ETH's Gamma Flip Flips Negative as Spot Climbs Clear of the Line
ETH spot (1715.99) sits above the Jul-4 expiry's gamma flip at 1705.09 — but the more telling shift is what happened to dealer gamma along the way. Over the last 46 hours spot ran from 1580 to 1718 (+8.75%) while total GEX flipped sign entirely:
| Time (UTC) | Spot | Gamma Flip | GEX Total ($M) |
|---|---|---|---|
| Jul 1 09:55 | 1580.08 | 1631.81 | +4.08 |
| Jul 2 12:55 | 1664.28 | 1675.79 | +2.69 |
| Jul 3 01:55 | 1713.32 | 1691.12 | -16.75 |
| Jul 3 07:55 | 1718.35 | 1692.52 | -27.04 |
Per-strike, the 1700 strike still holds the largest positive wall (+6.63M) but everything from 1725 up is now net negative gamma (-7.15 at 1725, -8.46 at 1775, -6.72 at 1800) — dealers are short gamma through the entire upside path spot just cleared. The composite regime read flags this explicitly as UNSTABLE, citing spot sitting near the flip with hedging direction undetermined, and classifies the gamma regime as TRANSITIONAL since gexTotal (negative) and spot-vs-flip (above) disagree. Funding is in an extreme-long regime (+9.71% annualized), adding directional pressure on top of the gamma mechanics.