Seen a great deal posted about the 'largest notional' Options block trade - Aug8th 110k Puts x5k bought earlier this week ($5m spent) - a generously executed institutional trade. Aside from the ubiquitous use of notional to 'promote' size - many larger absolute blocks have taken place in the past at lower BTC Spot levels - it's revealing that $48m spent on 7k Dec 140-200k Call spreads at the same time has been somewhat overlooked even though it should not be overshadowed with greater notional and ~10x the premium spent. Additionally, the Aug8th 110k Put purchase was not all what it seemed in directional reasoning, and yet the Dec 140k-200k Call spread is difficult to argue as anything else but directionally transparent.