TLDR
- XRP and SOL show positive risk reversals across all expiries on Deribit.
- BTC and ETH options still reflect put bias out to late 2026 expiries.
- Perpetual futures funding rates remain neutral across major cryptocurrencies.
- October 10 crash wiped out $20B in leveraged futures positions across crypto.
As Bitcoin and Ether continue to trade under pressure, options data shows a different picture for XRP and Solana. These two major altcoins have shown renewed bullish momentum, based on a key options signal used to track trader sentiment. While Bitcoin and Ether remain trapped in a cautious market environment, XRP and SOL are showing signs of a reset, signaling a shift in how traders are positioning for the months ahead.
XRP and SOL Risk Reversals Show Bullish Momentum
A well-known options indicator, the 25-delta risk reversal, is currently flashing bullish signals for XRP and Solana. This metric compares the cost of calls and puts, showing whether traders are leaning bullish or bearish. A positive reading suggests more demand for calls, which traders buy when they expect prices to rise.
According to Amberdata, XRP and SOL both show positive risk reversals across all major expiry dates on Deribit. These expiries include October 31, November 28, and December 26. Traders are paying more for calls than puts on both tokens. This trend shows a broad shift in sentiment after a recent market drop.
The bounce in sentiment follows sharp declines seen on October 10. XRP dropped from $2.80 to $1.77 during the crash and has since recovered to $2.33. Solana also saw a sharp decline from $220 to $188, where it remains under pressure. Despite current prices being below their peaks, options traders are now betting on a recovery.
Bitcoin and Ether Options Still Reflect Caution
In contrast, the same risk reversal data shows a bearish outlook for Bitcoin and Ether. Traders are still paying a premium for put options, which protect against falling prices. This put bias continues through the long-dated September 2026 expiry for Bitcoin, showing long-term concern.
For Ether, the sentiment remains negative through December 2025. However, some later expiries show a slight shift toward bullish expectations. The cautious tone may not reflect pure bearish sentiment but could be linked to popular trading strategies like call overwriting. This is where traders sell calls to earn extra income while holding the spot asset.
Deribit, which handles over 80% of crypto options trading, provides a reliable view of the current mood across markets. Still, it is important to note that options tied to XRP and SOL may carry more volatility. These markets have smaller open interest and lower trading volume compared to Bitcoin and Ether, which can affect accuracy.
Perpetual Futures Across Markets Show Neutral Positioning
Despite the bullish tone in options for XRP and SOL, perpetual futures show neutral sentiment. This is based on funding rates that remain close to zero across all four major tokens—BTC, ETH, XRP, and SOL. Neutral funding rates indicate that neither long nor short positions are dominating the market.
Data from Velo confirms this trend. Traders are not taking aggressive positions following the October 10 crash, which led to $20 billion in leveraged positions being wiped out. This market event shook confidence and has left traders more cautious in the futures market.
Perpetual futures are used to speculate on crypto prices without an expiration date. These contracts use funding payments to keep prices in line with spot markets. When funding rates rise, it means more traders are going long. Flat rates suggest a lack of strong directional bias.
Altcoins Show Early Signs of Recovery While Majors Lag
While Bitcoin and Ether remain locked in a cautious phase, XRP and Solana are showing early signs of renewed strength. Positive risk reversals suggest that traders expect upward moves in both altcoins in the near future. This comes even as perpetual futures remain neutral.
The contrasting sentiment across the options and futures markets highlights how traders are approaching risk after the recent crash. Although the broader market is still healing, XRP and SOL may be leading the path out of the downturn, at least in trader positioning.
