$ETH options flow — 2026-07-01
alpha micro-digest
eth options flow. 2jul26 expiry. max-pain $1,575. atm iv 52.6%.
oi skew is bullish. put/call oi ratio 0.57. total call oi 891k contracts, put oi 510k. market positioned for upside.
but today's flow tells a different story. put/call volume ratio 1.84. put volume $2.5M, call volume $1.3M. traders buying protection despite the bullish oi structure.
spot at $1,617. sitting above max-pain $1,575. dealer gamma likely flips negative if spot breaks below max-pain, accelerating any selloff.
one falsifiable line: if eth holds above $1,575 into 2jul26 expiry, dealer hedging provides a bid. break below and dealers sell into weakness.
more at falsifylab.com
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