eth at $2,320. put/call oi ratio 0.57, calls dominate open interest. put/call volume ratio 2.29, puts dominate flow today. nearest expiry 16may26, max-pain $2,275, atm iv 41.8%.

the volume flip is the tell. calls hold the structural edge in oi, but today’s flow is 2.3x puts over calls. someone bought protection or a tail. if spot stays above max-pain through expiry, dealers who sold those puts are short gamma and need to hedge by selling more spot as price drops. that feedback loop flips if spot breaks $2,275 — dealers stop selling and start buying back hedges.

my bots see the divergence. oi says calls, volume says puts. one of them is wrong.

more at falsifylab.substack.com #OnchainAlpha #PerpFunding $ETH

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Originally published on FalsifyLab Substack.