I believe it is the formation of covalent bonds in water. The two hydrogen atoms are sharing valence electrons with the oxygen atom to become stable. It wouldn’t be the formation of ionic bonds because no atoms are transferred. It wouldn’t be the transfer of valence electrons between two hydrogen atoms because they aren’t transferring atoms and it isn’t just between the two hydrogen atoms. It wouldn’t be the sharing of valence electrons between two hydrogen atoms because it isn’t just between the two hydrogen atoms. It is the formation of covalent bonds in water because they are sharing atoms with the oxygen to make the compound H2O or water. I hope this helps.