$ETH options flow — 2026-06-20
alpha micro-digest
eth 21jun26 expiry. put/call oi ratio 0.55. calls dominate open interest. but put/call volume ratio 2.04. today's flow is all puts. someone's buying downside protection while the book still leans bullish.
max pain $1,700. spot $1,767. price sitting above max pain. atm iv 38.2%. not cheap, not panicked. just expensive enough to make you think twice before selling vol.
the falsifiable line. dealer gamma flips negative if spot breaks below $1,700. above that strike, dealers are long gamma, buying dips, selling rips. dampening moves. below it, they flip short. accelerating any selloff. that's the line in the sand.
total oi 1.37m calls, 750k puts. the structure says bullish. the flow says hedging. someone's paying up for tail risk while the crowd stays long.
more at falsifylab.com
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