In the dynamic world of crypto options, each day sees traders balancing caution with ambition. May 24, 2025 was a prime example of this balancing act on PowerTrade: even as some players aggressively hedged against near-term risks, others reached for explosive upside in key tokens. From big defensive put plays to bold out-of-the-money call bets, today’s session showcased the crypto market’s mix of prudence and speculation. Let’s dive into the highlights:
Bitcoin (BTC): One-Sided Call Frenzy at Lofty Levels 🚀
Bitcoin’s recent climb into lofty price territory kept traders busy with options. Roughly $2.5 million in BTC options volume changed hands today — and virtually all of it was in calls, as bullish bets dominated while put activity was nearly nonexistent. Traders showed striking confidence at these high levels:
- Bold Upside Wager: A notable large trade saw 20 contracts of BTC $111,500 calls (expiring May 26) traded at a premium of ~$200 each (≈$2.16M notional). This eye-catching transaction — effectively a bet on further short-term upside — could be a bold speculative play or an institutional call overwrite to earn premium. Either way, it underscores intense focus on BTC’s near-term breakout potential.
- Lack of New Hedges: Unlike earlier in the week, there was scant put buying on BTC today. The absence of fresh downside hedges suggests traders felt little immediate need for protection, implying confidence that BTC can sustain its high levels without a sharp pullback in the very short term.
- Open Interest Tilt: Bitcoin’s open interest (OI) remains call-heavy (~59% calls), reflecting a market skewed toward upside exposure. The largest chunk of BTC OI sits in the upcoming May 30 expiry and in longer-dated quarter-end contracts, signaling that traders have significant positions both in the weekly timeframe and heading into the summer — a mix of short-term gambits and longer-range strategic bets.
Bitcoin’s one-sided call frenzy today highlights a cautiously optimistic sentiment: market players are comfortably riding BTC’s momentum, chasing further gains with calls while showing little urgency to insure against downside.
Ethereum (ETH): Puts Prevail as Traders Brace for Turbulence 😰
Ethereum saw a defensive posture take center stage. Of the roughly $3.1 million in ETH options volume, an overwhelming ~95% flowed into puts, dwarfing call activity. Traders appeared to be bracing for near-term volatility or a potential pullback after ETH’s recent strength:
- Institutional-Size Hedges: In a standout move, an institutional player snapped up a large block of short-dated puts. Specifically, about 800 contracts of ETH $2540 strike puts expiring May 26 were bought in two swift trades, totaling roughly $2.0M in notional value. This aggressive purchase of downside protection — just as the expiry looms — is a classic signal of major players seeking shelter against a sudden swing or downturn in ETH’s price.
- Bearish Skew in Positioning: Such pronounced put buying tipped ETH’s overall positioning firmly bearish for the short term. Open interest in ETH is now skewed ~63% toward puts, and much of it sits in the immediate May 26 expiry and the end-of-quarter June contracts. This indicates many traders (likely including pros) are hedging actively, preparing for potential turbulence even as ETH’s longer-term fundamentals remain bullish.
Ethereum’s options activity paints a picture of caution: traders are proactively hedging and “buying insurance” for the near term. While ETH’s uptrend isn’t necessarily in doubt, the heavy put demand shows a market on guard for a pullback or surge in volatility in the days ahead.
Binance Coin (BNB): Straddling the Range with Calls & Puts 🎯
BNB cracked the top of today’s volume charts with about $0.48M in options traded, and interestingly, it featured a balanced mix of calls and puts. Traders appear to be positioning around BNB’s current price range, setting up for a potential breakout in either direction:
- Strangle Strategies at Key Strikes: A significant portion of BNB trades clustered around the $640 put and $680 call strikes (for expiries on May 30 and the week after). Traders were actively trading both calls and puts in size at these strikes — a telltale sign of strangle or risk-reversal strategies. This positioning suggests that market makers and savvy traders are hedging or speculating on a big move outside roughly the $640–$680 zone, which brackets BNB’s recent trading range.
- Expiry Focus — Month-End Move: The bulk of BNB’s open interest (~$856K notional) is parked in the May 30 weekly expiry, with a roughly 2:1 call-to-put ratio in OI. This call-heavy tilt (about 67% calls by notional OI) shows a slight bullish bias among BNB option holders. In plain terms, many are expecting BNB to make a decisive move by month’s end, and more are betting that move will be up rather than down.
The two-way flow in BNB — with traders buying protection and upside simultaneously — indicates an interesting equilibrium. BNB traders are hedged but hopeful: prepared for a break from consolidation, yet leaning bullish on the token’s prospects as the new week approaches.
Solana (SOL): Bullish Follow-Through After a Tactical Pivot 🌅
Solana, a popular altcoin for traders, saw approximately $0.7M in volume today exclusively in calls, marking a continuation of the bullish shift we observed recently. Earlier in the week, SOL traders dramatically pivoted from bearish to bullish, and today’s action reinforced that upbeat sentiment:
- Call Buying Momentum: The highlight was a large purchase of SOL calls at the $175.5 strike (expiring May 25 the very next day). This chunk of call buying signals that traders are doubling down on short-term upside for SOL, perhaps expecting a favorable move or news imminently. The fact that these calls were so near expiry — essentially a 24-hour bet — underscores high conviction (or risk tolerance) for a quick jump in SOL’s price.
- Positioning Out to Quarter-End: Looking at open interest, Solana’s OI stands around $652K (notional), and interestingly it is concentrated in the June 27 expiry (the end of Q2). A significant portion of this OI is in put contracts, indicating that while near-term trading has turned bullish, some medium-term hedges remain in place. It appears some traders are bullish on SOL’s immediate prospects but still holding insurance for the longer haul, which is a prudent play given crypto’s notorious volatility.
Solana’s options activity suggests a market riding a wave of renewed optimism. After shedding bearish bets, traders are confidently positioning for further upside in the short run. At the same time, the remaining hedge positions point to a healthy respect for risk — a sign of growing maturity among SOL traders who are optimistic but not complacent.
Meme Coins & Newcomers: Speculative Interest Stewing 🐾
Even on a relatively quiet day for meme coins in terms of trades, speculative fervor remains evident in the open interest of certain high-risk alt options. Traders are keeping significant positions in play on these names, poised for explosive moves should volatility strike:
- KAS (KAS10000): An emerging project that has climbed up the ranks — KAS now boasts roughly $2.16M in open interest, placing it among the top few underlyings by OI. Intriguingly, all of this OI is in call options (with virtually no puts), largely centered on the June 27 expiry. This suggests a cohort of traders are placing bullish long-shot bets on KAS, anticipating a major rally by the end of Q2. Such one-sided call positioning is a hallmark of speculative optimism on a newer coin.
- TRUMP (TRUMP100): This meme coin favorite still commands about $1.26M in OI, despite little trading volume today. The OI is split between calls and puts, but notably most of it sits in the imminent May 30 expiry. This indicates that traders are heavily speculating on a near-term move for TRUMP — and they’re divided on direction, with some positioning for a spike higher (calls) and others hedging or betting on a drop (puts). The intense focus on the current week’s expiry hints at a binary event or simply the thrill of short-term gamble on this volatile token.
- Others to Watch: Smaller meme tokens and niche alts like HYPE100 and WIF1000 also retain pockets of open interest (well into the five-figure range). These saw flurries of call buying recently — e.g. traders snapped up cheap OTM calls at ambitious strike levels. While their OI is modest compared to TRUMP or KAS, it shows the speculative spirit is very much alive across the board. Traders remain willing to punt on these high-risk names for potentially high-reward payoffs.
This sustained interest in meme coin and newcomer options underlines the market’s risk appetite. Even when trade volumes are low, the open interest tells a story — many traders are keeping their speculative positions live, waiting for the next jolt of volatility to potentially deliver outsized gains.
Market Sentiment: A Cautious Optimism 🤔
Across the crypto options landscape today, we see a fascinating blend of bullish enthusiasm and cautious hedging. On one hand, upbeat bets on further upside — especially the call-heavy action in BTC, SOL and others — show that many traders are optimistic and in “risk-on” mode, eager to capitalize on any rallies. On the other hand, substantial protective positioning — exemplified by the heavy ETH put buying — reveals a concurrent desire to manage downside risk in the face of uncertainty.
This dual approach speaks to a maturing market mindset: participants are leveraging options not just to speculate, but also to safeguard their portfolios. Short-term weekly expiries remain extremely popular for tactical plays, while significant open interest at quarterly and even early-2026 expiries hints at strategic longer-term views (often a sign of institutional involvement). The prevailing sentiment could be characterized as cautious optimism — traders are leaning bullish, but not without protection. It’s a market positioning for upside potential, yet prepared for surprises. In crypto, that nuanced stance is often the smartest play.
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