Options activity from Deribit reveals a clear divergence in sentiment among major cryptocurrencies. XRP and Solana (SOL) exhibit strong bullish positioning, while Bitcoin (BTC) and Ether (ETH) continue to reflect cautious, downside-oriented trading.
XRP and SOL Lead the Upside
XRP call options are trading at a premium across all expiries. December calls, for instance, are priced about six volatility points above puts, signaling optimism for a potential year-end rally. The market’s bullish tone is partly driven by pending U.S. spot ETF approvals. Issuers including Bitwise, 21Shares, WisdomTree, CoinShares, Canary Capital, and Franklin Templeton have filings under SEC review, with key approvals like WisdomTree’s XRP ETF expected in late October 2025. Analysts anticipate first-month inflows above $5 billion, creating potential supply constraints and upward pressure on price.
Solana options also show bullish bias, with December calls trading 10 volatility points above puts. This optimism follows the successful Alpenglow upgrade, which reduces transaction finality from 12.8 seconds to 100–150 milliseconds. Bitget Chief Analyst Ryan Lee described it as “a defining moment” for Solana, improving network speed and institutional adoption potential.
BTC and ETH Remain Bearish
Bitcoin options skew toward puts even for March 2026 expiries, reflecting stalled rallies above $100,000 and cautious positioning amid slower ETF inflows and profit-taking. Ether options also favor puts through December, with ETH retreating from near $5,000 highs to around $4,300.
Overall, the options data underscores growing bullish conviction in XRP and SOL, contrasting with cautious positioning in BTC and ETH, pointing to a potential rotation in market focus.
