$ETH options flow — 2026-06-25

alpha micro-digest

eth 26jun26 expiry. put/call oi ratio 0.54. but volume ratio 3.05. that's a lot of put flow relative to open interest. max-pain $2,000. spot at $1,684. atm iv 59.8%.

the oi skew says calls dominate. the flow says puts are being bought aggressively today. someone's paying up for downside protection on a friday expiry with spot already well below max-pain.

dealer gamma flip level sits around $1,700. above that, dealers buy spot into weakness. below it, they sell into weakness. we're under it now. if spot stays here into expiry, dealer hedging amplifies any dip.

max-pain at $2,000 is a magnet but also a ceiling. with spot this far below, pinning is unlikely. the put flow suggests someone expects it to stay that way.

$ETH #ETHFlow #PerpFunding #OnchainAlpha

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