btc options on deribit. 23jun26 expiry. spot $66,643.

put/call OI ratio 0.63. calls dominate open interest. but volume tells a different story. put/call volume ratio 2.54. puts traded nearly three to one over calls. someone’s buying protection or positioning for a move lower.

max pain $64,000. spot sitting above it. atm iv 40.4%.

dealer gamma flips negative if spot breaks below $64,000. above that level dealers are long gamma, dampening moves. below it they accelerate selling into weakness.

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Originally published on FalsifyLab Substack.