Summary

• BTC crossed $80K, but options flow did not confirm a new bullish regime. Every session above $80K had less than $1.5M options volume and negative net delta - except one repositioning trade on May 7.
• ETH is not confirming BTC’s move. The BTC/ETH divergence on May 7 was explicit: BTC delta positive, ETH delta negative, same day. ETH put structures expanded in the second half of the window while spot stayed flat.
• The BTC futures curve is uniformly in mild contango - the one clean supportive signal. May 29 is the key expiry: the $83K-86K call range and the $76K put floor both resolve there.

BTC crossed a key structural level, but options flow still wants confirmation - and ETH is not confirming the move.

1. Investment Thesis

Bitcoin (BTC-USD) cleared $80K. That matters. In my previous article

15 Followers