deribit btc options, june 4. underlying $64,240.

put/call oi ratio 0.62, calls dominant in open interest. but put/call volume ratio 2.14, puts crushing calls in today’s flow. volume skew flips hard bearish while oi stays call-heavy.

nearest expiry 5jun26. max-pain at $71k, well above spot. atm iv 67.8%.

falsifiable line: if spot stays below $64k, dealers who hedged the call oi gamma will start unwinding as delta drops, pulling bids. that flips dealer flow from passive long to active short.

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#OnchainAlpha $BTC

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Originally published on FalsifyLab Substack.