Altcoin Options Market: Key Flows on June 10, 2025 | by PowerTrade | Jun, 2025

The altcoin options market saw a surge of activity on June 10, 2025, with traders aggressively positioning in select alternative cryptocurrencies. PowerTrade’s 80-option market — which offers USD-settled options on a wide range of altcoins — recorded notable volume and open interest shifts in names like ApeCoin (APE), Solana (SOL), Aave (AAVE), XRP, and others. In this recap, we highlight the volume leaders, standout trades, and what these flows suggest about market sentiment for the remainder of the week. The tone among traders was expert and opportunistic: bullish bets dominated in certain coins, while cautious hedges appeared in others. Below we break down the key developments by asset.

One of the most striking moves came in ApeCoin (APE) options. Traders piled into long-dated call options (“leaps”) on APE, dramatically boosting open interest. By the end of the day, open interest in APE calls had exploded from negligible levels to roughly ~268,000 contracts across strikes — an enormous position size for an altcoin option. Most of this buildup centered on September 2025 and December 2025 call options with strikes ranging from $1.20 up to $2.00 (for reference, APE’s spot price hovered around $0.74 at the time). This means traders were targeting out-of-the-money calls expiring in Q3 and Q4, effectively betting on significant upside in APE over the next 6–12 months.

Several large block trades hit the tape: roughly 50,000-contract lots of APE calls at strikes $1.5, $1.6, and $1.8 (Sep expiry) traded during the early morning, followed by equally sizable trades in Dec 2025 calls at $1.2, $1.5, and $2.0 strikes. Such massive call purchases (often at token premium prices) indicate a strong bullish conviction or a strategic play by at least one “whale” trader. The fact that these trades were primarily calls (with no comparable put volume) underscores an asymmetric bullish bet — likely someone positioning for a potential APE rally into year-end. It’s worth noting that these options are cash-settled with 1 APE per contract, so a surge to, say, $2+ by expiry could yield outsized returns for the call buyers. The sheer scale of the open interest increase — on the order of hundreds of thousands of contracts in one day — points to unusual and aggressive positioning. For context, APE’s option OI on PowerTrade now far exceeds that of most other altcoins, a testament to the size of this bet. Traders in the market will be watching APE closely; such a concentration of long-dated calls could influence how market makers hedge the underlying and may signal long-term bullish sentiment creeping into the altcoin space.

Solana (SOL) also saw heavy action, but in contrast to APE’s long-term bets, SOL’s activity was focused on the very short-term. A series of large trades went through on SOL call options expiring the next day (June 11) and later in the week (June 12). In the afternoon session, traders printed multiple 1,000-contract blocks of near-expiry SOL calls around the $162–$168 strike range. These strikes were near-the-money given SOL’s spot price (~$160–165 on the day), suggesting traders were either speculating on an immediate upside move or possibly rolling over short-dated positions for expiry. Notably, two 1,000-lot trades hit the June 11 $162 calls in quick succession, followed by another two 1,000-lot trades in June 12 calls ($166 and $168 strikes). Each of these blocks carried roughly $160K notional value, making SOL one of the top volume leaders in alt options for the day (totaling around 4,000 contracts traded across those strikes).

This burst of short-term call buying indicates a tactical bullish outlook on SOL for the very near term. It could be that traders expected a catalyst or technical breakout in SOL mid-week, and thus loaded up on calls to capture a sharp rally. Another possibility is that a large player was closing or rolling a position — for instance, taking profit on June 11 calls and re-establishing exposure into June 12 — given the pattern of trades. In either case, the flows show aggressive near-dated upside positioning. The predominance of calls (as opposed to puts) hints at optimism: traders were willing to pay premium for immediate upside exposure in SOL rather than hedge against downside. For the rest of the week, this SOL activity suggests that sentiment was skewed bullish on Solana, at least through these expiries. If SOL’s price indeed moved higher, those call buyers stand to profit; if not, the substantial premium spent indicates real conviction behind the move. Market observers may infer that Solana is a focal point for short-term momentum trading, and such concentrated call interest can itself lead to increased volatility as market makers hedge their delta (possibly buying SOL in the spot or futures market).

In the XRP options market, an eye-popping trade went through that turned heads: a single block of 250,000 XRP call contracts expiring the very next day (June 11). This is an unusually large trade in terms of contract count, making XRP the highest-volume altcoin for the day by sheer number of options traded in one swoop. The call strike in question was around $2.27, roughly at-the-money given XRP’s spot price (~$2.29) at the time of the trade. The premium on this one-day call was only a few cents (as is typical for an option with less than 24 hours to expiry), which made the total dollar notional of the trade on the order of $570k — still substantial for a single altcoin options trade.

The nature of this trade — very short-dated, massive size, near-ATM call — suggests a few possible motivations. It could be a speculative bet by a large trader (“whale”) anticipating a sharp overnight move up in XRP, perhaps due to an upcoming news event or a technical breakout. Such a trade is akin to a lottery ticket: if XRP were to spike even moderately by the next day, the payoff on those calls could be significant relative to the small premium paid. On the other hand, it might also be part of a sophisticated hedging strategy — for example, a market maker or institution hedging an existing short position or prepping for an expected volatility event by buying cheap calls as insurance. The timing (one day to expiry) implies this was a very time-sensitive play. Indeed, with expiration on June 11 morning, the trader essentially had only hours for the thesis to play out.

This blockbuster XRP flow stands out not only for its size but for its directional bias. All calls, no puts — indicating the trader was more concerned with upside than downside in XRP over that brief window. Such one-way flow can be read as bullish sentiment, albeit of the opportunistic kind. Whether it was fueled by a specific catalyst (rumors or news about Ripple, perhaps) or simply a volatility play, the result is that open interest in XRP’s front-term calls spiked before promptly expiring. For the broader market, seeing an altcoin like XRP attract a quarter-million contract trade shows that big players are willing to take bold short-term positions. This adds an interesting dynamic for the week: if someone was willing to bet on XRP’s surge, other traders may infer a positive short-term outlook for XRP, or at least heightened volatility to come. It’s also a reminder that altcoin options flow can be dominated by single large decisions, which can tilt sentiment on a dime.

Not all traders were purely bullish — in Aave (AAVE) options we observed a more defensive play. Mid-morning on June 10, a trader executed a small put spread on AAVE with one-day-to-expiry options. Specifically, the flow consisted of 1 contract each of the AAVE June 11 puts at strikes $3000 and $2840 (note: on PowerTrade, AAVE’s contract multiplier is 10, so a “3000” strike corresponds to $300 per AAVE token). At the time, AAVE’s spot price was around $308, meaning the $3000 (per 10) strike put was just slightly out-of-the-money and the $2840 strike put was further out-of-the-money. The trader paid about $57.9 in premium for the 3000-strike put and sold the 2840-strike put for about $9.3, creating a bearish put spread expiring the next day. The notional value covered by each contract was about $3,082 (10 AAVE), so this was roughly a $3k downside hedge.

While the size here was very small (just one contract each), the intent is noteworthy: this put spread suggests a cautious stance on AAVE in the immediate term. By buying the higher-strike put and selling the lower-strike put, the trader was likely hedging against a moderate decline in AAVE (down to around $284 per token) through the next day’s expiry. This kind of trade could have been a protective hedge by someone holding AAVE spot (insuring against a sudden drop), or a short-term bearish bet that AAVE might dip by 2–5% by tomorrow. The use of a spread (selling the farther OTM put to offset cost) implies the trader wasn’t expecting a collapse, just a limited downside move.

This selective hedging in AAVE stands in contrast to the outright call buying we saw in other coins. It highlights that not all altcoin traders were leaning bullish — some were positioning defensively, at least for individual assets. AAVE is a large DeFi token, and it’s possible this small hedge was related to sector-specific news or simply a precaution due to AAVE’s price action lagging the market. In the context of June 10’s flows, the AAVE put spread shows a pocket of cautious sentiment. It’s a reminder that even in a generally optimistic market, certain players will hedge exposures. For the week ahead, while AAVE’s flow was minor in size, it does hint that traders had an eye on risk management in DeFi names, perhaps expecting some consolidation or downside in those tokens even as others rally.

A couple of other altcoins also saw interesting strategic plays, albeit in moderate size:

• Arbitrum (ARB): In ARB’s options, we observed a 2,000-contract trade of June 11 $0.40 puts late in the session. With ARB trading around $0.41–0.42 on June 10, this was essentially an at-the-money short-dated put purchase. The premium paid was very low (~$0.0044 per contract, since only hours remained to expiry), making the total trade value under $1,000. This looks like a trader buying cheap “overnight” downside protection or lottery puts on ARB. It could be a hedge against a spot ARB position — for example, guarding against any negative surprise before the next day — or simply a speculative bet that ARB might slip below $0.40 by morning. Given the tiny premium, even a small downward blip in ARB’s price could have made those puts profitable. This flow adds to the theme of selective caution: while many were buying calls on June 10, here we have someone hedging or speculating on a short-term drop in an altcoin. The ARB put buyer’s mindset appears cautious on Arbitrum’s immediate prospects, which could reflect concern about a specific event or just general hedging practice.
• Dogecoin (DOGE): DOGE’s options action included a notable long-dated trade. A trader took on 1,000 contracts of the Dec 2025 $0.20 calls (Doge options on PowerTrade are 1 DOGE per contract, so 1,000 contracts equals 1,000 DOGE underlying). The premium was around $0.0608, and with DOGE’s spot near $0.198 at the time, this call was essentially at-the-money for a long-term expiry. The total notional value was small (about $198), highlighting that this was likely a low-cost speculative play. Nonetheless, it’s telling to see interest even in meme-coin options so far out: the trader is effectively betting that by the end of 2025, Dogecoin will be above $0.20 (even slightly) and is willing to park some capital in that bet. It could also be part of a broader strategy — for instance, selling nearer-term volatility to fund cheap far-dated calls, or vice versa — but on its face this appears to be a cheap bullish gamble on Dogecoin’s long-term price.
• Additionally, Dogecoin’s open interest landscape shows some large existing positions (tens of thousands of contracts) scattered across strikes for June 2025 expiry — including deep OTM calls up to $1.00 and sizable put positions at $0.17–0.18. While these were not new on June 10, they paint a picture of a potentially structured position: one might infer that at some point a trader or market maker set up a risk-reversal or strangle, selling a bulk of lower-strike puts and buying OTM calls, expressing a bullish view on DOGE with limited downside risk. The fresh Dec 2025 call purchase aligns with this narrative of leveraged upside plays on DOGE. For traders, the takeaway is that even meme coins like Doge are seeing positioning for big future moves — a sign of speculative appetite extending well beyond just the blue-chip cryptos.

Taking all of June 10’s altcoin options flows together, the market sentiment appears to lean bullish with a side of caution. The volume leaders were dominated by call buying: APE leaps, SOL weeklies, XRP overnight calls — all suggesting traders positioning for upside in price or volatility. Such flows often reflect confidence or anticipation of positive catalysts in the near term. It’s especially noteworthy that traders are committing to long-term bullish positions in names like APE and DOGE; this indicates a degree of optimism (or at least willingness to speculate) on the broader altcoin realm as we move through 2025.

At the same time, the presence of hedging flows — the AAVE put spread, ARB puts, and the structured nature of DOGE’s OI (implying some sold puts) — shows that risk management is not being ignored. Some participants are protecting against downside or range-bound scenarios in specific tokens. This nuanced behavior is typical in a maturing market: even as many chase upside, others ensure they’re covered in case of adverse moves.

For the remainder of the trading week, here are a few implications and things to watch:

• Follow-through on Bullish Bets: Will the aggressive call buyers see their bets pay off? SOL’s short-term call surge implies that if any rally or volatility spike was expected mid-week, we should see it materialize. If SOL’s price pops, expect those calls to translate into profits and possibly further call activity (or profit-taking). Similarly, keep an eye on APE’s spot price — while those leaps have a long time to play out, any news or speculative fervor could start moving APE, given a large trader clearly believes in its upside. XRP’s massive call trade was extremely short term, so by now we’ll know if it hit or missed — but regardless, such bold moves can increase short-term volatility in the underlying as market makers adjust hedges.
• Market Maker Positioning and Gamma Effects: The large open interest shifts, particularly in APE, mean market makers are now short a lot of calls (since traders bought them). This can have a gamma effect on the underlying prices. If APE begins to rise, those market makers might have to buy APE in the market to hedge, potentially accelerating the rally (a gamma squeeze scenario). Conversely, if APE drifts lower or stays flat, the long calls will decay, and nothing dramatic happens near term — but the latent positioning is there. In SOL and XRP’s case, their short-dated nature means the gamma implications were very immediate (for example, SOL’s rally or lack thereof into June 11–12 would be directly influenced by those call positions). The market should watch for any amplified moves or increased volume in the underlying coins as a result of these option positions.
• Cautious Pockets — DeFi and Layer2: The fact that hedges showed up in AAVE and ARB suggests traders are perhaps less certain about DeFi tokens and newer layer-2 coins in the short run. This could be due to upcoming events (regulatory news, unlocks, etc.) or simply weaker momentum in those sectors. If the broader crypto market rallies, these hedged names might lag unless sentiment improves. Alternatively, if the market turns choppy, the hedged names might outperform on a relative basis (since their downside was being protected). In any case, AAVE and ARB flows hint at a divergence in sentiment: enthusiasm for some altcoins (metaverse, smart contract platforms) versus caution in others (DeFi, infrastructure tokens). Traders should monitor if this theme continues — for example, will we see more hedging in DeFi names or perhaps rotation of bullish bets into those if they start to catch up?

Overall, June 10’s altcoin options activity paints a picture of cautious optimism among crypto options traders. Big bets on upside in key altcoins signal confidence and risk appetite returning to the market outside of just Bitcoin and Ether. The simultaneous presence of protective trades shows a healthy respect for market risks and individual idiosyncrasies of each token. For crypto options traders, these flows offer valuable insight: understanding where large players are positioning can provide clues to potential market moves or at least where volatility might spike next. As we progress through the week, the outcomes of these positions (whether APE continues to attract interest, SOL’s short-term gamble pays off, etc.) will help validate or challenge the bullish bias seen on June 10.

Expert Takeaway: The altcoin options market is increasingly liquid and strategically used — even by big players — to express views on the crypto landscape. PowerTrade’s platform, which facilitated these notable trades, is emerging as a hub for such activity. Traders looking to capitalize on or hedge against these kinds of moves can consider engaging with these markets directly. Platforms like PowerTrade offer both exchange trading and request-for-quote (RFQ) block trading for altcoin options, enabling participants to execute large strategies (as we saw with APE and XRP) efficiently. With sentiment tilting positive but selectively hedged, it’s a ripe environment for savvy options strategies. Keep watch on those open interest shifts and volume leaders — they often herald the next big move in the ever-dynamic crypto market.