btc options flow on deribit. 28jun26 expiry.

put/call OI ratio 0.57. calls dominant in open interest. but put/call volume ratio 1.91. puts traded nearly 2x calls today. call vol $8.3M, put vol $15.9M. someone’s buying downside protection while the existing book leans bullish.

max-pain $60,000. spot at $62,677. price sitting above max-pain, so dealer delta is short calls. they hedge by buying dips, selling on rips. the flip line: if spot breaks below $60,000, dealer delta flips short. they’d sell into weakness instead of buying it.

ATM IV 31.6%. not cheap, not panic. just steady premium getting paid for puts.

the flow says cautious positioning. OI says the crowd is still long. one of them is wrong.

$BTC #BTCFlow #PerpFunding #OnchainAlpha

https://falsifylab.substack.com/p/btc-options-flow-2026-06-27

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