I think you wouldn’t want the position to be so out of the money that you get called out of it almost immediately. If they are hedging a position they would far more likely be buying a lot of time and price gap, because you specifically want to protect against large, unpredictable moves over the period of your other position.

If you are buying something that’s literally right around the entry price (ie. $95K calls at a $97K price) that’s unlikely to last even a couple of days in either direction… very likely that it’s just someone gambling, imo.