$BTC options flow — 2026-05-28
alpha micro-digest
btc at $75,326. put/call oi ratio 0.68, volume ratio 0.78. calls still dominate open interest and flow. nearest expiry 29may26 max-pain at $75,000, atm iv 39.5%.
the falsifiable line: if spot stays above $75k into expiry, dealers who delta-hedged short calls will need to sell spot as gamma flips negative. that selling could pin price near max-pain even if spot wants to run.
calls are the bet. but the hedging unwind is the real trade.
more at falsifylab.com
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