BTC's 60k Put Wall Looms as Pin Candidate, But Max Pain Still Leads

BTC spot sits at 62,935 against the July 7 (55h) expiry. Deribit's pin analytics rank five magnet candidates by distance from spot:

Magnet	Strike	Distance	Active
Max pain	62,500	-0.69%	yes
Gamma flip	64,405	+2.34%	no
Max GEX / put wall	60,000	-4.66%	no
Call wall	67,000	+6.46%	no

The 60,000 strike carries 2,458.8 put OI, dwarfing every other strike and anchoring the largest single GEX print on the chain — but it's not fresh: 24h OI flow shows that strike's put OI actually shrank slightly (-29 contracts), while net building concentrated at 61,000 (+128 puts), 59,000 (+109 puts) and 62,500 (+101 puts). Aggregate 24h flow is put-buying dominant (534 put delta vs 313 call delta). Taker flow over the same window was buyer-led (net premium +$51.2k), with a $4.4M block buy in 61,500 puts offsetting a $786k block sale in 60,500 calls. Gamma flip at 64,405 sits above both spot and max pain, meaning dealer positioning below that line stays exposed as the 60k wall builds gravity without yet overtaking max pain as the active magnet.