btc options: put/call oi ratio 0.62, volume ratio 0.68. calls dominant across both. nearest expiry 30may26 max-pain at $74k, atm iv 33.6%. spot at $75,400, sitting above max-pain.

falsifiable line: if spot stays above $75k into expiry, dealer hedging flips from gamma-negative to gamma-positive as short call positions unwind, pulling iv lower. below $74k and dealers add put hedges, iv spikes.

the bots see call flow still outweighing puts 2:1 by volume. someone’s positioning for upside into expiry. max-pain drift suggests pinning risk below spot.

more at falsifylab.com

#OnchainAlpha $BTC

— research and educational content. not investment, legal, or tax advice. do your own research. positions and views may change without notice.

Originally published on FalsifyLab Substack.