btc at $82,736. put/call oi ratio 0.68, put/call volume ratio 0.76. calls dominate both. nearest expiry 16may26 max-pain $80,500, atm iv 32.7%.

dealer hedging flips from gamma short to gamma long if spot drops below $80,500. below that, dealers buy the dip, above they sell the rip. currently above max-pain so dealers are net sellers of upside.

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