Main Points:
- The 25-delta risk-reversal indicator for XRP and Solana (SOL) has turned positive across major expirations, signalling a bullish tilt in trader sentiment.
- In contrast, Bitcoin (BTC) and Ethereum (ETH) remain stuck in put-bias territory in their options markets, indicating comparatively weaker conviction.
- Perpetual futures funding rates across the major crypto assets are nearly zero, reflecting neutral sentiment and subdued leveraged directional exposure.
- Macro and market-structure themes are aligning with an “altcoin rotation” scenario: after a major crash wiped out ~$20 billion in leveraged positions, traders appear to be repositioning into high-volatility mid-caps such as XRP and SOL.
- Important caveats: The options markets of smaller cap tokens like XRP and SOL are less liquid and thus less reliable as sentiment gauges than the giants (BTC/ETH).
1. What The Risk-Reversal Indicator Tells Us
The so-called 25-delta risk-reversal measures the difference in implied volatility (IV) between an out-of-the-money (OTM) call (25-delta) and an OTM put (also 25-delta). A positive value means traders are paying a higher premium for the calls than for the puts — an indication of bullish bias. Conversely, a negative value signals put-premium and hence caution or bearish expectations.
For XRP and SOL, this metric is reportedly positive across expirations such as Oct 31, Nov 28 and Dec 26 on the exchange Deribit, based on data from Amberdata.
By contrast, for Bitcoin, risk-reversals are negative even through to September 2026 expirations; for Ethereum the negative bias persists at least to December, with some slight improvement beyond.
Implication for our readers – For someone actively hunting the next crypto opportunity or exploring blockchain use-case tokens, these options-market signals suggest that XRP and SOL may be receiving more bullish positioning than the heavyweights. That can be interpreted as an early signal of shift in allocation or sentiment.
2. Why XRP and SOL Might Be Attracting New Interest
Several structural and thematic points help explain why XRP and SOL may be outperforming (or at least attracting sentiment) relative to BTC/ETH:
Use-Case and infrastructure angle
One analysis from the CME Group research desk points out: XRP and SOL have delivered stronger performance in recent years compared to BTC, partly because they offer more “active” utility:
- SOL and ETH support smart-contracts / DeFi ecosystems; XRP focuses on cross-border payments and faster throughput.
- BTC is more akin to “digital gold” in many investor mentalities — less dynamic in application growth.
Given that, for investors or practitioners looking for tokens whose underlying infrastructure may have more “room” for growth beyond pure store-of-value, XRP and SOL present interesting case-studies.
Liquidity and derivatives expansion
There’s reported news of expanded derivatives support: For example, XRP and SOL options products being listed (or soon) on regulated venues (e.g., CME) may improve institutional access and hedging capability.
For practitioners noting the link between deeper derivatives infrastructure and token maturity/liquidity, this is a meaningful tail-wind.
Market rotation and reset
After a severe cryptomarket crash (on Oct 10) in which XRP fell from ~$2.80 to ~$1.77, and SOL from ~$220 to ~$188, traders’ renewed interest in these tokens is notable.
Additionally, analysts highlight an “altcoin rotation” scenario: with major tokens consolidating, traders may lean toward more aggressively-positioned mid-cap altcoins with more upside potential.
All of these suggest that XRP and SOL are receiving incremental interest partly because of “structural fit” (utility, derivatives) and partly because of positioning flows.
3. Why BTC & ETH Are Lagging in Sentiment
While BTC and ETH remain dominant and form the bedrock of most crypto portfolios, the options and derivatives data suggest they are currently more “cautiously positioned.”
Persistent put bias
The negative risk-reversals for Bitcoin signal that traders are willing to pay more for puts (downside protection) than for calls, across multiple expiration terms.
This does not necessarily mean outright bearishness — one explanation offered is “call-overwriting” whereby traders with spot holdings sell calls with higher strike to earn yield (thus creating put-premium indirectly).
Nevertheless, in the options market this dynamic results in sentiment indicators that look more cautious.
Consolidation phase
In broader terms, Bitcoin and Ethereum may be viewed — by the market — as more “mature assets” with less speculative upside compared to alts, and thus more likely to enter phases of consolidation after prior rallies. That fits with the data showing neutral futures funding rates and modest directional drive.
Futures & funding neutrality
Across major assets (BTC, ETH, XRP, SOL), perpetual futures funding rates are close to zero (annualised). That indicates neither extreme long-bias nor short-bias is dominating.
For Bitcoin and Ethereum in particular, this suggests that large bullish bets or directional leveraged exposures are not flooding in, which aligns with the notion of consolidation rather than breakout.
4. What This Means for Crypto Investors and Blockchain Practicalists
For readers interested in discovering new crypto assets, generating returns, or deploying blockchain in practical scenarios, the above data implies several actionable ideas:
Opportunity in XRP & SOL
- The positive options signals suggest that XRP and SOL may be better positioned for an uptick in the near to medium term than the top two tokens (BTC/ETH).
- From a practical vantage, if you are looking for tokens with both derivative-market participation and utility potential, these two stand out in the current landscape.
But keep size/liquidity risk in mind
- As flagged by multiple sources, the options and open interest for XRP/SOL are still significantly smaller than for Bitcoin/Ethereum. That elevates risk: large trades may move the market, and sentiment-gauges may be less reliable.
- For investors, this means if you engage with XRP or SOL you should be aware of higher volatility and lower liquidity compared with the giants.
Diversification and rotation mindset
- The data suggest we may be in an environment where capital rotations are starting to favour altcoins over the “big two”. That does not guarantee success, but it suggests that looking beyond BTC/ETH may make sense in your selection process.
- For blockchain-practicalists, tokens like SOL (smart-contract ecosystem) or XRP (payments/messaging rails) may offer different use-case exposure than BTC.
Stay aware of macro & derivatives structure
- The neutral futures funding rates indicate modest leverage — implying there may not be a “supercharged” bull run on deck just yet. Habits such as heavily-leveraged longs may be muted.
- Macro headwinds such as regulation, interest-rate policy, and geopolitics remain material. For example, the broader crypto market recently experienced a crash triggered by geopolitical/trade concerns and mass liquidations (~$20 billion).
- Therefore, deploying capital or building blockchain-related strategies should factor in these risk-dimensions (liquidity, derivatives flows, macro) rather than assuming a straight line upward.
5. Recent Developments You Should Know
Beyond the core article, here are a few additional observations and data-points relevant as of October 2025:
- The crash on ~Oct 10 wiped out significant leveraged positions (~$20 billion) in futures markets, triggering forced liquidations and a reset in leverage.
- Platforms such as OKX highlight the concept of an “altcoin season” possibly emerging, where altcoins outperform Bitcoin, and cumulative metrics are showing the start of that shift.
- Technical indicators for XRP suggest a local support zone around $2.25 and a resistance at ~$2.60-2.65; if the breakout occurs it could reach ~$2.80–2.90 range.
- From derivatives infrastructure: The listing of XRP and SOL options on regulated venues (e.g., CME) will deepen the ecosystem, improving hedging and institutional access — a structurally bullish development for token maturity.
6. Summary & Takeaway
In summary: While Bitcoin and Ethereum remain core pillars of the crypto-universe, their current derivatives-market signals suggest a more muted trajectory (put-bias, neutral funding, consolidation). By contrast, XRP and Solana are flashing bullish sentiment in their options markets — a noteworthy tilt for investors and blockchain practitioners alike.
For those seeking the “next move” in crypto — whether a token with upside, or a blockchain platform for deployment — XRP and SOL appear to merit closer inspection now: they combine utility, increasing derivative infrastructure, and favorable sentiment dynamics. That said, the limitations of smaller market size, liquidity risk, and macro uncertainty mean this is not a low-risk scenario; rather, an opportunistic one.
If you’re in the business of exploring new crypto assets or building blockchain-applications, consider diversifying beyond the heavyweights, but do so with awareness of structural and risk-factors (derivatives flows, liquidity, macro context). The late-2025 environment looks like a potential turning point for alts — but as always, execution, discipline and risk management are key.
