eth 22jun26 expiry. put/call oi ratio 0.55, volume ratio 0.71. both under 1. calls dominate open interest and today's flow. max-pain $1,725, spot $1,764. market sitting above max-pain by about $39. atm iv 55.1%.

dealer hedging: with spot above max-pain and calls heavy, dealers are likely short calls, long spot to hedge. gamma flips negative if spot drops through $1,725. below that, dealers sell into weakness. above it, they buy dips. the $1,725-$1,764 band is the inflection zone.

flow skew is bullish but iv at 55% says the market is pricing a lot of movement. not a cheap bet. the real signal is whether spot holds above max-pain through expiry. if it does, call-heavy positioning gets validated. if it breaks lower, dealer hedging turns from support to accelerant.

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