BTC's 61000 Put OI Builds 5x Then Reverses Hours Before Expiry

BTC's front-weekly 61000 put (2026-07-07 expiry, under 24 hours to go) has been the loudest single position on the board this week — open interest built up nearly 5x over three days, then reversed hard in the most recent 24-hour window.

Snapshot	Put OI (contracts)
Jul 3, 09:55	103
Jul 4, 13:55	314
Jul 5, 09:55	475
Jul 6, 06:55	481
Latest 24h delta	381 (-92.7, -19.6%)

The reversal traces to a concentrated block: 150 contracts sold in the 07:00-08:00 UTC hour on July 5, worth $30,091 in premium against roughly $9.4M of underlying notional, flipping the 48h aggressor tape seller-dominant (net premium -$34,710). Zoom out to 72 hours and the strike is still net buyer-dominant ($77,266 net premium, 72% buyer aggression) — the sell block was a sharp but short-lived override, not a trend reversal.

This isn't an isolated print. The same 07-07 expiry generated 31 unusual-activity flags in 24 hours: three OI spikes elsewhere on the chain (65000 call +166%, 62500 put +122%, 63000 call +114%) plus 28 IV spikes spanning strikes 55000-69000, some jumping over 20 vol points. With spot at 63008 and expiry inside a day, the whole front-weekly chain is repricing together — the 61000 put's boom-then-unwind is just the sharpest expression of it.