ETH's 2260 Pin Tightens as Gamma Flip Sits Just 20 Points Overhead

ETH spot is pinned at 2251.62 against a max-pain strike of 2260 on the Nov 1 08:00 UTC expiry, now just 14 hours out. Pin analytics rank max pain as the active magnet, with gamma flip and the nearest call wall trailing close behind.

Magnet	Strike	Distance from spot
Max pain	2260	0.37%
Gamma flip	2271.94	0.90%
Largest call wall	2300	2.15%
Largest put wall	2000	-11.18%

The 2260 strike alone holds roughly $19.9M of signed GEX, the dominant wall on the chain, with the sign flipping negative at 2280 (-$2.4M) and 2300 (-$7.3M) — spot sits on the long-gamma side of the flip, with short-gamma territory starting right above it. Fresh 24h OI flow has built calls above the pin (2300 +895, 2280 +523 contracts) while puts built below (2140 +773, 2120 +616), bracketing the 2260 strike from both sides. The 1h spot tape is balanced (buyShare 0.505, interpretation "flat") — no directional push toward or away from the pin. Funding stays bearish at the 11th percentile of the past 14 days, annualized -3.84%, a backdrop of persistent short pressure that hasn't disturbed the pin.