Analyst Omkar Godbole said the recent crypto market downturn has caused traders to reassess their bullish expectations, with the most popular bitcoin option bet on Deribit shifting from a $120,000 call to a $100,000 call. At present, the nominal non-position squaring contract for the 100,000 dollar call option is $1.55 billion, while the nominal non-position squaring contract for the 120,000 dollar call option is $1.33 billion. As of now, call option pricing after May is still bullish, and the dollar value of all non-position squaring call options is more than $16 billion.