$ETH options flow — 2026-05-24
alpha micro-digest
eth at $2,178. put/call oi ratio 0.55 — calls dominate open interest by a wide margin. put/call volume ratio 1.07, nearly balanced on the day. nearest expiry 25may26 max-pain at $2,150, atm iv 44.5%.
falsifiable line: if spot stays above $2,150 into expiry, dealers who delta-hedged that put-heavy volume will unwind long gamma, adding sell pressure just as call buyers lose theta. flip risk is spot dipping below max-pain, forcing dealers to hedge short gamma into a cascade.
canonical cta: more at falsifylab.com
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