Altcoin Options Weekly Recap – May 5–11, 2025
This week marked a shift in tone across the altcoin options market. While call option buyers still led, put option buying jumped from 2% to 15%, reflecting a rise in hedging or downside speculation.
Flow concentrated in $SOL options, $XRP options, and $TRUMP options, with continued interest in meme upside via $HYPE options. Volatility sellers rotated into longer expiries on $PAXG, $ENA, and $TRUMP.
More traders began building mid-dated structures into May 30 and June 27, signaling growing maturity in altcoin option strategies.
Client Positioning Breakdown (vs. Last Week)
39% Bought Call Options (↓ from 62%)
19% Sold Call Options (↑ from 17%)
18% Sold Put Options (↓ from 20%)
15% Bought Put Options (↑ from 2%)
9% Multi-legs structures
The return of put buyers was the most significant shift — seen primarily in $XRP, $SOL, and $TRUMP strikes.
Top Altcoin Options by Volume Share (WoW Change)
$SOL options: 28.9% (↑ +17.9%)
$XRP options: 19.5% (↑ +2.8%)
$TRUMP options: 16.2% (↑ +1.8%)
$HYPE options: 14.4% (↑ +4.9%)
$PAXG options: 6.7% (↓ –1.0%)
$ENA, $BNB, $AXS, $MOG, $VIRTUAL options: each <3%
$SOL options replaced $TRUMP at the top, supported by flow across both calls and puts. $HYPE and $XRP ladders remained active, while $PAXG activity shifted toward long-dated put selling.
Call vs Put Flow
64% Call Options
36% Put Options
Expiry Breakdown by Week
Week 19 (May 6–12): 40%
Week 20 (May 13–19): 19%
Week 22 (May 27–Jun 2): 16%
Week 26 (June 24–30): 16%
Weeks 21, 30, 39, 52: 9% combined
The rotation into May 30 and June 27 continued, with major builds in $SOL, $ENA, and $XRP.
Most Active Option Strikes
$XRP 2.05P: $1.59M
$HYPE 2200C: $1.04M
$HYPE 3000C: $1.01M
$HYPE 2250C: $807K
$HYPE 2400C: $803K
$TRUMP 600P: $798K
$SOL 173.5P: $687K
Weekly Flow Takeaways
Call buying softened slightly but remained dominant
Put buying jumped sharply, especially in $XRP and $TRUMP
$SOL led the rotation back into majors with both sides active
Traders pushed more volume into May 30 and June 27
