The recent downturn in the crypto market has led to a shift in popularity from a $120,000 bitcoin options bet to a $100,000 bet. Traders are reassessing their expectations and opting for a more conservative approach. This may reflect a broader reassessment of bullish sentiment in the market. Risk reversals show a bias towards protective put options, indicating fears of an extended price slide. However, pricing remains bullish in favor of call options after May. The total dollar value of open call options is significantly higher than put options.



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