$ETH options flow — 2026-05-21
alpha micro-digest
eth at $2,171. put/call oi ratio 0.57, calls dominant in open interest. volume flips: put/call volume ratio 1.57, puts trading twice as much as calls today. nearest expiry 22may26, max-pain $2,200, atm iv 46.8%.
falsifiable: dealer gamma flips from long to short if spot breaks below $2,100, accelerating the move as they hedge puts. right now they're short gamma on the downside.
more at falsifylab.substack.com #PerpFunding #ETHFlow $ETH
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