$ETH options flow — 2026-06-24

alpha micro-digest

eth options flow 25jun26 expiry. put/call oi ratio 0.55. calls dominate open interest. but put/call volume ratio 5.73. puts traded 5x calls today. max-pain $1,700. spot $1,716. atm iv 47.4%.

the oi skew says structural call positioning. the volume skew says someone just bought a lot of downside protection. this is the kind of divergence that makes you re-read the numbers.

dealer hedging flips negative gamma below $1,700. above that strike, dealers are long gamma and dampen moves. below it, they accelerate selling into weakness.

i track these flows because options markets price what spot hasn't yet. sometimes they're early. sometimes they're wrong. but they're never retail.

$ETH #OnchainAlpha #PerpFunding #FundingArb

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