Traders Hedge Bitcoin and Ether Bets as XRP and SOL Signal Potential Rally

Options data from Deribit highlights a divergence in market sentiment across major cryptocurrencies. XRP and Solana (SOL) display strong bullish positioning, whereas Bitcoin (BTC) and Ether (ETH) reflect lingering downside caution.

XRP and SOL Lead Bullish Bets
XRP call options are trading at a premium across all expiries, with December calls roughly six volatility points above puts, signaling optimism for a year-end rally. Investor enthusiasm is fueled 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, such as WisdomTree’s XRP ETF, now expected in late October 2025. Market participants anticipate first-month inflows exceeding $5 billion, creating potential supply shocks.

SOL options are also bullish, 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 noted the upgrade “marks a defining moment” for Solana, enhancing network speed and making it more attractive for institutional adoption.

BTC and ETH Remain Cautious
Bitcoin options show a bearish tilt, with puts priced above calls even for March 2026 expiries. BTC has stalled above $100,000 amid slower ETF inflows and profit-taking. ETH options similarly favor puts through December, reflecting a pullback from recent highs near $5,000 to around $4,300.

The data underscores growing bullish conviction in XRP and SOL, contrasting with caution in BTC and ETH, suggesting potential rotation in market focus.