Whales Are Betting Big — Inside July 2025’s Altcoin Options Frenzy on PowerTrade | by PowerTrade/PowerDEX | Aug, 2025
July 2025 was a sizzling month for crypto options, with traders (and whales) making bold bets across Bitcoin and major altcoins. On PowerTrade — a leading crypto options platform — trading volume surged to record levels (More thnan $2.2 billion!)as bullish sentiment swept the market. In this influencer-friendly recap, we’ll break down who the dominant players were (think BTC, ETH, XRP and friends), what massive trades went down, and how the balance of calls vs. puts reveals the market’s mood. We’ll also touch on the bigger picture: macro news like the Fed’s rate moves, ETF approvals, and regulatory wins that set the tone. Let’s dive into July’s top altcoin options trends with an approachable but data-driven lens.
It was a blockbuster month — nearly $440 million in options value traded on PowerTrade in July. The action was concentrated in the heavy-hitters of crypto. Bitcoin (BTC) led by a huge margin, accounting for about 59% of total options volume (roughly $258 million). Ethereum (ETH) followed with ~22% share (about $96 million), and XRP took a surprising third place at ~13% (around $55 million). This means the top three assets alone made up over 90% of all trading. The remaining sliver was split among other altcoins — with Solana (SOL) and Binance Coin (BNB) leading that pack (each around 1.6–1.8% of volume), and smaller amounts scattered across dozens of others. In short, traders largely focused on the big names, and BTC and ETH were the undisputed volume kings, while XRP emerged as the dark horse among altcoins.
Notably, meme coins didn’t really make a splash in the options arena this month. While tokens like DOGE, PEPE, or FLOKI exist on the platform, their option volumes were negligible (each well under 1% of total). The focus was clearly on fundamentals — traders put their money on the established assets rather than chasing meme hype. This suggests a more mature market mood in July, with participants concentrating on crypto’s blue chips and major alts.
A few massive trades by “whale” investors stole the headlines in July. These were the kind of high-dollar bets that signal strong convictions about the future. Here are some of the top trades we saw (each worth millions of dollars):
- $14.5M BTC Call — One whale spent about $14.55 million on 125 contracts of a Bitcoin call option (strike $130,000 expiring August 29, 2025). This was the single largest trade of the month, a bold bet that BTC could climb well above $130K by the end of August.
- Two $13.6M BTC Calls (Mar 2026) — In a coordinated move, a trader executed two huge call option buys for March 27, 2026 expiry: one on BTC $95,000 strike and another on BTC $130,000 strike, each costing about $13.64 million. These long-dated calls (a year+ out) signal uber-bullish long-term sentiment — essentially a whale staking over $27M in total on Bitcoin’s continued rise into 2026.
- $11.7M BTC Call (Jun 2026) — Another big fish grabbed 100 contracts of a BTC $150,000 call expiring June 2026 for roughly $11.73 million. That strike is way above current prices, indicating the trader is eyeing a potential six-figure Bitcoin (perhaps hoping the post-halving bull run extends into mid-2026).
- $5.5M BTC Put (Jun 2026) — It wasn’t all one-way bullish bets. One notable hedge/trade was a 50-contract BTC put option (strike $108,000, June 2026) that traded for about $5.54 million. This could be a trader protecting against downside or a contrarian betting on longer-term pullback. Interestingly, that trade was paired with a large call (50 contracts of BTC $112,000 call) of similar value — possibly part of a complex strategy (like a risk-reversal, selling a put to fund a call) to express a bullish view with limited cost.
These whale trades underscore the high conviction in Bitcoin’s future rally. The fact that the largest positions were calls with strikes in the $95K–$150K range (many expiring in 2026) shows that big players were positioning for a major bull run over the next year. As one analyst quipped, these trades are like “bets on a moon landing” for Bitcoin’s price. And so far, the whales have reason to be optimistic — by mid-July, Bitcoin hit a new all-time high around $123,000, reflecting the very momentum they’re banking on.
So, were traders more bullish or bearish in July? One way to gauge sentiment is by looking at the balance of call options vs. put options traded. Calls are typically used to bet on prices going up (or to earn upside exposure), while puts are often used to bet on prices going down (or to hedge against drops). In July’s data, call buying clearly led the way:
- Call/put volume ratio of around 1.45 to 1 in favor of calls (about 60% of the volume was bullish calls).
In plainer terms, traders were leaning bullish, with nearly one-and-a-half times more money going into call options than puts. This suggests a prevailing optimism — market participants were positioning to capture upside, in line with the broader crypto rally underway. Bitcoin options, in particular, skewed bullish (BTC call volume was ~1.68× the put volume), as did SOL and BNB options, which were overwhelmingly call-dominated (roughly 80–95% of their volume in calls).
However, it wasn’t a one-sided story across the board. Ethereum’s options flow was more balanced (calls only slightly edged out puts), reflecting that ETH traders hedged bets or were cautious even as ETH’s price climbed. And interestingly, XRP saw almost as many puts as calls — in fact, XRP put volume slightly exceeded call volume in July. That could indicate some investors were buying downside protection on XRP (perhaps locking in gains or guarding against adverse news), even as others speculated on further upside. This nuanced call/put picture implies that most traders were bullish (hence the call bias), but there was still a healthy amount of hedging and skepticism — a sign of risk management in a fast-moving market.
Another key trend is which expiries traders favored — were they betting on near-term moves or playing the long game? July’s trading reveals a mix, but with a clear tilt toward short-term expiries:
- A large chunk of volume was in options expiring in July itself. In fact, a big part of the month’s volume came from July-expiring contracts (weekly options and month-end July), indicating heavy short-term trading and possibly event-driven plays.
- August 2025 expiries were also popular, accounting for about 40%. So combined, options expiring within the next month (July + August) made up around 74% of total volume — showing that traders largely focused on the immediate horizon.
- Beyond that, there were pockets of long-dated activity. Notably, June 2026 expiries saw significant volume — this stands out as the biggest long-term target, thanks in part to those whale trades on June 2026 BTC calls and puts we discussed. There was also decent action for December 2025 and March 2026 expiries, which correspond to quarterly cycles.
The dominance of near-term options suggests many traders were aiming to profit from short-lived price swings or specific July events (like economic announcements or crypto news that month). Weeklies and monthlies offer quick turnaround and were heavily utilized. However, the sizeable volume on 2026 expiries demonstrates that some players have a longer vision, positioning for where crypto could be a year out. The contrast is striking: fast-money traders playing weekly moves versus visionary investors locking in bets on crypto’s 12+ month trajectory. Both coexisted in July’s market. As a result, we saw a healthy term structure spread — plenty of near-term speculation, with a sprinkling of big long-term bets hinting at confidence in the future.
Beyond Bitcoin and Ethereum, a few altcoins had noteworthy options activity that offers clues about market sentiment:
• XRP — Riding the Wave of Legal Clarity: XRP’s option volumes were the highest of any non-BTC/ETH asset in July, reflecting intense interest. What’s driving it? Regulatory winds and potential institutional adoption. This summer marked a turning point for Ripple’s fortunes — by end of July 2025, the long-running SEC vs. Ripple legal saga was reportedly nearing resolution, with the SEC facing a late-July deadline on whether to appeal. XRP had already been buoyed by a landmark legal win (a court ruling earlier that Ripple’s token was not a security in certain contexts), and now it was on the cusp of even more clarity. Traders seemingly positioned for this positive outcome. In fact, the SEC was set to rule on a proposed spot XRP ETF around July 25, 2025— a potential first-of-its-kind approval. The very prospect of an XRP ETF likely stoked bullish bets. It’s no wonder XRP’s price was hovering around multi-year highs (~$3 by mid-month). The options flow reveals some two-way sentiment though: alongside call buying (speculation on further upside if, say, an ETF got approved or Ripple officially won), there were significant put purchases (perhaps insurance by holders after XRP’s big rally). Overall, the heightened XRP activity signals that July was a pivotal moment — traders were effectively betting on XRP’s emergence from legal purgatory into mainstream legitimacy. And indeed, XRP was catching “fresh institutional and political attention” as one news outlet noted with even rumors of a former U.S. president’s pro-crypto stance boosting confidence.
• Solana (SOL) — ETF Buzz Fuels Bets: Solana’s options volume was modest in absolute terms but significant in context — SOL beat out dozens of other alts to be the fourth most traded asset on PowerTrade. The big catalyst here was also ETFs and institutional adoption. At the end of July, Solana achieved a major milestone: the first ever Solana spot ETF launched on July 28, 2025 (the REX-Osprey SOL ETF) and sent SOL’s price soaring to about $153 intraday. Moreover, prediction markets were putting ~99% odds on additional Solana ETF approvals coming soon. In other words, July was “Summer of SOL” in terms of traditional finance embracing the asset. Options traders seemingly caught wind of this momentum. There was heavy call buying on Solana — roughly 80% of SOL option volume were call, reflecting bullish sentiment and possibly hedges by those long on SOL spot. With SOL’s underlying price up sharply (approaching its all-time high territory), these flows might indicate traders betting on continued upside or volatility around the ETF news. The Solana story in July signals growing institutional interest in altcoins, as SOL graduated into an asset with ETF access, potentially opening floodgates of new capital. The options market’s uptick mirrors that optimism.
• BNB — All-Time Highs and Renewed Confidence: Binance Coin (BNB), the native coin of the Binance ecosystem, also saw noteworthy action (~$7.1M volume). What’s striking is nearly all of it was call options, aligning with a breakout in BNB’s price. In late July, BNB surged to an all-time high around $858, making it the fifth-largest crypto by market cap at the time. This 30% price jump over the month was fueled by a double dose of good news: First, Binance’s regulatory troubles eased — the U.S. SEC unexpectedly dismissed its lawsuit against Binance and founder CZ in May 2025, removing a huge shadow from BNB. By July, the effects of that victory were in full swing, as traders felt more confident that BNB wasn’t going to be labeled a banned security. Second, Binance continued expanding its ecosystem and use cases for BNB, and the broader altcoin rally (with total crypto market cap topping $4 trillion) provided tailwinds. The bullish flow in BNB options suggests traders were positioning for Binance’s token to keep climbing on the back of this positive momentum. When a major legal risk evaporates, it’s like a green light for pent-up demand — and indeed BNB’s climb, along with heavy call buying, indicates renewed optimism and perhaps institutional accumulation. BNB’s story is a reminder that regulatory clarity can be rocket fuel for a crypto asset.
What was happening in the wider world in July 2025 that influenced these crypto options trends? In a word: macro stability and institutional validation. Several key events set the mood:
- Federal Reserve Steady on Rates: In late July, the U.S. Federal Reserve met and decided to hold interest rates steady, maintaining the target range at 4.25–4.50%. Going into the meeting, there was feverish speculation — would the Fed finally pivot to rate cuts or continue its pause? President Trump was openly pressuring Fed Chair Powell for rate cuts (even tying it to trade policy support), and markets were juggling odds. Ultimately, the Fed did not cut in July (there was a mere 2.6% probability of a cut priced in), citing inflation still around 2.7% (June CPI) — close to target but not enough to ease yet. This outcome — basically “no surprises” — was largely what crypto traders expected. The crypto market initially dipped ~4% on the uncertainty leading up to the Fed decision, but quickly stabilized once the no-cut verdict came out. The bigger picture is that the Fed’s pause (with hints of possible cuts later in 2025) created a constructive backdrop for risk assets. With no new tightening, money wasn’t getting more expensive — a relief for Bitcoin and alts. Many traders interpreted the situation as “we’re near the peak of rates, and easing may come soon”, which historically is bullish for crypto. This likely emboldened the call buyers and the long-dated bulls we saw in the options market. In short, a steady Fed removed a potential headwind, allowing crypto momentum to continue.
- ETF Mania and Institutional Influx: If 2021 was the year of the Bitcoin futures ETF, mid-2025 was shaping up to be the year of the spot crypto ETFs. By July 2025, the SEC had already approved spot Bitcoin ETFs, a watershed that helped bitcoin “go mainstream” and contributed to the massive rally in BTC price. This set the stage for altcoin ETFs: many major firms filed applications for Solana ETFs (and others like Ethereum, XRP, etc.), racing to tap demand beyond just Bitcoin. July saw concrete progress — as discussed, a Solana ETF got the green light and went live, and an SEC decision on an XRP ETF was on the docket. The sentiment boost from these developments cannot be overstated. Traders were sniffing out which alt might be “the next to get an ETF”, as that often means a surge of institutional buying. The options trends — strong interest in SOL, XRP, and continued love for ETH (which had seen futures ETFs and was an obvious next candidate for a spot ETF) — align with this narrative. When prediction markets put a 91%+ chance on Solana ETF approval in 2025 and even traditional outlets like Reuters noted friendlier regulation under President Trump, crypto investors grew optimistic that the era of institutional adoption was here. The flows into calls on these alts can be seen as bets that ETFs would drive prices higher (which in SOL’s case, immediately came true with a price jump on launch).
- Crypto Regulatory Wins and Ecosystem Catalysts: Aside from ETFs, July had other news nuggets that likely influenced trading. Ripple’s courtroom progress gave a huge morale boost to the whole altcoin space — the prospect of XRP shedding its “SEC lawsuit” baggage was bullish not just for XRP but as a precedent for other projects. Meanwhile, Binance’s legal relief (SEC case dropped) in May set a positive precedent by July, as mentioned, fueling BNB and easing fears of exchange-driven selloffs. There were also ecosystem-specific events: for instance, high-profile token unlocks or upgrades. One notable recurring event is Ripple’s monthly unlocking of 1 billion XRP from escrow, which did happen (as it does every month) — early July saw an unlock that momentarily added supply and coincided with some profit-taking (XRP dipped 13% mid-month amid that and general uncertainty). But the fact that XRP rebounded and finished strong implies that broader confidence outweighed token supply concerns. In Ethereum’s world, no major upgrade occurred in July 2025, but ETH’s price strength ($3,700) and near-$4k looming level kept traders attentive (many see ETH $4k as a trigger for altseason, and indeed whispers of Ethereum spot ETFs or staking regulatory clarity were circulating). Macro-economic data like U.S. GDP and jobs reports also came into play: late July saw mixed economic signals (e.g. cooling job market), which actually bolstered hopes that the Fed would be gentle — a plus for crypto. Overall, July’s macro and news environment was a Goldilocks zone for crypto: enough positive developments (ETFs, legal victories, solid economic backdrop) to stoke a rally, and no immediate negative shocks to scare off the bulls.
In July 2025, crypto options traders on PowerTrade and PowerDEX put their money where their mouth is: they wagered big on the continued crypto upswing. We saw record volumes concentrated in Bitcoin and the top altcoins, gigantic call positions hinting at sky-high price targets, and a clear bullish bias tempered by strategic hedging. Traders favored short-term plays but also laid down long-term bets signaling faith in the next year of crypto growth. And critically, the broader context — from a friendly Fed to groundbreaking ETF approvals — provided fuel for this fire.
For influencers and investors alike, the takeaway is compelling: institutions are jumping in (via ETFs), legal/regulatory clouds are parting, and crypto markets are maturing (less meme fluff, more substantive positioning). The call-heavy sentiment and focus on major altcoins show a market gearing up for what could be a historic bull run, while the existence of hedges and puts remind us that nothing is guaranteed in this game. As we move beyond July, all eyes will be on whether these bold bets pay off. If the trends continue — with whales betting big and news staying supportive — the rest of 2025 could be just as explosive as this sensational July.
Whether you’re a hodler, a trader, or an intrigued onlooker, one thing is clear: the crypto options market’s tea leaves from July spell optimism for “Bitcoin and friends.” And as any seasoned influencer would say — buckle up, because the latter half of 2025 might just be to the moon. 🚀
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