eth options flow for june 2. underlying $2,029.

put/call oi ratio 0.51, calls dominate open interest by a wide margin. put/call volume ratio 0.80, closer to parity on the day but still calls ahead.

nearest expiry 3jun26. max-pain at $2,000. atm iv 44.9%.

falsifiable line: if spot holds above $2,050 into expiry, dealer gamma flips from negative to positive as short call hedges unwind, pinning price toward max-pain.

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Originally published on FalsifyLab Substack.