Altcoin Options Recap: June 7, 2025 — Hedging Jitters Amid Meme Mania | by PowerTrade | Jun, 2025

Crypto options trading for June 7, 2025 was a rollercoaster of cautious hedges and bold speculation. Overall flow tilted slightly bearish — about 47.5% calls vs 52.5% puts — a notable flip from the call-heavy optimism seen earlier in the week. Traders are clearly bracing for macro storm clouds even as they chase big wins in select altcoins. In this recap, we break down the action on major tokens BTC, ETH, SOL, XRP, and ENA, examining volume, open interest shifts, and the day’s most eye-popping trades. We’ll also connect the dots to the broader market context — from inflation and interest rates to regulatory rumblings and ETF flows — to make sense of what’s driving sentiment. (All data is drawn from PowerTrade’s June 7 trading log and end-of-day open interest reports.)

A few short days ago, crypto markets were riding high on bullish news. Bitcoin had even pierced the six-figure mark for the first time, fueled by surging investor interest and new crypto ETF launches. Broader sentiment was upbeat: inflation appeared contained and central bankers were signaling steady policy, while institutional adoption and regulatory clarity talks gave crypto traders reason to cheer. But by the end of this week, the mood shifted dramatically.

On June 5, a shock came from traditional markets: Bitcoin-focused ETFs saw massive outflows (~$278 million) in a single day. This rush for the exits by big investors was a sobering signal of risk-off sentiment taking hold. It coincided with stocks pulling back on renewed macroeconomic uncertainties — think sticky inflation data and looming rate decisions. The U.S. jobs report on June 6 came in hot, and everyone is nervously eyeing the CPI release on June 11 and the Fed’s June 17 meeting for clues on interest rates. With the Fed likely on hold (or even considering cuts later in 2025), markets are extraordinarily sensitive to each data point. In short, volatility is back on the menu.

Regulatory news is a mixed bag: on one hand, the SEC’s 2025 guidance has finally offered some clarity, indicating that major layer-1 tokens like Ether and Solana are likely not securities. This kind of clarity is bullish for those ecosystems, removing a layer of FUD. On the other hand, enforcement actions and legal battles (hello, XRP) continue to inject uncertainty. It’s a push-pull where traders oscillate between optimism and caution. This global backdrop set the stage for June 7’s options flows: a market hedging against near-term downside, yet still taking speculative fliers on the next big breakout.

Technical note: Implied volatility spiked modestly into the week’s end — short-term option premiums rose as traders paid up for protection. The “skew” (difference in implied vol between puts and calls) also reflected the cautious tilt: BTC’s short-tenor options were skewed toward puts, meaning downside insurance got pricier relative to upside bets. In contrast, some altcoins saw pockets of bullish skew where calls were in demand. Keep this in mind as we dive into each coin’s action.

Even in an “altcoin” recap, Bitcoin steals the spotlight when the big money makes a move. On June 7, BTC options flow revealed a defensive posture by larger players. The day’s volume in BTC options (~$6.2M notional) dwarfed that of any other coin, and puts slightly outpaced calls. The clearest signal: a notable block trade of BTC puts expiring late July (around Jul 26) with a strike in the high-$50Ks. This position — essentially a bet/hedge that BTC could tumble below ~$58,000 in the next 6–7 weeks — stood out like a beacon. It’s a classic macro hedge: someone is either protecting a large BTC holding against a summer swoon or speculating outright on a pullback. The timing aligns with the next Fed cycle; by late July we’ll have another FOMC meeting and more inflation prints, so this trader is locking in insurance through a potentially turbulent period.

Sentiment: The bias in BTC options has clearly shifted towards caution. Whereas earlier in the week traders were giddily buying calls (when BTC blasted through $100K), by the 7th we saw insurance demand pick up. Open interest in BTC puts has been climbing — industry data noted about an 8% jump in BTC put OI on June 5 alone — and that trend likely continued through our session. This put-heavy flow pushed BTC’s implied volatility higher and skewed it to the downside (puts more expensive than calls). Traders are paying up to protect against “tail risk” — maybe fearing that the ETF outflows and macro jitters could snowball into a deeper correction. It’s worth noting that BTC’s spot price had retreated from its weekly highs by Friday; after hitting an all-time high earlier, it was hovering in the mid- five-figure range again (high-$60Ks to low-$70Ks). That retreat in price, plus the looming weekend and next week’s CPI, gave hedgers plenty of reason to act.

Despite the defensive tone, not everyone was purely bearish — there were still buyers for upside calls on BTC, just smaller in size. Some traders were likely selling calls into the rally earlier and now covering those shorts or rolling them, which can show up as call buying in the flow. But the star of the show was undeniably that July $58K put trade — a sizable premium outlay that screams “better safe than sorry.” As one might expect, BTC’s implied vol smile is now lopsided: far OTM puts carry a volatility premium, reflecting this rush for protection. In plainer terms, downside bets are in demand. When the biggest asset starts seeing hedges like this, it can often foreshadow choppy waters ahead for the entire crypto market.

Notably, PowerTrade’s 10-minute and 1-hour “degen” options saw a surge in activity — short-term traders took full advantage of fast-moving setups to express high-conviction views with fixed risk. These ultra-short-dated options became a battleground for both fast hedges and moonshot bets. To join the movement, head to our CEX or DEX (available on Solana, Eth and Base).

Ethereum, the second-largest crypto, had a relatively quieter session in its options — but there were still signs of nervousness beneath the surface. ETH saw roughly $1.2M notional trade in its options on June 7, slightly less than XRP’s action and about one-fifth of BTC’s volume. The call/put mix on ETH was close to balanced, leaning just a tad toward puts. One trade in particular grabbed attention: a block of ETH $2400 strike puts expiring June 7 (same-day expiry), totaling 125 contracts, traded in the early morning. This was essentially a very short-term downside bet — either a last-minute hedge or a speculative gamble that ETH’s price might dip sharply before the day’s end. The trader paid about $1.40 in premium for those puts, which is not cheap for an intraday option, implying a fair bit of expected volatility during the day. In the end, ETH’s spot price held around the mid-$2400s as the day progressed, so those puts likely expired out-of-the-money (if so, the buyer’s caution turned out unnecessary). But the mere fact someone put serious money on an imminent drop shows the jitters creeping into the ETH camp.

Outside of that same-day play, most of ETH’s flow was in very near-term expiries (1–2 weeks out). There was a sprinkling of ETH call buys in the $2500–$2600 strikes expiring the following week, indicating some traders are still positioning for upside follow-through. However, implied vols on ETH have been elevated and somewhat inverted on the front end (short-term IV higher than long-term), consistent with a market bracing for a big move one way or the other. Skew on ETH options remains put-biased as well, though less pronounced than BTC’s; ETH often enjoys slightly more balanced flow because traders use it to express both DeFi optimism and as a hedge for alt portfolios.

Technical picture: ETH’s price has been trending upward in recent weeks (riding on Bitcoin’s coattails), but around June 7 it appeared to hit resistance just above $2500. Some short-term traders likely interpreted that as a cue to hedge or take profits — hence the uptick in put buying. On the flip side, any dip in ETH vol is seen as a buying opportunity for call players who remain bullish on the Merge-driven supply dynamics and network growth. Notably, the regulatory clarity mentioned earlier (SEC signaling Ether’s utility status) is a tailwind for ETH sentiment, potentially limiting how bearish folks are willing to get. In sum, Ethereum is holding steady, with informed traders quietly adding a bit of downside cover but not nearly the level of alarm we saw in BTC. If macro conditions stabilize, ETH could quickly revert to bullish form — but for now, it’s in wait-and-see mode, much like the broader market.

Solana options lit up with a spark of bullish action on June 7, suggesting that altcoin traders haven’t lost their taste for risk. SOL’s trading volumes in options were moderate (~$0.3M notional), but the composition is telling: calls dominated the flow in SOL, as traders looked for a pop in the coming week. The standout move was a cluster of call buys at the $19 strike expiring June 14 (next week’s weekly expiry). This strike sits just slightly out-of-the-money, as SOL’s spot price was hovering in the high-$18 range on the day. The positioning implies expectations of a near-term breakout above $19 — essentially a bet that Solana could rally ~5–10%+ in the next 7 days. Given the context (BTC cooling off, macro uncertainty), it’s intriguing to see such aggressive call buying on SOL. It suggests that traders are eyeing coin-specific catalysts or simply view SOL as oversold relative to its recent highs.

One possible driver for the SOL optimism could be upcoming network events or ecosystem news — Solana’s community is known for hyping announcements (mainnet upgrades, new DApps, etc.). It’s also possible that some traders are playing mean reversion: SOL had pulled back along with the market after earlier strength, so dip-buyers are using options to position for a quick rebound. Open interest data at day’s end showed an uptick in SOL call OI at that $19 strike, confirming these trades were opening new positions. Meanwhile, SOL put volume was fairly light; there wasn’t much appetite to bet on SOL crashing further in the short term.

Sentiment and skew: The heavy call flow gave SOL’s volatility skew a bullish tilt (calls slightly pricier than equivalent puts) for those weekly options. That’s notable because it’s the opposite of BTC’s skew that day. It indicates traders see more upside risk (big rally) than downside risk for Solana near-term, at least relative to the premiums they’re willing to pay. Solana’s implied vols are high across the board (it’s an altcoin, after all), but the really short-dated IV jumped with this call frenzy. Essentially, traders expect SOL could swing sharply upward in the coming days — a short-term momentum play.

On the charts, Solana has been in a broad uptrend for 2025, though not without volatility. It’s one of the altcoins that benefited from renewed interest in layer-1 protocols (and possibly some rotation out of meme coins back into “quality” alts). The $19 level has acted as a pivot recently — a breakout above could open the door to the low-$20s quickly. Those call buyers are targeting that very scenario. They may well be retail speculators or an institution doing a call spread (more on spreads later), but either way, it injects a dose of optimism into the altcoin options space. If SOL pops off, expect a feedback loop: calls would go in-the-money, potentially forcing hedges from market makers and adding fuel to the rally. Of course, if the market rolls over instead, these calls could expire worthless — but that’s the nature of the game. For now, SOL’s option flows are a pocket of bullish exuberance in an otherwise guarded market.

XRP, ever the wildcard, saw traders once more positioning for a breakout — a pattern we’ve observed repeatedly with this token. In terms of volume, XRP options actually edged out ETH on June 7 (about $1.3M notional traded), indicating significant interest. The flow was call-heavy and focused on the June 21 expiry (the monthly). The key level in play: $0.57 strike calls. Traders snapped up these 57-cent calls expiring in two weeks, effectively wagering that XRP’s spot price will rally above $0.57 by that time. For context, XRP was trading around the low-$0.50s, so $0.57 is a moderately out-of-the-money target (~10% upside required). It’s a bold bullish bet, but not an unthinkable move for XRP — this is an asset known to whip around on headlines.

What might fuel an XRP jump? Regulatory developments are top of mind. XRP’s parent company Ripple has been locked in a high-profile legal battle with the SEC for years, and any hints of resolution (or broader crypto regulation progress) can send XRP flying. Traders might be speculating on a positive court ruling or settlement news by late June, or even some market-wide catalyst that could lift all boats. Additionally, XRP has a history of sharp one-day pops (sometimes dubbed “XRP pumps”) that seem to come out of nowhere, so buying calls is a classic way to play the upside while limiting risk to the premium paid.

On June 7, open interest data showed large call OI already sitting at strikes above $0.50 — this has been building for a while, suggesting some conviction that XRP will trade higher. In fact, earlier in the month a massive one-day call position (200k contracts at $2.20 strike) made headlines, demonstrating how wildly bullish some XRP traders have been. The June 21 $0.57 calls aren’t nearly that extreme by comparison, but they continue the theme of upside speculation. Meanwhile, put flow on XRP was minimal on June 7; a lot of existing XRP bears seem to have backed off or closed hedges when XRP held its ground. With spot XRP grinding in a range and refusing to break down, the path of least resistance might indeed be up — at least that’s what call buyers are betting.

Implied vol and strategy: XRP’s implied volatility is always elevated (it’s got a fervent retail base), and those $0.57 calls carry hefty IV. To make money, XRP will need not just a mild rise, but a pop. The risk/reward appeal is that a small premium could turn into big profits if XRP spikes to, say, $0.70+. Notably, an efficient way traders are playing this is via call spreads — for example, one could buy the $0.57 calls and sell $0.70 calls against them, creating a vertical spread that caps upside but dramatically lowers cost. In fact, some of the flow may well be this spread (buying lower strike calls, selling higher strike in tandem). This structure is a bet on XRP moving up, but not exploding beyond $0.70 by June 21. It’s essentially a play on XRP’s volatility normalization: you profit if XRP rises moderately (making the $0.57 calls gain value) but doesn’t go to the moon (so the $0.70 calls you sold expire worthless). Given how amped the implied vols are, such spreads can be attractive.

Bottom line for XRP: The crowd smells an opportunity. Whether it’s hope for a legal win or just good old-fashioned crypto FOMO, XRP’s option market is leaning bullish. This token’s story in 2025 has been one of resurgence after regulatory setbacks — and the options flow shows traders are celebrating the renewed prospects, with calls in hand and eyes on a potential breakout.

No altcoin options recap would be complete without addressing the meme coin madness that pervades the crypto scene. Enter ENA, a relatively obscure token that has nonetheless captured speculators’ imaginations. ENA’s price is mere fractions of a cent (on the order of $0.04–0.05), but that hasn’t stopped traders from piling into its options for lottery-ticket style bets. On June 7, ENA options saw high-octane action — specifically, a rush into calls at the $0.047 strike expiring June 14. This is the quintessential YOLO trade: buying cheap out-of-the-money calls on a meme coin, hoping for an explosive rally. The premiums on these ENA calls are tiny (we’re talking fractions of a penny per token, which translates to perhaps tens of dollars per contract given contract sizes), yet the payoff could be huge if ENA were to, say, double in price on a viral hype wave. It’s exactly this kind of asymmetric upside that draws retail traders into meme coin options.

The volume and open interest jump on ENA calls was significant — it looks like one or two large traders (or a bunch of smaller ones in aggregate) opened a big long call position at 4.7 cents. Notably, around the same time there were also some ENA put trades (strikes around $0.03). This could be a coincidence, or it might be part of a complex strategy (for instance, a bullish trader selling puts to fund call buys, essentially creating a risk-reversal strategy). The net message, however, is that upside fever is the dominant force. ENA is one of those tokens that can pump 50% in a day on sheer meme momentum — recall how PEPE, DOGE, and others have behaved in the past. Traders are well aware, and they’re positioning accordingly. Implied volatility on ENA options is astronomical — the market is pricing in massive potential swings, which is appropriate because these tiny-cap coins do swing wildly. In fact, ENA’s implied vol is likely among the highest on the platform, reflecting the “anything can happen” nature of meme assets.

Broader meme coin positioning on June 7 was relatively tame outside of ENA. Other names like PEPE and DOGE had no blockbuster trades that day, though OI snapshots show that traders hold plenty of legacy positions in them (for example, thousands of PEPE contracts open at various strikes) — evidence that the meme coin casino is always open. One interesting niche name was WIF (a tongue-in-cheek token) which had some minor flow; nothing huge, but it shows even the most offbeat coins find participants willing to punt. The sentiment in these meme corners is almost always the same: swing for the fences. By buying a far OTM call on a meme coin, you either lose the small premium (no big deal) or you hit a 5x, 10x jackpot if the coin goes parabolic. It’s speculation in the purest form, and it injects energy and excitement into the alt options market.

For ENA, the target by June 14 for those calls to pay off would be a move above $0.047 (plus premium). Is it likely? Who knows — with memes, one tweet from an influencer or a burst of Reddit enthusiasm could do it overnight. The traders clearly think the odds justify the bet. And even if ENA flatlines, the loss is limited. It’s worth pointing out: some more sophisticated players might use these options opportunistically, e.g. market makers or insiders selling the calls to yield-hungry gamblers, effectively taking the other side of the bet (and earning the high premiums). That dynamic is what makes a market. But for our purposes, the story is that meme coin options remain a playground for thrill-seekers. ENA’s pop in activity shows the phenomenon is alive and well — even on a day when caution reigned in big caps, the degen spirit lives on in the meme trenches.

Given the day’s developments, here are a few engaging trade ideas inspired by the flow. Disclaimer: these are not financial advice, just illustrations of how traders might express certain views. Always manage risk accordingly!

• BTC — Long July Puts for Macro Hedge: If you’re concerned that macro turmoil (rate hikes, ETF outflows, etc.) could drag Bitcoin down in the coming weeks, consider buying a July put slightly out-of-the-money. For instance, the BTC late-July ~$58K puts that traded big on June 7 are a template — they provide protection (or speculative downside exposure) through the next Fed meeting. Yes, premium is high, but it’s a direct insurance policy against a summer swoon. You could also spread the cost by selling a deeper OTM put (forming a put spread) if you think any drop will be limited.
• SOL — June 14 $19/$22 Call Spread: Solana’s short-term bull flow suggests a call spread could be an attractive play. Buy the June 14 $19 call (just out of the money) and sell the June 14 $22 call against it. This limits your upside (profits capped if SOL goes above $22 by next week), but dramatically lowers the cost versus a straight call. It’s a bet that SOL will rally in the next 7 days, but not explode beyond ~$22. Given the bullish sentiment but still cautious environment, a call spread lets you play the upside move while hedging your bet. If SOL closes, say, at $21 by Jun.14, you’d net the difference ($2) minus the small net premium paid — a great return on a mild move.
• ENA — Long Jun 14 $0.047 Calls (Meme Pop): This one’s for the thrill-seekers. The idea is simple: buy ENA calls with strike at 4.7 cents (Jun 14 expiry) for pocket change and enjoy the ride. If ENA has a meme-fueled rally (say it jumps to $0.06 or $0.07+), those calls could multiply in value. If it doesn’t move, your loss is limited to that tiny premium. It’s essentially a lottery ticket on a meme coin pop — high risk, high reward. Be prepared for total loss, but if you size it small, it can be a fun asymmetrical punt. This was exactly the kind of trade others did on June 7, and for good reason: the payoff can be massive relative to the small outlay.
• XRP — $0.57/$0.70 Call Spread to Play Volatility: XRP’s calls are expensive, so an efficient way to bet on XRP upside is via a call spread. Buy the June 21 $0.57 call (the hot strike from the flow) and sell the June 21 $0.70 call. This caps your maximum gain (if XRP moons above $0.70, you won’t participate past that), but it greatly reduces cost. You’re playing for a move up in XRP over the next two weeks — perhaps on a favorable legal catalyst or market rally — but you’re acknowledging that a move beyond $0.70 is less likely in that timeframe. This spread benefits if XRP heads toward the mid-60s (cents) by expiry. It’s a classic “vol play” because you’re exploiting the high implied vol: selling the farther out call helps pay for the nearer one. If XRP merely chops sideways or gently rises, a long outright call might lose money due to decay, but the spread has a better chance to yield profit so long as XRP makes a controlled climb.

Each of these strategies ties back to what we observed in the market on June 7. They let you align with the big players’ moves — whether that’s hedging like the pros or swinging for the fences with the meme crowd — while managing risk through spreads and strike selection. The common theme is volatility: it’s elevated, and savvy traders use that to structure trades that either protect against it or take advantage of it.

The June 7 session showcased the two faces of crypto trading. On one side, wary investors hedging their bets, mindful of inflation, rate policy, and those unnerving ETF outflows that hint at larger shifts. On the other, the eternal optimists and speculators, pouring into call options on the likes of SOL, XRP, and ENA, refusing to let the party die. The technical picture in options markets reflected this tug-of-war: implied vols jumped and skewed toward puts in the majors, yet selective pockets saw bullish skew and frothy enthusiasm.

It’s a thrilling time to be an altcoin trader. The macro cross-currents mean big-picture hedges (like those BTC and ETH puts) make a ton of sense. Simultaneously, crypto’s idiosyncratic story — from regulatory breakthroughs to new product launches — means there are still moonshots to chase on the altcoin front. As we head deeper into June, keep an eye on those global headlines (a surprise from the Fed or a spike in CPI could flip sentiment on a dime) and watch the options flow for early tells. Often, it’s in the options order book that you’ll first spot the whales positioning for the next big move or the crowd flocking to the next meme sensation.

June 7, 2025, will be remembered as a day when caution and excitement collided in the crypto options arena. The prudent took shelter, the bold took aim at juicy targets, and the market as a whole found a new equilibrium of energy. For retail traders, the takeaway is inspiring: there are ways to express any view — bullish or bearish, short-term or long-term — using options creatively. And as always in crypto, fortune favors the bold… and the hedged. The stage is set for an eventful summer; if this altcoin options recap is any indication, we’re in for fireworks both on the charts and in the options pits. Strap in, stay nimble, and enjoy the ride!