$ETH options flow — 2026-06-14

alpha micro-digest

eth put/call oi ratio 0.53. calls dominate open interest. but volume ratio 0.94, nearly balanced. the market is long calls structurally, yet today's flow is neutral. no strong directional bet.

max-pain for 15jun26 sits at $1,675. spot $1,718. that's a $43 premium to max-pain. dealers are short those calls, long puts. gamma flips negative if spot slides below $1,675. below that level, dealer hedging accelerates downside. above it, they buy into dips. the line is thin.

atm iv 51.2%. not cheap, not panic-level. reflects a market pricing in a slow grind rather than a blow-off top. total call oi 1.34m contracts dwarfs put oi at 710k. the skew says participants want upside exposure, but they're not chasing it aggressively right now.

falsifiable line: if spot breaks $1,675, dealer gamma turns negative and hedging flips from dip-buying to momentum-selling.

more at falsifylab.com

#BTCFlow #PerpFunding #OnchainAlpha $ETH

— research and educational content. not investment, legal, or tax advice. do your own research. positions and views may change without notice.