$BTC options flow — 2026-07-10

alpha micro-digest

btc options flow. 11jul26 expiry. put/call OI ratio 0.54, put/call volume ratio 0.72. both under 1. calls dominant on open interest and today's flow. max-pain $63,500, atm iv 41.0%.

total call OI 231k contracts, put OI 124k. volume skewed calls too, $11.8M vs $8.5M puts. market paying up for upside exposure into next week's expiry. iv at 41% not cheap but not panicked either.

dealer hedging flips from buy spot to sell spot if btc breaks above $68,200. below that, dealers are net long gamma and dampening moves. above it, they accelerate the rally.

cta positioning still long. trend following systems added length on the bounce from $63k. no signal flip yet but getting closer to levels where models reduce.

#BTCFlow #PerpFunding #OnchainAlpha $BTC

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