain, which usually means dealer gamma is short above $62k. they sell into strength, buy into weakness. the flip line: if spot breaks below $62,000, dealer hedging flips from dampening to amplifying. that's the falsifiable bit. watch it.
atm iv 37.6%. not cheap, not panic. just steady premium.
$BTC flow says market is long, dealers are fading. same story as last week.
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