IBIT Broken-Wing Bear Call — 2026-11-30

IBIT (iShares Bitcoin Trust): $896K of buyer-initiated unusual put flow (100% put-dominant), IV rank 30 (low). Our gamma model reads IBIT in a NEGATIVE-gamma regime (net GEX -7.6M, flip —) — dealers are short gamma and amplify moves, so this is defined-risk only and leans with the flow. Structured as a Broken-Wing Bear Call (sell $39C / buy $40C) expiring 2026-11-30 (17 DTE) — negative-gamma (trend/gap risk) → defined-risk broken-wing leaning with flow. Net credit $44, max loss $56 (defined risk). Breakevens $39.44.

Underlying: IBIT @ ~$38.83 | 2026-11-30 (17 DTE) | Net credit (entry): ~$44 per spread. Use limit orders at the mid or slightly better.

ENTRY: Put on the broken-wing call spread: sell the $39 call, buy the further-OTM $40 call with a WIDER gap on the far wing, expiring 2026-11-30 (17 DTE), as one order at a LIMIT of the mid or better — target net credit $44. IV rank 30 is moderate — credit is workable but define risk and don't oversize. The skew removes downside risk while collecting a credit; the upside gap is the residual max loss ($56). | TAKE PROFIT: Buy it back to LOCK IN gains at ~50% of the $44 credit. Also close on TIME: exit around 21 DTE regardless of P&L to sidestep the late-cycle gamma/pin risk near IBIT's short strike(s) — currently 17 DTE, so plan the exit 0 day(s) out. Below $39 the whole credit is yours — take profits, don't carry the tail. Breakeven $39.44. | IF TESTED: The risk is a sharp rally into the wide wing. When IBIT tests the $39 short call (delta ~0.30) or loss ≈$88, roll the structure UP and OUT ~7–14 days for a credit, or buy an extra long call to square the wing into a symmetric (fully defined) spread. Treat a close above the $39 call wall as the hard trigger to act (the resistance magnet has broken). dealer gamma is NEGATIVE (vol-amplifying) — moves accelerate here, so defend one trigger EARLIER than usual and don't wait for the strike to go in-the-money; put wall (support) at $40; call wall (resistance) at $39. If price reaches the $40 wing, you're at max loss ($56) — take it. | MAXIMIZE: Holding below $39? Let theta collect the full credit. Once most is banked, roll down toward the money next cycle for a richer credit, or add a put spread to convert into an iron condor if flow turns two-sided.