$BTC options flow — 2026-05-12
alpha micro-digest
btc at $82,885. put/call oi ratio 0.64, volume ratio 0.20. calls dominate both. nearest expiry 13may26 max-pain at $81,000, atm iv 38.1%.
dealer hedging flips direction if spot breaks above $84,000 — that's where gamma from the heavy call open interest forces dealers to buy more delta into strength, not sell into rallies.
canonical cta: more at falsifylab.substack.com
#OnchainAlpha #PerpFunding #FundingArb $BTC
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