BTC's Front Week and Back Month Options Flows Pull in Opposite Directions

Deribit's two nearest active BTC tenors are telling different stories with spot at 78,302.

Expiry	DTE	Max Pain	Gamma Flip	GEX Total	Tape vs Max Pain
Nov 2	0	78,000	77,202	-0.82	toward
Nov 20	18	79,000	81,776	+0.02	away

The front week's flow matches its pin: the 78000 call carries +$29.7k net premium at 0.82 buyer aggression (including a $7.8M block), while the 78000 and 77500 puts are net sold. Net taker premium across the top rows: +$38.4k calls vs -$19.7k puts.

The Nov 20 book is the mirror image. Puts from 65000 to 77000 are being bought with aggression readings of 0.88-0.98, led by the 77000 put at +$80.3k net premium, while the 79000/80000/88000 calls are net sold (-$29.0k combined). Aggregate: -$29.0k calls vs +$56.2k puts. Gamma flip for Nov 20 sits 4.4% above spot versus the front week's flip 1.4% below spot — dealers are long-gamma into the weekly pin but structurally exposed further out, where the tape is building downside insurance rather than chasing the max-pain magnet.