eth at $2,236. put/call OI ratio 0.58, calls dominate open interest. put/call volume ratio 3.26, puts crushed calls 3:1 in today’s flow. nearest expiry 17may26 max-pain $2,250, atm iv 35.9%.

falsifiable: if spot stays below $2,250 into expiry, dealers who hedged the call-heavy OI by selling spot will need to unwind those shorts, creating a bid that flips gamma from negative to positive. puts are the flow but the structural OI is calls.

canonical cta: more at falsifylab.substack.com

#OnchainAlpha #FundingArb $ETH

— 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.