$ETH options flow — 2026-06-28

eth 29jun26 expiry. spot 1630. put/call oi ratio 0.56, so open interest still leans heavily toward calls. but today’s volume flipped. put/call volume ratio 1.45 on 0.7m put vol vs 0.4m call vol. short-dated flow is buying protection.

max-pain sits at 1575, well below spot. dealers are short puts and long calls at the oi level. if spot drifts lower toward max-pain, dealer hedging accelerates selling. if spot holds above 1600, the oi gravity is weaker and the intraday put buying becomes the dominant flow to fade.

atm iv 52.8% on the front expiry. not cheap, not panicked. the vol bid came with direction.

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Originally published on FalsifyLab Substack.