IBIT Broken-Wing Bull Put — 2026-11-24

IBIT (iShares Bitcoin Trust): $372K of buyer-initiated unusual call flow (100% call-dominant), IV rank 27 (low). Our gamma model reads IBIT in a NEGATIVE-gamma regime (net GEX -4.9M, flip —) — dealers are short gamma and amplify moves, so this is defined-risk only and leans with the flow. Structured as a Broken-Wing Bull Put (sell $41P / buy $39P) expiring 2026-11-24 (14 DTE) — negative-gamma (trend/gap risk) → defined-risk broken-wing leaning with flow. Net credit $62, max loss $138 (defined risk). Breakevens $40.38.

Underlying: IBIT @ ~$41.21 | 2026-11-24 (14 DTE) | Net credit (entry): ~$62 per spread. Use limit orders at the mid or slightly better.

ENTRY: Put on the broken-wing put spread: sell the $41 put, buy the further-OTM $39 put with a WIDER gap on the far wing, expiring 2026-11-24 (14 DTE), as one order at a LIMIT of the mid or better — target net credit $62. IV rank 27 is low — premium is thin, so keep size small and lean on a defined-risk structure. The skew removes upside risk while collecting a credit; the downside gap is the residual max loss ($138). | TAKE PROFIT: Buy it back to LOCK IN gains at ~50% of the $62 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 14 DTE, so plan the exit 0 day(s) out. Above $41 the whole credit is yours — take profits, don't carry the tail into expiration. Breakeven $40.38. | IF TESTED: The risk is a hard drop into the wide wing. When IBIT tests the $41 short put (delta ~0.30) or loss ≈$124, roll the structure DOWN and OUT ~7–14 days for a credit, or buy an extra long put to square the wing back into a symmetric (fully defined) spread. Treat a close below the $42 put wall as the hard trigger to act (the pin support has failed). 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 $42; call wall (resistance) at $42.5. If price reaches the $39 wing, you're at max loss ($138) — take it. | MAXIMIZE: Holding above $41? Let theta collect the full credit. Once most is banked, roll up toward the money next cycle for a richer credit, or convert into an iron condor by adding a call spread if the flow turns two-sided.