BTC's Put Wall at 77000 Overpowers Max Pain With Two Hours to Expiry

BTC spot is pinned at $77,614 into the 2026-09-02 08:00 UTC expiry (2h to go), and the strongest gravitational pull isn't coming from the classic max-pain or gamma-flip levels — it's the 77000 put wall.

Magnet	Strike	Distance from spot	Active
Max Gex / Put Wall	77000	-0.79%	yes
Gamma Flip	78443	+1.07%	no
Max Pain	78500	+1.14%	no
Call Wall	80500	+3.72%	no

The 77000 strike carries 691.2 puts of open interest against just 13.8 calls, and that put side alone built 533.1 contracts in the past 24 hours versus 13.8 on the call side — a lopsided add that concentrated nearly all of the book's gamma. Of the expiry's total 0.204 GEX, roughly 0.173 sits at that single strike, with the gex-weighted centroid landing at 77115 — barely above the strike itself. Max pain (78500) and gamma flip (78443) both sit over 1% higher, but with dealer gamma this concentrated at 77000, that level is acting as the responsive magnet rather than the slower-moving max-pain metric. Spot tape over the last hour is balanced (51% buy share), showing no directional push away from the zone.