btc options: put/call oi ratio 0.63, put/call volume ratio 0.49. calls dominate both open interest and flow. nearest expiry (31may26) max-pain at $73,500, atm iv 25.9%. spot $75,545 sits above max-pain, so dealers are short gamma below — they hedge by selling into weakness. but the volume skew (0.49) means call buying is heavy. falsifiable line: if spot dips below $73,500, dealer hedging flips from selling to buying, creating a bid near max-pain. otherwise, the call skew keeps them leaning short gamma to the upside.

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