$ETH options flow — 2026-06-26
alpha micro-digest
eth 27jun26 expiry. put/call oi ratio 0.57, so open interest still leans calls. but today's flow tells a different story. put/call volume ratio 1.93. puts traded nearly 2x calls by notional. $6.7m put vol vs $3.5m call vol. someone's buying downside in size while spot sits at $1,590.
max-pain $1,600. atm iv 63.1%. spot pinned right below max-pain. dealers short those $1,600 calls, long the puts that just printed. if spot drifts above $1,600 into expiry, dealer hedging flips from buy spot to sell spot. that's the line.
total oi: 857k calls, 486k puts. 732 strikes tracked. the oi skew still looks bullish on the surface. the flow skew does not.
cta: more at falsifylab.com
#ETHFlow #PerpFunding #FundingArb $ETH
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