$ETH options flow — 2026-06-29

eth options flow. 30jun26 expiry. spot $1,619.

put/call OI ratio 0.57. structural call dominance. but today’s volume flipped. put/call volume ratio 1.55. puts trading 1.5x calls. max-pain $1,550. ATM IV 59%.

the flow says dealers are short puts, long calls from open interest. but intraday put buying means dealers are now selling puts. that flips their spot hedge. below $1,550 they were buying spot to hedge short puts. above $1,550 they were selling spot to hedge long calls. the volume skew says they’re now selling spot above $1,550 to hedge new put sales. gamma flips negative above max-pain.

if spot drifts toward $1,550, dealer hedging accelerates the move. falsifiable: above $1,550, dealers are net spot sellers. below, net buyers. watch for a magnet effect around max-pain.

i track funding and flow at falsifylab.com

#PerpFunding #BTCFlow #ETHFlow $ETH

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Originally published on FalsifyLab Substack.