Summary

• BTC tested the prior defensive zone almost directly: spot reached $75,182 on May 23, then returned toward $77K by May 25.
• The strongest BTC session was May 21: PCR 0.20, options volume $1.71M, net delta +$1.18M, and buy-heavy flow in the Jun. 12 $77K/$78K call area.
• That was real upside flow, but not broad confirmation. Adjusted PCR moved back to 1.09 after the dominant-call effect was removed.
• May 25 looked defensive on raw PCR at 8.23, but the report marked the flow as hedge_not_short and net delta stayed slightly positive. That is protection for me, not clean shorting.
• ETH remains a fragile confirmation layer: defensive on May 21, better on May 23, then back to put-heavy readings on May 25-26. May 26 is too thin to use as a full signal.

1) Investment Thesis

BTC (BTC-USD) is no longer only defensive near $77K. The new tape is better than the previous report. It just has not done enough to earn a clean bullish reset.

The market

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