$BTC options flow — 2026-05-21
put/call oi ratio 0.68, calls dominate. put/call volume ratio 1.15, puts edge vol today. max-pain $79k for 22may expiry, atm iv 33.8%. spot $79,116, sitting almost on max-pain. falsifiable line: dealer gamma flips from short to long if spot breaks below $78,500, forcing delta-he
put/call oi ratio 0.68, calls dominate. put/call volume ratio 1.15, puts edge vol today. max-pain $79k for 22may expiry, atm iv 33.8%. spot $79,116, sitting almost on max-pain.
falsifiable line: dealer gamma flips from short to long if spot breaks below $78,500, forcing delta-hedge sell pressure into a bid that’s already thin from put buying.
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Originally published on FalsifyLab Substack.
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