$ETH options flow — 2026-05-14

alpha micro-digest

eth at $2,315. put/call oi ratio 0.51, calls dominate open interest. put/call volume ratio 2.28, puts dominate flow. nearest expiry 15may26 max-pain $2,300, atm iv 58.1%.

dealer hedging flips from gamma long to gamma short if spot breaks below $2,300, turning a put-heavy vol bid into forced dealer selling of eth. that's the line.

canonical cta: more at falsifylab.substack.com #OnchainAlpha #PerpFunding $ETH

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