Options data from Deribit reveals a striking divergence in sentiment for major cryptocurrencies, with bullish positioning in XRP and solana (SOL contrasting with lingering downside fears in bitcoin (BTC) and ether (ETH).
As of the time of writing, XRP call options or bullish bets were pricier than puts across all tenors, according to data source Amberdata.Notably, the December expiry calls traded at a premium of 6 volatility points to puts, indicating a bias for a year-end rally. XRP, the payments-focused cryptocurrency, is the third-largest by market value.
SOL options also exhibited bullishness, with December calls trading at a premium of 10 vol points to puts.
A call option gives the buyer the right, but not the obligation, to purchase the underlying asset at a predetermined price on or before a specified future date. It represents a bullish bet on the market, while a put option insures against price slides.
XRP’s positive tone is likely driven by renewed enthusiasm around potential approval of spot exchange-traded funds (ETFs) in the U.S. At least six to seven major issuers, including Bitwise, 21Shares, WisdomTree, CoinShares, Canary Capital and Franklin Templeton, have active applications or amendments pending before the U.S. Securities and Exchange Commission (SEC).
The SEC has delayed decisions on these filings, pushing key approvals, such as WisdomTree’s XRP ETF, into late October 2025. As these filings fall within a similar review period, the market seems to be preparing for a synchronized approval or rejection event that could significantly impact XRP’s price.
The XRP community is highly optimistic, eyeing substantial price gains by year-end if ETFs are approved.
“The first-month flow base case: $5B+. Independent market desks peg first-month spot XRP ETF inflows at $5B+ before the reflexive chase. That’s a serious demand shock to a supply that’s partly escrow-locked and concentrated,” popular pseudonymous XRP holder Pimpius said on X, mentioning $50 as the potential year-end price for XRP. The cryptocurrency currently trades at around $2.88, according to CoinDesk data.
Optimism from SOL likely stems from the rcent approval of its parent blockchain Solana’s Alpenglow upgrade, which is likely to boost the network speed. Bitget’s Chief Analyst Ryan Lee called it “a defining moment for the network’s trajectory.”
“The approval of Solana’s Alpenglow upgrade with more than 98 percent staker support marks a defining moment for the network’s trajectory. Reducing transaction finality from 12.8 seconds to just 100–150 milliseconds transforms Solana into one of the fastest blockchains in operation, unlocking possibilities that extend well beyond marginal efficiency gains,” Lee said in an email.
Lee said that the speed boost will accelerate Solana’s adoption in real-time trading, high-frequency strategies and seamless on-chain arbitrage. He explained that Alpenglow’s design matches blockchain settlement speeds with traditional financial systems, overcoming a major hurdle for institutions hesitant to adopt decentralized infrastructure. This alignment makes Solana an attractive and scalable blockchain option for institutional use.
Bearish sentiment in BTC and ETH
The sentiment regarding bitcoin appears decisively bearish, as puts are priced higher than calls for even the March 2026 expiry trade.
BTC’s rally has stalled above $100,000, with prices struggling to rally after Friday’s disappointing U.S. jobs report, which heightened expectations for Fed rate cuts. Analysts have blamed the slowdown in ETF inflows, profit-taking by long-term holders and whale rotation into ether for BTC’s dour price action.
That said, options tied to ether also showed a bias for puts out to the December expiry. ETH has pulled back sharply to $4,300 from the record high of nearly $5,000 reached last month.
