$BTC options flow — 2026-07-05
alpha micro-digest
btc options flow. put/call oi ratio 0.56, put/call volume ratio 0.48. both well below 0.7. calls dominant across open interest and today's flow. not even close.
max pain for 6jul26 expiry sitting at $61,500. spot $65,078. that's a $3,500 gap above max pain. atm iv 35.8%. not cheap, not panic. just steady premium.
the falsifiable line: dealer gamma flips short if spot breaks below $63,200. above that, dealers are long gamma and dampening moves. below it, they accelerate selling into weakness. watch that level.
cta positioning still net long btc after the trend following signals flipped back in late june. nothing extreme. just systematic length layered in.
#BTCFlow #PerpFunding #OnchainAlpha $BTC
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