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@pretoninho
Pretoninus II Mod Trader FOUNDER
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BTC Options Flow — May 20, 2026 - Mid-week analysis

700 calls vs 3,900 puts on May 29 — ratio 5. 5:1 Someone pays to protect themselves massively over the next 9 days. It's not retail — it's an institutional belief.
And in the meantime, June 26 reversed its trend: last week it was at 2. 8:1 puts/calls. Today it is at 1. 65:1 in favor of calls. The message is clear — bearish in the short term, bearish, in the medium term, we are back on the rise.

The walls that matter 🏗️

$62,000 → 16k puts · extreme safety net
$80,000 → 20k calls · high ceiling
$89,000 → 15.5k calls
$120,000 → 11k calls · institutional objective LT

Thread... 🧵
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May 20, 2026 · 04:52 AM · 52 views
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@pretoninho
Pretoninus II Mod Trader FOUNDER
@pretoninho Solaris Traders · May 20, 2026 · 04:55 AM
Trader FOUNDER
OI by strike

Two critical levels stand out. The put wall at $62,000 (16k contracts) is the extreme support — the low that the market is refusing to let go. The $80,000-$81,000 call wall (20k+ contracts) is the current natural ceiling. Between the two, the $75,000-$80,000 zone is the no-man's land where BTC operates. Calls range up to $380,000 in long lines — ultra-long term speculative positioning.
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@pretoninho
Pretoninus II Mod Trader FOUNDER
@pretoninho Solaris Traders · May 20, 2026 · 04:54 AM
Trader FOUNDER
Open Interest by expiry

June 26 crushes everything with 70k contracts, including a massive proportion of ITM calls (dark blue). These ITM calls are positions that were opened when BTC was higher — they are under water or close to breakeven. May 29 followed with 44k calls and 38k puts. Everything else is marginal. The IO confirms that June is the central hub of the market.
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@pretoninho
Pretoninus II Mod Trader FOUNDER
@pretoninho Solaris Traders · May 20, 2026 · 04:53 AM
Trader FOUNDER
Daily volume by expiry

May 29 dominates with 3,900 puts against 700 calls. That's 5.5x more puts than calls on a single expiry date — the most unbalanced flow of the week. All other exhales are either balanced or slightly put-heavy. Notable exception: June 26 switched in favor of calls (2,150 vs 1,300), a signal that the regime changed after May 29.
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