btc options flow. 12jul26 expiry. spot $66,641.
put/call OI ratio 0.54. calls dominate open interest. put/call volume ratio 0.85. flow tilted toward calls but less extreme than the OI suggests. max-pain $63,500. atm iv 32.5%.
the OI skew is clearly bullish. but the volume ratio is closer to neutral. that means the call-heavy OI was built earlier. recent flow is less directional. dealers are short calls from that earlier build. if spot drifts below $66,000, delta hedging flips from buying into selling. that's the line where dealer flow turns from supportive to a drag.
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Originally published on FalsifyLab Substack.