Deribit options flow shows a clear split in trader sentiment: XRP and Solana (SOL) are trading with bullish skew, while Bitcoin (BTC) and Ether (ETH) remain weighted toward downside protection.
Options data aggregated by Amberdata and tracked on Deribit indicate that XRP call options are priced higher than puts across expiries, with December calls trading roughly 6 volatility points above puts. Solana shows an even stronger preference for calls, with December calls about 10 vol points richer than puts. By contrast, BTC options show a persistent put bias even out to the March 2026 expiry, and ETH contracts favor puts through December.
For readers unfamiliar with options: a call gives the holder the right to buy the asset at a set price and reflects a bullish view, while a put provides insurance against price drops and signals bearish positioning.
What’s driving the split? For XRP, the market appears to be pricing in the possibility of U.S. spot ETF approvals. Multiple issuers — including Bitwise, 21Shares, WisdomTree, CoinShares, Canary Capital and Franklin Templeton — have active or amended filings with the SEC, and some decisions have been pushed into late October 2025. Optimists point to potential front-loaded inflows; one prominent XRP account suggested first-month ETF demand could exceed $5 billion, arguing a concentrated, partly escrow-locked supply could amplify price moves.
Solana bullishness seems tied to on-chain improvements. The Alpenglow upgrade, passed with strong staker support, reduces transaction finality dramatically — a change analysts say could make Solana more attractive for real-time trading and institutional use.
By contrast, Bitcoin has struggled to sustain momentum above $100,000 amid slower ETF inflows, profit-taking, and rotation into ether. Ether’s pullback from near $5,000 to around $4,300 has coincided with put-heavy option positioning.
What this means for traders: Options skew reflects expectations but not certainties. Bullish call premia on XRP and SOL suggest traders are positioning for upside catalysts, while put demand in BTC and ETH signals caution. Options-driven moves can be amplified and carry elevated risk—use position-sizing and risk management when trading derivatives.
Source: CoinDesk. Read the original coverage for full details.