$ETH options flow — 2026-07-04
alpha micro-digest
eth options flow. 5jul26 expiry. spot $1,812.
put/call OI ratio 0.54. put/call volume ratio 0.37. both well below 0.7. calls dominate open interest and today's flow. market positioned for upside.
max-pain $1,700. spot above it. dealer hedging flips short above $1,700. they sell into strength, dampening rallies. below $1,700 they buy, cushioning drops. atm iv 41.0%. elevated but not extreme.
total call OI 930k contracts. put OI 503k. call volume $1.2M vs put volume $0.4M. the skew is real.
falsifiable line: if spot drops below $1,700, dealer delta hedging turns bid. they become net buyers of eth. if that support fails, the unwind accelerates.
more at falsifylab.com
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