Summary

• Bitcoin held the $80K-$81K area during the May 10-15 window, but the options tape was too thin to confirm a new bullish regime.
• The strongest BTC signal came on May 14, when the June 5 $82K call concentrated the tape and net delta turned positive.
• I still do not trust the upside read fully because several call-heavy days showed negative net delta.
• ETH remains the weaker confirmation layer, with short-dated put activity around $2,275-2,300.
• I lean slightly constructive while $80K holds, but I would not get ahead of the tape before $82K gets broader confirmation.

1. Investment Thesis

The $80K area is holding, and I can see why the bulls want to build a case here. But the options tape is not giving me enough to go with them yet.

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