The options trading was actually de-leveraged to the heads...

The options trading was actually de-leveraged to the heads today. Probably related to relative overhangs on either, rather than fundamental valuations, which is an excellent arbitrage if you feel the heads are stabilising. I think this is occurring, so there does seem to be an opportunity to get cheaper options from people who seem to want to sell them at a discount.

My thoughts in situations like this is, could there be something sinister which the options pricing is telling us about?

Probably not - just option holders valuing their options at a price relative to a much lower purchase price, rather than relative to fundamental valuation w.r.t the heads.