eth at $1,926. put/call oi ratio 0.53, calls dominate open interest. but put/call volume ratio 3.74, puts crushed calls on flow today. $11.9m put volume vs $3.2m call volume. nearest expiry 4jun26, max-pain $1,925, atm iv 61.4%.

falsifiable line: dealer hedging flips from gamma long to gamma short if spot breaks below $1,900, accelerating the selloff as they delta-hedge into weakness.

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#OnchainAlpha #PerpFunding #FundingArb $ETH

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Originally published on FalsifyLab Substack.