Traders on the altcoin-focused derivatives exchange PowerTrade have been buying call options for the APE ecosystem's governance and utility token. The token's value has doubled since the weekend, prompting traders to bet on further bullish momentum. Open interest in APE options has surged by over 800% in one day, with call options making up over 80% of the activity. The majority of trading is focused on options expiring on October 22 and October 25, with traders buying higher strike out-of-the-money calls. This increase in options activity demonstrates growing sophistication in the altcoin space. PowerTrade offers USD-settled options, and the platform recently recorded a record trading volume of $50 million in options tied to various altcoins.



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