Summary

• Bitcoin (BTC-USD) options flow post-April recovery is constructive, but not yet a full bullish regime; watch for confirmation above $82K–$84K call area.
• BTC’s April 17 and April 23 sessions showed strong call-heavy flow with positive net delta, but April 22 highlighted risks of call-selling and non-directional positioning.
• I remain selectively constructive on BTC, monitoring daily PCR trends, IV spikes, Jun26 $70K put activity, and Dec26 call flow for confirmation or warning signs.
• ETH-USD lags BTC in conviction, with uneven options signals and persistent short-side futures pressure, making it less attractive until BTC confirms a stronger regime.

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