$ETH options flow — 2026-05-23
alpha micro-digest
deribit eth options recap. 2026-05-23.
put/call oi ratio 0.56. calls dominant in open interest. put/call volume ratio 1.76. puts dominated today's flow. bearish skew in the near term.
nearest expiry 24may26. max-pain at $2,100. atm iv 35.8%. spot at $2,079, sitting just below max pain. dealers want spot near $2,100 by friday.
falsifiable line: if spot stays below $2,100 into expiry, dealer hedging from gamma short flips to delta short as puts get exercised. that accelerates the move lower.
canonical cta: more at falsifylab.com
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