$BTC options flow — 2026-05-19
alpha micro-digest
btc at $78,600. put/call oi ratio 0.67, volume ratio 0.67. calls dominant across both. nearest expiry max-pain at $77,500, atm iv 33.2%.
falsifiable: if spot holds above $78,000 into expiry, dealers who delta-hedged short calls near $80k will need to buy spot to maintain delta neutrality as gamma flips long. that buying pressure could push spot toward max-pain.
canonical cta: more at falsifylab.substack.com
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