Despite the recent downturn in Bitcoin's price, the options market is signaling a bullish sentiment, with a significant influx of call options at higher price levels. According to Deribit data, the flow in Bitcoin options remains biased towards call options, indicating that sophisticated investors expect the current weakness to translate into a strong bounceback and a run to even higher levels.

In the last 24 hours, there has been an abnormally large flow into Bitcoin options with December and March expiry calls at $90-$100,000, suggesting that professional players see a bottom formation in Bitcoin soon and are positioning themselves for a sustained rally that may extend into 2025. The most active Bitcoin options in the last 24 hours have focused on call options expiring in June at $65,000, $68,000, and $70,000, with additional interest seen in July calls at $110,000 and December calls at $95,000.

The call-put skew, as reflected in Amberdata, reveals a prevailing preference for call options or potential upside movements across different timeframes, despite recent pullbacks in Bitcoin's price. However, the seven-day skew has turned negative, indicating increased demand for protective options against potential downside risks.

The divergence between the options market sentiment and Bitcoin's price suggests that sophisticated investors are looking beyond the current downturn and expecting a strong rebound. This is in contrast to the recent selling pressure, which has seen Bitcoin's price slip under $65,000, with a 10% pullback from the high of $72,000 in the last two weeks.

The selling pressure has been attributed to long-term holders and Bitcoin miners, along with major outflows from spot Bitcoin ETFs in the past week. However, the options market data suggests that professional players are taking a contrarian view, expecting a bottom formation in Bitcoin soon and positioning themselves for a sustained rally.

In conclusion, the Bitcoin options market is signaling a bullish sentiment, with a significant influx of call options at higher price levels. Despite the recent selling pressure, sophisticated investors are expecting a strong rebound and a run to even higher levels, suggesting a potential for a sustained rally in the coming months.