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📄 Market Overview of Options | May 8, 2026.
🔷 Today's Focus
BTC during the Asian session on 5/8 retraced to the range of $79,000–$80,200 after testing $83K, entering the first key phase of a retest breakout. The $80K level has again become the main boundary between "bulls" and "bears."
ETH failed to hold above $2,400 and returned to the $2,280–$2,300 zone, cooling the short-term impulse of chasing growth.
Renewed tensions between the US and Iran near the Strait of Hormuz pushed oil prices above $100 again, bringing geopolitical risks back into focus.
ETF inflows remain a key support for the market, but their pace has slowed: BTC ETFs recorded a five-day total net inflow of $1.69 billion.
Seven days remain until Powell's term ends on May 15.

🔷 BTC options.
BTC is experiencing its first significant pullback after breaking above $80K. The main question now is — can the $78K–$80K zone shift from resistance to support?
The $83K–$85K zone remains a key upper resistance (200-day EMA + previous highs). BTC likely needs to return above $82K before attempting to reach $85K.
Gate 25D Skew: around -3.8, indicating increased demand for put protection during the correction.
Strategy ideas:
1. Bull-call spread at $80K–$85K can be partially locked in near rebounds $83K or moved higher to $85K–$90K.
2. Holding the $78K–$80K zone is optimal for re-entry.
3. Hedges remain focused on Puts at $75K but may shift lower if BTC loses $78K.
4. Despite low IV, negative skew indicates a market protective tilt, supporting spread structures.

🔷 ETH options.
ETH has returned to the critical support zone of $2,300. The range of $2,350–$2,400, which was a breakout zone, has again become resistance.
Gate 25D Skew: around -2.7 — the short-term is nearly neutral, but the monthly horizon still favors put premiums, indicating no full shift to a bullish impulse.
Strategy ideas:
1. Selling puts at $2,200 should be postponed until a confident move above $2,300.
2. Continue holding the bull-call spread on 5/29 at $2,400/$2,800, but do not increase the position.
3. Call options at $2,500 are less attractive without a return above $2,400.
4. A break below $2,280 will shift protection to the zone of $2,100–$2,200.

🔷 Cross-Asset Options Flows
Gold traded at $4 739 (5/7), restoring demand for "safe assets" amid geopolitical tension. Oil again exceeded $100 due to escalation in the Strait of Hormuz.
Market regime shifted from "volatility compression" to a scenario of "geopolitical risks + policy transition," making volatility selling less attractive in the short term.
IV for BTC and ETH remains relatively low, but uncertainty around the change of the Fed chair after Powell persists. Until mid-May, spread strategies, protective tactics, and covered positions are more appropriate than aggressive volatility selling or naked call buying.

🔷 Future Catalysts
1. Will BTC hold $78K–$80K?
2. Will it retest $83K–$85K (200-day EMA)?
3. Can ETH return to $2,300 and recover to $2,400?
4. Dynamics of inflows into BTC/ETH ETFs.
5. Risks in the Strait of Hormuz due to new conflict.
6. Powell's resignation on May 15 and the Fed's policy shift.
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