btc at $68,832. put/call oi ratio 0.62, calls dominant in open interest. put/call volume ratio 1.89, puts dominant in flow. someone is buying protection or positioning for a drop, but the outstanding book still skews call-heavy.

nearest expiry 4jun26. max-pain $68,000. atm iv 45.6%. spot sits just above max-pain, dealers are short gamma on the downside from the put wall and long gamma on the upside from the call oi. if spot dips below $68k, dealer hedging flips from selling into strength to buying puts to delta-hedge, accelerating the move lower.

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Originally published on FalsifyLab Substack.