$BTC options flow — 2026-05-11
btc put/call oi ratio 0.63, put/call volume ratio 0.36. calls dominate on both fronts. nearest expiry 12may26 max-pain at $80,500, atm iv 33.6%. dealer hedging flips to short gamma if spot pushes below $80k, forcing them to sell into weakness. right now spot at $83,277, above ma
btc put/call oi ratio 0.63, put/call volume ratio 0.36. calls dominate on both fronts. nearest expiry 12may26 max-pain at $80,500, atm iv 33.6%.
dealer hedging flips to short gamma if spot pushes below $80k, forcing them to sell into weakness. right now spot at $83,277, above max-pain, so dealers are net long gamma and fade moves higher.
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Originally published on FalsifyLab Substack.
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