Deribit options data shows a clear divergence in cryptocurrency sentiment. XRP and Solana (SOL) are signaling bullish momentum, while Bitcoin (BTC) and Ether (ETH) continue to reflect downside hedging.
XRP and SOL: Bullish Outlook
XRP call options are trading at a premium across all expiries, with December calls priced roughly six volatility points above puts—pointing to optimism for a year-end rally. The market’s bullish bias is supported by expectations around U.S. spot ETFs. Multiple issuers, including Bitwise, 21Shares, WisdomTree, CoinShares, Canary Capital, and Franklin Templeton, have filings under SEC review, with key approvals, such as WisdomTree’s XRP ETF, expected by late October 2025. Anticipated first-month inflows of $5B+ could significantly impact price.
SOL options show similar bullishness, with December calls trading 10 volatility points above puts. Optimism follows Solana’s Alpenglow upgrade, which reduces transaction finality from 12.8 seconds to 100–150 milliseconds. Bitget Chief Analyst Ryan Lee described the update as “a defining moment,” boosting adoption and aligning settlement speeds with traditional finance.
BTC and ETH: Bearish Bias
Bitcoin options remain skewed toward puts even for March 2026 expiries, reflecting stalled rallies above $100,000 and cautious positioning after slower ETF inflows and profit-taking. Ether shows similar bearish tendencies, with puts favored through December as the price pulled back from last month’s highs near $5,000 to around $4,300.
Overall, the data underscores growing bullish conviction in XRP and SOL, contrasting with caution in BTC and ETH, hinting at potential market rotation in the near term.
