Options traders are signaling a potential shift in market dynamics as XRP and Solana (SOL) exhibit bullish sentiment, while Bitcoin (BTC) and Ethereum (ETH) face continued caution. According to data from Amberdata and Deribit, the 25-delta risk reversals for XRP and SOL have turned positive across all major expiry dates, including October 31, November 28, and December 26, 2025. This indicates traders are paying more for call options (bullish bets) than put options (bearish protection), reflecting optimism for price rebounds into year-end.
In contrast, Bitcoin's risk reversals remain negative through September 2026 expiries, and Ethereum shows a mixed outlook with bearish sentiment until December 2025 before a slight bullish turn in 2026. The shift follows a market crash on October 10, 2025, which wiped out over $20 billion in leveraged futures positions. At the time of writing, XRP trades at $2.40 (recovering from a low of $1.77), SOL at $191 (down from $220), BTC near $108,647, and ETH around $3,988.
Perpetual futures funding rates across these assets remain neutral, suggesting no aggressive positioning in leveraged markets. However, analysts caution that the lower liquidity and open interest in XRP and SOL options could amplify volatility. Technical analysis for XRP indicates a consolidation phase with resistance at $2.72 and support at $2.26, while a breakout above or below these levels could dictate short-term direction.
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