btc options for 22jun26 expiry. put/call oi ratio 0.64, so open interest leans calls. but volume tells a different story. put/call volume ratio 1.47, puts dominated today's flow. someone's buying downside protection even as spot sits at $66,082.

max-pain $63,000. that's the strike where most options expire worthless, a magnet for pinning. atm iv 37.1%, not cheap, not panic levels either. the oi skew says structural bullishness, the volume skew says short-term hedging.

the falsifiable line: dealer gamma flips negative if spot breaks below $64,500. above that, dealers buy dips. below it, they sell into weakness, amplifying any slide toward max-pain.

936 contracts tracked. the bots are watching that gamma flip level. so am i.

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