• 1. btc bearish, early
• 2. eth bearish, early
• 3. btc bearish, mid
• 4. eth bearish, mid
• 5. btc bullish, late

five deribit options block trade signals surfaced today on june 1. three btc scans, two eth scans. all marked disappeared. the set tells a story: heavy put dominance early, then a late btc flip to call buying. nothing to trade live, but the flow data is worth reading.

§1. btc bearish, early

btc options flow bearish (bias -0.74). 28 block trades in window. last 90min flow: $14,095,183 call vs $94,791,951 put. open interest gamma skew +0.22. max-pain proxy $75,000 vs spot $73,797. realistic apy 200%, matches headline. capital range $25k to $10m, 1x leverage.

mechanism: translate to spot positioning via dealer-gamma framework. persistent call buying pulls spot toward strike clusters. put dominance creates downside vacuum.

risks: last 90min flow $14,095,183 call vs $94,791,951 put (bias -0.74). open interest gamma skew +0.22; max-pain proxy $75,000 vs spot $73,797. 28 block trades >$250k notional in window. block trades may be hedges, not directional bets, interpret in context with spot/perp positioning.

§2. eth bearish, early

eth options flow bearish (bias -0.47). 2 block trades. last 90min flow: $1,070,070 call vs $3,005,047 put. open interest gamma skew +0.31. max-pain proxy $2,200 vs spot $2,011. realistic apy 200%. capital range $25k to $10m, 1x leverage.

mechanism: same dealer-gamma framework. put dominance creates downside vacuum.

risks: last 90min flow $1,070,070 call vs $3,005,047 put (bias -0.47). open interest gamma skew +0.31; max-pain proxy $2,200 vs spot $2,011. 2 block trades >$250k notional in window. block trades may be hedges, not directional bets.

§3. btc bearish, mid

btc options flow bearish (bias -0.54). 35 block trades. last 90min flow: $30,760,461 call vs $102,615,605 put. open interest gamma skew +0.22. max-pain proxy $75,000 vs spot $73,396. realistic apy 200%. capital range $25k to $10m, 1x leverage.

mechanism: dealer-gamma framework. put dominance creates downside vacuum.

risks: last 90min flow $30,760,461 call vs $102,615,605 put (bias -0.54). open interest gamma skew +0.22; max-pain proxy $75,000 vs spot $73,396. 35 block trades >$250k notional in window. block trades may be hedges, not directional bets.

§4. eth bearish, mid

eth options flow bearish (bias -0.41). 3 block trades. last 90min flow: $1,498,027 call vs $3,577,290 put. open interest gamma skew +0.31. max-pain proxy $2,200 vs spot $1,997. realistic apy 200%. capital range $25k to $10m, 1x leverage.

mechanism: dealer-gamma framework. put dominance creates downside vacuum.

risks: last 90min flow $1,498,027 call vs $3,577,290 put (bias -0.41). open interest gamma skew +0.31; max-pain proxy $2,200 vs spot $1,997. 3 block trades >$250k notional in window. block trades may be hedges, not directional bets.

§5. btc bullish, late

btc options flow bullish (bias +0.34). 35 block trades. last 90min flow: $48,749,331 call vs $23,799,117 put. open interest gamma skew +0.22. max-pain proxy $75,000 vs spot $73,318. realistic apy 200%. capital range $25k to $10m, 1x leverage.

mechanism: dealer-gamma framework. persistent call buying pulls spot toward strike clusters.

risks: last 90min flow $48,749,331 call vs $23,799,117 put (bias +0.34). open interest gamma skew +0.22; max-pain proxy $75,000 vs spot $73,318. 35 block trades >$250k notional in window. block trades may be hedges, not directional bets.

the pattern: three consecutive bearish scans on btc and eth, then a btc flip to bullish. total notional across all scans: roughly $320m. the eth flow stayed bearish across both windows. if this were a live trade, the question would be whether the btc flip is a regime change or a late-day hedge rebalance. the gamma skew stayed flat at +0.22 across all three btc scans, which suggests the dealer positioning didn’t shift much despite the flow reversal.

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Originally published on FalsifyLab Substack.

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