$BTC options flow — 2026-05-31

btc put/call oi ratio 0.63, put/call volume ratio 0.42. calls dominant on both fronts. nearest expiry 1jun26 max-pain at $73,500, atm iv 30.8%. the falsifiable line: if spot stays above $76k through expiry, dealers who delta-hedged short calls will have to unwind, flipping from

btc put/call oi ratio 0.63, put/call volume ratio 0.42. calls dominant on both fronts. nearest expiry 1jun26 max-pain at $73,500, atm iv 30.8%.

the falsifiable line: if spot stays above $76k through expiry, dealers who delta-hedged short calls will have to unwind, flipping from gamma-negative to gamma-positive. that unwind pressure could pin spot near max-pain despite the call skew.

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Originally published on FalsifyLab Substack.


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