Recent data from Amberdata and Deribit reveals a significant divergence in cryptocurrency options trading sentiment. XRP and SOL are exhibiting strong bullish signals, with call options trading at higher premiums than puts across all expiration dates. Notably, December-expiry call options for XRP carry a 6 volatility point premium over puts, while SOL's December calls show a 10 volatility point premium, indicating expectations for a year-end rally.
The optimism for XRP is largely driven by potential spot ETF approvals in the U.S., with at least six major issuers including Bitwise, 21Shares, and WisdomTree having active applications before the SEC. Decisions on these filings have been delayed to late October 2025, leading the market to anticipate a synchronized approval or rejection event that could significantly impact XRP's price. Pseudonymous analyst Pimpius projected potential first-month inflows of $5B+ for XRP ETFs, with a year-end price target of $50 (current price ~$2.88).
SOL's bullish sentiment stems from the recent approval of Solana's Alpenglow upgrade, which received over 98% staker support. This upgrade reduces transaction finality from 12.8 seconds to 100-150 milliseconds, potentially accelerating adoption in real-time trading and institutional use. Bitget's Chief Analyst Ryan Lee called this "a defining moment for the network's trajectory."
In contrast, BTC and ETH options show bearish positioning, with puts priced higher than calls even for March 2026 expiries. BTC's rally has stalled above $100,000 amid slowing ETF inflows, profit-taking by long-term holders, and whale rotation into ETH. ETH has pulled back sharply to $4,300 from its nearly $5,000 record high last month, with options indicating continued downside protection demand through December.
