ETH Spot Clears Gamma Flip by 22%, But Dealers Are Still Net Short Gamma

ETH's 0DTE gamma flip sits at 1945, and spot is trading near 2507 — more than 22% above that line, a zone that would normally put dealers in a long-gamma, volatility-dampening posture. Instead, aggregate GEX across both near-dated expiries stays negative, and the composite market-regime read comes back UNSTABLE, explicitly because the gamma-flip level and the GEX sign disagree.

Expiry	Gamma Flip	GEX Total ($M)	Top-3 Concentration
0DTE (Sep 4)	1945	-78.3	87%
Monthly (Sep 25)	2254	-100.1	32%

Weekly gamma is jammed almost entirely into three strikes clustered at spot: 2500 call (-125M), 2500 put (+78M), 2550 call (-30M) — dealer hedging flow has nowhere to diffuse across the rest of the chain.

The setup sits alongside a short squeeze: 782 short liquidations versus 190 longs over 24h ($8.6M net notional), funding at the 81st percentile (+10.95% annualized, bullish), and 1h spot tape buy-share of 0.59. Spot remains 4.3% above the 2400 max-pain strike for the 0DTE board even as the tape leans toward closing that gap.