Options data from Deribit highlights a clear divergence in market sentiment across major cryptocurrencies. XRP and Solana (SOL) are showing bullish positioning, while Bitcoin (BTC) and Ether (ETH) continue to reflect downside hedging.

XRP and SOL Lead Bullish Bets
XRP call options are trading at a premium across all tenors, according to Amberdata. December expiry calls, for example, are priced roughly 6 volatility points above puts, signaling optimism for a potential year-end rally. XRP, the third-largest cryptocurrency by market value, is likely benefiting from renewed investor enthusiasm around the potential approval of spot exchange-traded funds (ETFs) in the U.S.

Solana options show similar bullishness, with December calls trading at a 10-volatility-point premium to puts. Optimism stems from Solana’s recent Alpenglow upgrade, which reduces transaction finality from 12.8 seconds to 100–150 milliseconds, enhancing network speed and making Solana more appealing for high-frequency and institutional trading. Bitget Chief Analyst Ryan Lee described the upgrade as “a defining moment for the network’s trajectory,” noting that it brings blockchain settlement speeds closer to traditional financial markets.

Underlying Drivers

• XRP: Market focus is on the SEC’s pending review of multiple XRP spot ETF filings by issuers including Bitwise, 21Shares, WisdomTree, CoinShares, Canary Capital, and Franklin Templeton. Delays have pushed approvals, such as WisdomTree’s XRP ETF, to late October 2025, creating anticipation for a potential synchronized market-moving decision. Enthusiasts are projecting first-month ETF inflows of $5B+ and significant year-end price upside.
• SOL: Network enhancements from the Alpenglow upgrade are expected to boost adoption, efficiency, and scalability, increasing institutional interest.

BTC and ETH Remain Bearish
In contrast, BTC options reflect a bearish bias, with puts priced above calls even for March 2026 expiries. Bitcoin has stalled above $100,000, weighed down by profit-taking, slower ETF inflows, and rotation into ETH.

ETH options similarly indicate put dominance through December, mirroring a pullback from last month’s near $5,000 highs to the current $4,300 level.

The divergence in options sentiment underscores the contrast between bullish optimism for XRP and SOL and ongoing caution in Bitcoin and Ether, setting the stage for potential market rotation in the coming months.