$BTC options flow — 2026-06-09

alpha micro-digest

btc options: put/call oi ratio 0.64, put/call volume ratio 0.69. calls still dominate across both open interest and today's flow.

nearest expiry 10jun26, max-pain at $63k. atm iv 44.1%. spot at $64,597 — sitting above max-pain, which usually means dealers are short gamma and hedging into strength.

one falsifiable line: if spot holds above $64k into expiry, dealer hedging flips from short-gamma hedging (selling into rallies) to long-gamma positioning (buying dips) as pin risk at $63k recedes. if it drops below $63k, the opposite — dealers get short gamma again and amplify the move.

canonical cta: more at falsifylab.com

#OnchainAlpha #PerpFunding $BTC

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