Altcoin Options Surge on ETF Speculation - Key Trends from October 29, 2025

On October 28, 2025, crypto options traders turned up the heat in the altcoin markets. Retail traders worldwide flocked to altcoin options to express bullish market views, hedge risk, and speculate on the latest narrative — anticipation of new crypto ETF approvals. The day’s trading was marked by overwhelmingly bullish bets, with call options vastly outnumbering puts on many tokens, reflecting upbeat sentiment. Lesser-known coins like Virtual Protocol (VIRTUAL) and Zora (ZORA) saw one-sided call buying as their prices spiked, while even larger-cap alts like NEAR Protocol (NEAR) and Litecoin (LTC) were buzzing with activity amid ETF-related speculation. Below we break down the key trends from Oct 28’s altcoin trading: how sentiment shifted, which assets saw notable trades, and how ETF news drove a frenzy in DeFi options markets.
The trades and sentiment was collected from PowerTrade, the most complete altcoin options exchange, and Polaris, its DEX version.

Why Altcoin Options Are Gaining Popularity

Altcoin options trading is exploding in late 2025, with traders aggressively positioning in calls and puts across a variety of tokens. The appeal is clear — options offer leverage with limited risk, letting traders bet on upside or downside without the threat of liquidation. For retail players, buying a call or put is a capital-efficient way to speculate on crypto derivatives or hedge an existing portfolio. A few dollars of premium can control a much larger position, and the worst-case loss is capped at that premium, unlike margin trades. This defined-risk leverage is drawing in both degen speculators and strategic investors.
At the same time, modern options trading platforms like PowerTrade (a CEX) and Polaris DEX are making it easier than ever to trade altcoin options. These platforms offer deep altcoin coverage — over 80+ altcoin markets in Polaris’s case — plus flexible expiries from 10-minute “flash” options to 6+ month contracts. On Oct 28, many traders took advantage of 0-fee trades and ultra-short expiries on these platforms to gamble on intraday moves, while others utilized longer-dated options for bigger-picture plays. The flexibility and efficiency of trading on PowerTrade’s centralized exchange and the on-chain Polaris DEX (with direct wallet trading and no KYC) have empowered retail traders to jump into altcoin options with confidence. Whether expressing a view on a hot narrative or hedging against volatility, crypto options give traders powerful tools to act quickly and strategically.

Market Sentiment: Calls Dominate as Bulls Take Charge
Market sentiment shifted decisively bullish on Oct 28, as evidenced by a low put–call ratio across most altcoins. A lower put–call ratio means far more calls trading relative to puts, typically reflecting optimism as traders bet on upside. Indeed, that day saw one of the most one-sided options sessions in recent memory — call volumes dwarfed put volumes on many popular coins. Traders were largely buying call options to ride bullish momentum, shedding their hedges and positioning for further gains. Major crypto prices were actually slightly down or flat (BTC hovered near $113k, ETH ~$4k) amid cautious broader markets, but in the altcoin options arena, bulls were firmly in control.

For example, Zora (ZORA) saw call options outstrip puts by over 12:1 in open interest, as its token continued to ride post-listing hype. ZORA had surged 77% earlier in the month after a Robinhood listing, and traders on Oct 28 piled into calls anticipating more upside. Similarly, Virtual Protocol (VIRTUAL) — a smaller altcoin — had virtually all of its ~1100 open option contracts in calls (with almost no puts), mirroring the pattern from two days prior when VIRTUAL’s price spiked ~30% in 24 hours. Such heavy call interest (put–call ratios near zero) signals extremely bullish speculation, as traders rushed to grab upside exposure and leverage any rally. In short, optimism was high and many were chasing short-term pumps via calls.
Not every token was rosy, however. A few pockets of bearish or hedging activity stood out, underscoring varied sentiment coin to coin. Notably, the TRUMP meme token saw an influx of put buying, making it one of the day’s rare put-dominated flows. Open interest in TRUMP puts was about 66 contracts versus just 1 call — a >60:1 skew toward puts. This likely reflects traders seeking downside protection or betting on a drop, perhaps due to negative news or a price slide in that token. It’s a reminder that even in a bullish market, specific risks can drive localized bearish positioning. Overall though, Oct 28 belonged to the bulls in altcoin land, with call buyers clearly outnumbering the few betting on declines.

Top Trades of the Day in Altcoin Options

The day’s most notable trades and moves centered on a handful of trending altcoins. Here are the top highlights of how traders positioned and profited on Oct 28:
Virtual Protocol (VIRTUAL): Call options dominated VIRTUAL’s flow as the token rallied. Virtually all open VIRTUAL contracts were calls. Traders who bought cheap out-of-the-money calls before the spike saw massive percentage gains — some short-term VIRTUAL calls jumped from almost nothing to several dollars in value as the underlying price surged ~30%. This one-sided call frenzy underscores how altcoin trading sentiment was extremely bullish on VIRTUAL’s “continued rise”.

Zora (ZORA): ZORA’s options activity was call-heavy ahead of a major token unlock. With a vesting unlock of ~167 million tokens (4.5% of supply) due on Oct 30, traders anticipated heightened volatility. Interestingly, the bias was toward calls — speculators bet on upside despite the potential increase in supply. Those bullish bets paid off as ZORA held firm and even saw quick pops; many out-of-the-money ZORA call options soared in value, delivering triple-digit percentage gains to opportunistic traders. The heavy call volume around ZORA shows how traders use options to speculate on news-driven swings (in this case, turning a normally bearish event into an opportunity).

NEAR Protocol (NEAR): NEAR became a focal point of ETF speculation. With new altcoin ETFs launching, some traders wagered NEAR could be next in line for institutional attention. In fact, an altcoin ETF launched earlier in October already included NEAR in its basket — a sign that mainstream crypto funds are expanding beyond BTC and ETH. On Oct 28, a large trader aggressively snapped up thousands of short-dated NEAR call options at strikes around $2.25–2.45. This call sweep signaled a bullish bet that NEAR’s price would jump, possibly on any positive ETF-related rumors or ecosystem news. NEAR’s options open interest jumped to ~18.7k calls (slightly above puts at ~15.3k), reflecting a tilt toward optimism. While NEAR’s underlying price move was modest, the leverage of those calls meant even a small uptick could yield outsized gains for the speculators.
Litecoin (LTC): LTC saw robust call buying as the first-ever U.S. spot Litecoin ETF (ticker LTCC) launched that day. Traders rushed into weekly call options targeting strikes near the current price — for example, a flurry of buys on $98–$106 strike calls expiring within days. This surge in call demand implied traders were positioning for a potential pop in LTC’s price on the ETF news. While LTC’s price reaction was relatively muted in spot markets, options traders still notched wins: short-term call premiums rose, and those who sold into the spike locked in quick profits. The LTC ETF launch underscores how even established altcoins are getting fresh attention via traditional-market vehicles, and savvy traders on PowerTrade/Polaris used options to ride that narrative with precision.

TRUMP Token: In contrast to the call euphoria elsewhere, the TRUMP memecoin was a bearish outlier. Put options volume overwhelmed calls (roughly 65+ puts vs just 1 call open) as some traders braced for a drop. This one-sided put positioning suggests either insider caution or hedging by TRUMP holders against bad news. Indeed, TRUMP’s price was reportedly sliding, so those put buyers likely saw their options spike in value as the token fell. It was one of the day’s top put option trades, demonstrating how options can pay off on the downside. While most altcoin traders chased upside, the TRUMP case highlights the hedging use-case — buying puts as insurance or speculative shorts when storm clouds gather around a coin.

NEAR ETF Speculation Heats Up

Among all narratives, the buzz about crypto ETFs extending to altcoins particularly benefited NEAR Protocol. With Solana (SOL) and Litecoin (LTC) ETFs both launching on Oct 28 in the U.S., traders immediately began speculating which altcoin might be approved next. NEAR emerged as a prime candidate in rumor mills due to its strong tech profile and prior inclusion in diversified crypto funds. By late 2025 there were over 150 crypto ETF filings covering ~35 different cryptocurrencies, so the ETF speculation theme was in full swing for many layer-1 projects.
On Oct 28, NEAR’s options activity spiked sharply. As noted, a major purchase of NEAR call options took place in the evening, indicating bullish conviction that something big could be imminent. While no NEAR-specific ETF had been announced, the very idea of broader altcoin adoption via ETFs was enough to shift sentiment. Traders interpreted the successful Solana and Litecoin ETF debuts as a sign that demand for regulated altcoin investment is rising — and NEAR might eventually ride that wave. The result: NEAR’s call options were in high demand, and implied volatility ticked up, pricing in a possible breakout. Even those who weren’t sure about the ETF timeline used the moment to position for narrative-driven gains. By buying relatively cheap calls, retail traders could speculate on NEAR’s upside with minimal capital at risk, a strategy that many find attractive when a news catalyst could strike at any time.

It’s worth noting that NEAR’s case is part of a bigger trend of DeFi options usage around news events. Just as NEAR calls were used to bet on ETF rumors, we’ve seen traders use options to play other narratives (tech upgrades, partnerships, etc.) because options offer asymmetric payoff — a small premium can return many times more if the event triggers a big price move. NEAR’s “ETF speculation” frenzy on Oct 28 exemplified how altcoin options empower traders to quickly jump on developing stories in the crypto world.

Trade Smarter with Crypto Options on PowerTrade & Polaris
The action on October 28 shows how altcoin options allow traders to capitalize on market narratives — from ETF launches to token unlocks — with flexibility and defined risk. Whether you’re bullish on the next big altcoin or looking to hedge against downturns, trading crypto options on the right platform is the most efficient way to express your view. PowerTrade and Polaris DEX lead the pack in this arena. PowerTrade’s centralized exchange offers a slick interface, deep liquidity, and advanced tools (like an institutional-grade RFQ system), while Polaris extends those capabilities on-chain for DeFi users. Both platforms feature zero-fee or low-fee trades, 10-minute “degen” options, and a huge selection of altcoin markets — giving retail traders unparalleled choice and speed in executing strategies.
The bottom line: you no longer have to be a whale or an institution to trade options on top of altcoins. PowerTrade and Polaris put crypto derivatives in your hands, so you can hedge risk or speculate on trends like ETF approvals with ease. As the altcoin options boom continues, savvy traders are using these platforms to stay ahead of the curve. Don’t miss out — start trading smarter by exploring altcoin options on PowerTrade or connecting your wallet to Polaris DEX today. With the right tools and a bit of strategy, you can leverage options to turn market volatility and narratives into opportunities. Happy trading!