btc options: put/call oi ratio 0.64, put/call volume ratio 0.58. calls dominate on both fronts. nearest expiry 2jun26 max-pain at $73k, atm iv 33.0%. spot at $74,521, sitting above max-pain.

falsifiable line: if spot holds above $73k into expiry, dealer hedging from short call gamma flips from neutral to negative delta — they sell into rallies, not buy dips. the 0.58 vol ratio suggests flow already leaning that way.

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Originally published on FalsifyLab Substack.