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XRP and Solana Diverge With Bullish Options Sentiment as Bitcoin, Ether Lag

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XRP and Solana Diverge With Bullish Options Sentiment as Bitcoin, Ether Lag

A significant divergence in market sentiment has emerged following the crypto market’s recent deleveraging, with options traders placing bullish bets on XRP ($XRP$) and Solana ($SOL$) even as Bitcoin ($BTC$) and Ether ($ETH$) remain mired in bearish gloom. This split, visible in key derivatives data, suggests investors are beginning to differentiate between major assets as the market searches for a floor.

Options Market Signals a Clear Divide

The most telling evidence of this shift comes from the 25-delta risk reversal, a key gauge of market sentiment derived from options pricing. This metric, which compares the premium for bullish call options versus bearish put options, has turned decisively positive for both XRP and Solana.

According to data from the leading options exchange Deribit, XRP and SOL risk reversals are positive across all available expiries (Oct. 31, Nov. 28, and Dec. 26). This indicates that traders are paying a premium for calls, signaling a clear expectation of upside price action.

This renewed bullishness is notable as it follows the severe market crash on October 10, which saw XRP fall from $2.80 to as low as $1.77 and SOL tumble from $220 to $188. The positive flip in risk reversals suggests that sophisticated traders viewed this crash as a capitulation event and are now positioning for a recovery in these specific altcoins.

Bitcoin and Ether Sentiment Remains Gloomy

This optimism for XRP and SOL stands in stark contrast to the sentiment for the market’s two largest assets. Bitcoin’s risk reversals show that puts are trading at a premium to calls across all tenors, even out to September 2026. This signals that traders remain concerned about further downside risk and are actively buying protection.

Ether’s options market shows a similar bearish bias for near-term expiries out to December. While this put-skew in Bitcoin can be partially attributed to yield-generating strategies like call overwriting, the persistent negative reading still reflects a clear lack of outright bullish conviction.

Perpetual Futures Show Market-Wide Neutrality

While the options market shows a clear divergence, the perpetual futures market paints a picture of broad, cautious neutrality. Following the $20 billion liquidation event that defined the October 10 crash, demand for leverage has evaporated.

Annualized perpetual funding rates for BTC, ETH, XRP, and SOL are all hovering near zero. Funding rates are periodic payments exchanged between traders to keep futures prices in line with the spot price.1 A near-zero rate indicates a balanced market, with neither bullish longs nor bearish shorts willing to pay a premium to hold their positions. This reflects a market struggling to regain its confidence after a massive deleveraging.

This data presents a complex picture for investors. While the options market is singling out XRP and Solana for a potential bullish reset, the broader derivatives market remains in a state of cautious paralysis. The key question now is whether the nascent, catalyst-driven optimism in these specific altcoins can break free from the broader macroeconomic gloom still weighing on Bitcoin and Ether.

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