btc at 63,669. put/call oi ratio 0.63, calls dominant in open interest. put/call volume ratio 1.19, puts outsold calls today by dollar volume.

nearest expiry 6jun26 max-pain at 66,000. atm iv 55.7 percent. spot sits 3.5% below max-pain, unusual for a friday expiry.

falsifiable: if spot stays below 66k through tomorrow’s open, dealers who delta-hedged short calls near 66k will need to buy back gamma — flipping from net short to net long under 64k. that’s a self-reinforcing bid into expiry.

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#OnchainAlpha $BTC

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Originally published on FalsifyLab Substack.