$ETH options flow — 2026-06-30

alpha micro-digest

eth 30jun26 expiry. put/call OI ratio 0.56. calls dominant in open interest. but put/call volume ratio 2.09. puts traded more than 2x calls today. flow is bearish even though the book is still call-heavy.

max-pain $1,575. spot $1,623. price sitting above max-pain, so dealer delta is short calls. to hedge, dealers buy spot on dips, sell on rips. the flip: if spot breaks below $1,575, dealer delta flips negative. they sell into weakness, amplifying the move. that's the line.

ATM IV 56.4%. elevated. market pricing in a lot of movement for a contract with a year to run.

volume skewed put. OI skewed call. someone's buying downside protection while the existing book is still positioned for upside. the tension is real.

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