The recent downturn in the crypto market has led traders to reassess their bullish outlook, shifting their focus from the previously popular $120,000 upside call for Bitcoin (BTC) options to a more conservative $100,000 call. As of now, the $100K call holds a notional open interest of $1.55 billion, surpassing the $1.33 billion of the $120K call. This indicates a significant adjustment in trader sentiment following Bitcoin's price drop below $80,000. While the overall sentiment has cooled, the total open interest for call options remains strong, totaling over $16 billion, nearly double that of put options. The prevailing bearish sentiment is indicated by negative readings in the 25-delta risk reversals, suggesting concerns over potential further price declines. Nonetheless, the market continues to exhibit bullish positioning among call options beyond May, reflecting ongoing interest despite market uncertainties.

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