[DeFi Alpha Lab] five deribit block trade flows
btc and eth options flow, bearish then bullish, all disappeared
five deribit options block trade signals surfaced today on june 1. three btc scans, two eth scans. all marked disappeared. the set tells a story: heavy put dominance early, then a late btc flip to call buying. nothing to trade live, but the flow data is worth reading.
1. btc bearish, early
btc options flow bearish (bias -0.74). 28 block trades in window. last 90min flow: $14,095,183 call vs $94,791,951 put. open interest gamma skew +0.22. max-pain proxy $75,000 vs spot $73,797. realistic apy 200%, matches headline. capital range $25k to $10m, 1x leverage.
mechanism: translate to spot positioning via dealer-gamma framework. persistent call buying pulls spot toward strike clusters. put dominance creates downside vacuum.
risks: last 90min flow $14,095,183 call vs $94,791,951 put (bias -0.74). open interest gamma skew +0.22; max-pain proxy $75,000 vs spot $73,797. 28 block trades >$250k notional in window. block trades may be hedges, not directional bets, interpret in context with spot/perp positioning.
2. eth bearish, early
eth options flow bearish (bias -0.47). 2 block trades. last 90min flow: $1,070,070 call vs $3,005,047 put. open interest gamma skew +0.31. max-pain proxy $2,200 vs spot $2,011. realistic apy 200%. capital range $25k to $10m, 1x leverage.
mechanism: same dealer-gamma framework. put dominance creates downside vacuum.
risks: last 90min flow $1,070,070 call vs $3,005,047 put (bias -0.47). open interest gamma skew +0.31; max-pain proxy $2,200 vs spot $2,011. 2 block trades >$250k notional in window. block trades may be hedges, not directional bets.
3. btc bearish, mid
btc options flow bearish (bias -0.54). 35 block trades. last 90min flow: $30,760,461 call vs $102,615,605 put. open interest gamma skew +0.22. max-pain proxy $75,000 vs spot $73,396. realistic apy 200%. capital range $25k to $10m, 1x leverage.
mechanism: dealer-gamma framework. put dominance creates downside vacuum.
risks: last 90min flow $30,760,461 call vs $102,615,605 put (bias -0.54). open interest gamma skew +0.22; max-pain proxy $75,000 vs spot $73,396. 35 block trades >$250k notional in window. block trades may be hedges, not directional bets.
4. eth bearish, mid
eth options flow bearish (bias -0.41). 3 block trades. last 90min flow: $1,498,027 call vs $3,577,290 put. open interest gamma skew +0.31. max-pain proxy $2,200 vs spot $1,997. realistic apy 200%. capital range $25k to $10m, 1x leverage.
mechanism: dealer-gamma framework. put dominance creates downside vacuum.
risks: last 90min flow $1,498,027 call vs $3,577,290 put (bias -0.41). open interest gamma skew +0.31; max-pain proxy $2,200 vs spot $1,997. 3 block trades >$250k notional in window. block trades may be hedges, not directional bets.
5. btc bullish, late
btc options flow bullish (bias +0.34). 35 block trades. last 90min flow: $48,749,331 call vs $23,799,117 put. open interest gamma skew +0.22. max-pain proxy $75,000 vs spot $73,318. realistic apy 200%. capital range $25k to $10m, 1x leverage.
mechanism: dealer-gamma framework. persistent call buying pulls spot toward strike clusters.
risks: last 90min flow $48,749,331 call vs $23,799,117 put (bias +0.34). open interest gamma skew +0.22; max-pain proxy $75,000 vs spot $73,318. 35 block trades >$250k notional in window. block trades may be hedges, not directional bets.
the pattern: three consecutive bearish scans on btc and eth, then a btc flip to bullish. total notional across all scans: roughly $320m. the eth flow stayed bearish across both windows. if this were a live trade, the question would be whether the btc flip is a regime change or a late-day hedge rebalance. the gamma skew stayed flat at +0.22 across all three btc scans, which suggests the dealer positioning didn't shift much despite the flow reversal.
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