Altcoin Activity Increases on Powertrade Options Platform Thanks to XRP, SOL, and DOGE
Market volatility encourages traders to look for hedging and speculative opportunities.
Author: Omkar Godbole | Edited by: Parikshit Mishra Updated: Apr 11, 2025 1:15 pm Published: Apr 11, 2025 8:18 am
Key points:
- Options platform PowerTrade has seen increased activity in altcoins due to market volatility as traders look for opportunities to hedge and speculate.
- XRP options trading volume exceeded $5 million, with a balance between bullish and bearish positions, indicating expectations for significant short-term price movements.
- Despite the macroeconomic difficulties, traders showed interest in the growth of DOGE and at the same time tried to protect their positions in SOL.
Activity on PowerTrade's altcoin options platform has increased this week as increased market volatility has forced traders to look to derivatives for hedging and speculation.
XRP options trading volume has increased to more than $5 million this week, with most of the activity focused on short-term expirations, data from PowerTrade shows. Flows were balanced between put options with strikes between $1.80 and $1.98 and calls with strikes between $1.80 and $1.93.
“This activity suggests that traders are expecting significant short-term price moves — either due to regulatory changes or a breakout pattern — with a nearly even split between bullish and bearish positions,” Bernd Sischka, head of institutional sales at PowerTrade, told CoinDesk.
The two-way flow is consistent with volatile market behavior, which has seen XRP fall to a five-month low of $1.61 earlier in the week before recovering to $2, according to CoinDesk. A call option gives the buyer the right, but not the obligation, to buy the underlying asset at a predetermined price on or before a certain date. The buyer of a call option is bullish on the market, while the buyer of a put option is bearish, seeking to profit from or hedge against a price decline.
The hedging space also saw activity in SOL options, with traders looking for put options with strike prices ranging from $104 to $121. The Solana blockchain’s SOL token briefly fell to $95 on Monday as trade tensions between the U.S. and China sparked widespread risk aversion in financial markets. The cryptocurrency has since risen to $115.
However, despite the macroeconomic wobbles, traders are keen to see dogecoin, the most famous joke cryptocurrency by market cap, slumping to 13 cents earlier in the week and last trading at 15.7 cents. The cryptocurrency has fallen more than 65% since its peak of 48 cents in December.
The most popular calls were at 14.5, 15.5, 17.5 and 18 cents, all expiring on April 13, indicating speculative interest.
“Flow indicates pure momentum trading – short-term rates
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