Bullish Signals Emerge for XRP and SOL Amid Bitcoin and Ether Downside Hedging

Options activity from Deribit reveals a stark divergence in cryptocurrency sentiment, with XRP and Solana (SOL) exhibiting bullish positioning, while Bitcoin (BTC) and Ether (ETH) remain weighed down by downside hedging.

Bullish Signals for XRP and SOL
XRP call options are trading at a premium across all expiries. December calls, for instance, are priced roughly six volatility points above puts, indicating optimism for a potential year-end rally. XRP’s momentum is partly driven by anticipation around U.S. spot ETFs. Multiple issuers—including Bitwise, 21Shares, WisdomTree, CoinShares, Canary Capital, and Franklin Templeton—have filings under SEC review, with decisions, such as WisdomTree’s XRP ETF, now expected in late October 2025. Investors are speculating first-month inflows of $5B+ and significant price upside.

SOL options also show strong bullishness, with December calls trading at a 10-volatility-point premium to puts. Optimism is fueled by Solana’s Alpenglow upgrade, which slashes transaction finality from 12.8 seconds to 100–150 milliseconds, enhancing network speed and institutional utility. Bitget Chief Analyst Ryan Lee described the upgrade as “a defining moment” that aligns blockchain settlement speeds with traditional finance, boosting adoption potential.

Bearish Sentiment in BTC and ETH
Bitcoin options show put dominance even into March 2026, reflecting stalled rallies above $100,000 and caution following slower ETF inflows and profit-taking. ETH options similarly favor puts through December, mirroring a pullback from last month’s near $5,000 highs to around $4,300.

This divergence highlights bullish conviction in XRP and SOL versus cautious positioning in BTC and ETH, signaling potential rotation in market focus in the near term.