From which standpoint does more calls equal bullish?
Maybe someone can correct me if I'm wrong.
Options themselves don't have an effect on the price of the stock, so options that are not exercised can be discounted.
Options that will be exercised will affect prices, at least in the short term. In this case, buyers of calls who will exercise will do what with their stock? Sell.
Not an expert in options here, but at least that's what it looks like to me, so maybe someone more experienced with them can chime in.