Source: PowerTrade
Original Title: Altcoins Explode with Bullish Bets — What Traders Know That You Don't
Translated by: BitpushNew
Historical experience repeatedly confirms: the market punishes those traders who hesitate. Just last week, Ethereum (ETH) finally ended its months-long dormant period, and its breakthrough trend not only signals ETH's own upward potential but also releases a strong signal that the Altcoin Season is about to be fully launched.
These high-volatility assets often "hesitate when falling and surge when rising". Currently, I am actively adjusting my positions to prepare for the potential Altcoin surge.
Concentration of Bullish Options and Dominance
This week's Altcoin options trading shows a clear bullish tendency, with bullish option trading volume (calculated by nominal value) overwhelmingly occupying about 70% of the activity, while put options only account for about 30%. Traders are mostly preparing for an upward movement, with limited downside hedging.
Despite the surge in Altcoin option interest, Bitcoin and Ethereum still occupy the largest share of total trading volume. In dollar terms, Bitcoin alone accounted for more than half of the day's total option turnover, with Ethereum contributing another significant portion. All other Altcoins combined only account for single-digit percentages of the total trading volume. Among Altcoins, XRP leads in nominal trading volume, followed by Solana (SOL)—although their trading volumes are only a small fraction of the two major cryptocurrencies. In short, bullish option purchases are widespread, but the market's focus (and liquidity) remains concentrated on BTC and ETH. (All data is from PowerTrade data)
BTC and ETH Positions and Sentiment
BTC and ETH option flows reflect divergent sentiments. Bitcoin shows some cautious positions: notably, some large BTC put option trades have emerged, indicating that some participants are hedging near-term downside risks. In fact, calculated by nominal value, BTC put options slightly exceeded BTC call options that day—suggesting some defensiveness after Bitcoin's spot price pullback from its high. This contrasts with Ethereum, whose positions are clearly bullish. ETH option flow is dominated by call options, with call option trading volume far exceeding put options (nearly 7:1 by nominal value). Traders seem confident about ETH's prospects (thanks to its recent successful network upgrade) and have open contracts heavily skewed towards call options. Overall, Bitcoin's option bias is mixed (with active bulls but lurking hedgers), while Ethereum's bias is strongly bullish, reflecting continued risk appetite for the second-largest cryptocurrency.
Star Assets and Open Interest Movements
EigenLayer shows aggressive bullish bets: a trader bought 270 EIGEN 100 call options with strike prices of 200/240 USD, driving a surge in its open interest.
Another notable development occurred with Kaspa (KAS), whose open contracts are heavily skewed bullish. By the end of the day, KAS had about 3,333 call option contracts, with only about 74 put options—an extremely asymmetric ratio indicating that the vast majority of traders are bullish on the coin. This imbalance between call and put options suggests strong speculative confidence (though it also means any negative surprise could catch the market off guard).
Additionally, common large-cap Altcoins remain active: XRP and SOL continue to attract strong interest, consistent with their high open contract levels and recent active trading. But the movements of EIGEN and KAS truly highlight that some Altcoins are becoming the focus of "large bets" in the options market.
Technical Key Points:
Bitcoin (BTC): If it can maintain $100,000, I expect its price to be between $140,000 and $160,000 in the near future.
Ethereum (ETH): Bull market range breakthrough. ETH shows relative strength, recently breaking through a long-term consolidation range. It broke through the approximately $2,800 resistance that had limited its rise for weeks, and as of this week, ETH is trading in the middle area above $3,000. The trend is upward, forming higher lows, and momentum is improving.
Support is currently around $2,800 (the top of the old range, which should serve as a bottom during pullbacks), with the next major upside target around $3,800. A close above $3,800 will signal a new upward impulse (potentially towards $4,000), while falling below $2,800 will be a warning sign that Ethereum has lost its breakthrough momentum. However, so far, ETH's market structure looks strong—it is creating higher highs and is driven by positive sentiment.
XRP (Ripple): Testing major resistance. XRP is currently trading around $2.30 and approaching an important resistance zone. The coin managed to hold a solid support interval of $2.20-$2.30 during a recent decline. If XRP can hold this bottom and break through around $2.50, it could rebound to the $3.00 level (unseen for months). The $2.50 barrier has repeatedly stopped upward attempts, so breaking this area would be a bullish statement.
Conversely, if XRP drops below the $2.00 support during a decline, it could further retrace to the low $1 area (the next support is around $1.70). Its trend is generally upward, but the real test will be whether it can break through the $2.50 top to continue rising.
Solana (SOL): Strong rebound, slight pullback. SOL recently rose to around $158-160, a major resistance zone where sellers have repeatedly appeared. The asset formed a short-term Double Top around $159 and then quickly pulled back to the $150 low.
Crucially, $150 acted as support—Solana rebounded from this level, keeping its upward trend intact. Looking forward, breaking $160 would be very bullish, potentially opening targets like $178. Conversely, if $150 fails during another test, SOL might retrace to the mid-$140 or even $130 area for a deeper consolidation. In the big picture: Solana remains on a trajectory of higher highs and higher lows, but needs a clear break above $160 to resume its upward movement.
ApeCoin (APE): Range-bound consolidation. APE (currently around $0.70) has been trading sideways after a spring rebound. In recent weeks, it has been oscillating between $0.675 support and $0.735 resistance. This narrow range oscillation reflects hesitation—neither bulls nor bears have gained the upper hand recently.
ApeCoin's short-term trend is neutral (moving averages are flat, low volatility). A breakthrough of around $0.74 will be the first bullish signal, which may allow it to retest the high of around $0.78 in May. Conversely, falling below $0.675 could signal further weakness, with the next support level at around $0.59. Traders are waiting for a clear breakout from this range before deciding on direction.
Kaspa (KAS): Uptrend faces supply test. KAS has been in a strong uptrend for most of 2025, though currently in a mild pullback. As of mid-June, the price is around $0.08-$0.09, below its high point (over $0.10). Support is at the $0.07 multi/high area; if this level is breached, predictions show a potential slide to around $0.067. On the upside, reclaiming $0.10 would be a bullish signal for resuming the uptrend.
Notably, KAS's options positioning is extremely bullish—with a large number of call options open and very few put options. This indicates speculator confidence but also means any negative surprises (such as selling pressure from token unlocks or broader market declines) could have an outsized impact. Currently, Kaspa's market structure remains bullish on a larger timeframe, but holding around $0.08 is key to preventing a deeper pullback.
Weekly Outlook
In the coming days, several upcoming catalysts could influence the crypto market's direction. Crypto traders will closely watch BTC and ETH around the CPI announcement, as it may impact overall market risk appetite and volatility. A mild CPI could further boost the current rally, while high readings might stimulate more hedging and price cooling.
We will also see a series of token unlocks that could impact certain Altcoins.
On June 12th, Aptos (APT) plans to unlock about $53 million in tokens, and on June 13th, Immutable X (IMX) will unlock approximately $13.5 million in tokens. These events will increase the circulating supply of these assets, potentially creating short-term selling pressure.
Looking further ahead, Arbitrum (ARB) has a notable unlock on June 16th (about 92 million ARB tokens, around $30 million), and the market may already be digesting this news. Beyond unlocks, watch for any significant governance votes or regulatory news—crypto legislation and policy decisions can arrive unexpectedly, and occasional DAO governance drama can trigger volatility.
In summary, the Altcoin options market enters the remaining week with a bullish momentum but facing important tests. Many traders hold profitable bullish positions, and the question is whether macro and project-specific events can validate their optimism or bring unexpected turns. This is a period to remain vigilant: volatility may increase around the CPI release and token unlocks. However, if these events don't bring significant downside, the current uptrend dominated by bullish options is likely to continue. Traders will balance their greed and fear, perhaps by adjusting strike prices or diversifying risk, but the overall tone remains positive as we observe whether the "June rally" can overcome this week's obstacles.
