Many novice traders simply follow spot prices on the major crypto exchanges to gauge the direction price might take. However, reviewing options markets data can provide additional relevant insights on market sentiment.
Looking at the most recent activity in Bitcoin options, it is clear that some trades occurred on strikes that seemed improbable even for the most bullish analysts. These trades include 20 BTC CME December call options with a $70,000 strike and the 56 BTC worth of $100,000 December strikes at LedgerX.
These anecdotal trades might not reflect the broader market conditions, but oddly enough, the highest Ether options contract for Dec 2020 stands at $1,120. This trade is undoubtedly bullish considering there are only 42 days left until expiry, but not even close