XRP and Solana Options Show Bullish Momentum as Bitcoin and Ethereum Face Pressure

Options data from Deribit highlights a clear split in crypto market sentiment. Traders are showing strong bullish positioning in XRP and Solana (SOL), while Bitcoin (BTC) and Ethereum (ETH) remain under bearish pressure.

XRP call options are trading at a premium across all expiries, with December calls priced 6 volatility points above puts. This signals confidence in a year-end rally. Market optimism is tied to potential U.S. approval of spot XRP exchange-traded funds (ETFs). Major issuers like Bitwise, WisdomTree, and Franklin Templeton await SEC decisions, now pushed to October 2025. If approved, analysts expect over $5 billion in first-month inflows, creating significant demand for XRP, which currently trades near $2.88. Some XRP advocates even forecast year-end targets as high as $50.

Solana options are also bullish, with December calls priced 10 vol points higher than puts. Enthusiasm follows the approval of Solana’s Alpenglow upgrade, backed by over 98% of stakers. The upgrade reduces transaction finality from 12.8 seconds to just 100–150 milliseconds, positioning Solana as one of the fastest blockchains. Analysts believe this will boost adoption in high-frequency trading, on-chain arbitrage, and institutional use cases, aligning blockchain performance with traditional financial systems.

In contrast, Bitcoin options show consistent bearish bias, with puts priced higher than calls into March 2026. BTC has struggled to break past $100,000, weighed down by slowing ETF inflows, profit-taking, and rotation into ETH. Ether options also tilt bearish, with puts dominant through December. ETH has pulled back to $4,300 after nearing $5,000 last month, reflecting ongoing investor caution.

This divergence suggests traders are positioning for strong upside in XRP and SOL while bracing for further downside in BTC and ETH.