$ETH options flow — 2026-05-27
alpha micro-digest
eth $2133. put/call oi ratio 0.54, put/call volume ratio 0.77. calls dominate open interest by a wide margin, but volume skew is closer — puts got 77% of call volume today. nearest expiry 28may26, max-pain at $2100. atm iv 43.4%.
dealer hedging flips from gamma short to gamma long if spot breaks below $2100; below that, dealers buy puts to delta-hedge, adding downward pressure. above $2100 they sell calls into strength.
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