$BTC options flow — 2026-05-22
alpha micro-digest
btc options: put/call oi ratio 0.70, put/call volume ratio 0.90. calls still dominate open interest, but volume is nearly balanced — puts catching up. max-pain at $78k for 23may expiry, spot at $79,362. atm iv 28.5%.
falsifiable: if spot holds above $79k into expiry, dealers who hedged short calls will unwind, pinning gamma to the upside. below $78k, they flip to delta-hedging puts, accelerating the drop.
more at falsifylab.substack.com #OnchainAlpha $BTC
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