According to Deribit, three large option combos were executed via Paradigm on November 25, with a total notional size of 20,000 BTC. The trader bought a 100k/106k/112k/118k bullish Condor expiring in December 2025, a typical structured long position. The market signal is clear: bullish on Bitcoin, but targeting the $100k–$118k range rather than betting on a violent breakout.