Cryptocurrency markets are buzzing with contrasting signals as traders position themselves either for potential gains or brace for downturns. As of today, September 8, 2025, data from Deribit highlights a notable divergence in sentiment across key cryptocurrencies, with XRP and SOL exhibiting bullish trends while Bitcoin (BTC) and Ether (ETH) face skepticism.
XRP and SOL Paving the Bullish Path
In the world of cryptocurrency options, call options represent traders’ optimistic bets, offering the right to purchase an asset at a predetermined price in the future. Conversely, put options allow traders to sell an asset, essentially hedging against price declines. For XRP and SOL, the market is currently favoring calls, indicating a robust bullish sentiment.
As per Amberdata, XRP, the third-largest cryptocurrency by market value, has its call options priced higher than puts across all tenors. The December expiry calls are trading at a premium of six volatility points over puts, signaling expectations for a year-end rally. This optimism is largely fueled by the potential approval of spot exchange-traded funds (ETFs) in the United States. A wave of applications from major issuers, including Bitwise, 21Shares, and WisdomTree, are awaiting the green light from the U.S. Securities and Exchange Commission (SEC), with decisions anticipated by late October 2025.
The XRP community is abuzz with anticipation. Should these ETFs receive approval, some market analysts predict a significant inflow, pegging potential first-month spot XRP ETF inflows at over $5 billion. Such a demand shock could drive XRP’s price upwards, with some enthusiasts speculating a year-end target of $50, a substantial rise from its current trading value of around $2.88.
Meanwhile, SOL’s bullish outlook is buoyed by the recent approval of the Alpenglow upgrade on its parent blockchain, Solana. This upgrade, which received overwhelming support from over 98% of stakers, drastically reduces transaction finality from 12.8 seconds to just 100–150 milliseconds. Bitget’s Chief Analyst, Ryan Lee, describes this as a pivotal moment for Solana, enhancing its adoption in real-time trading and high-frequency strategies. Alpenglow’s capability to match blockchain settlement speeds with traditional financial systems makes Solana an increasingly attractive option for institutional investors.
Bearish Clouds Over Bitcoin and Ether
While XRP and SOL charge forward, Bitcoin and Ether are shrouded in caution. Bitcoin’s options data reveals a bearish outlook, with puts priced higher than calls even for trades extending to March 2026. BTC’s upward momentum has plateaued above the $100,000 mark. The recent stall is attributed to a mix of factors, including a disappointing U.S. jobs report that has intensified expectations for Federal Reserve rate cuts. Additionally, a slowdown in ETF inflows and profit-taking by long-term holders have contributed to BTC’s sluggish performance.
Ether, too, is experiencing a wave of bearish sentiment. Options linked to ETH show a preference for puts through December, reflecting traders’ cautious stance. After reaching a record high nearing $5,000 last month, ETH has sharply retraced to around $4,300.
Balancing Bullish Hopes and Bearish Fears
The cryptocurrency market is no stranger to volatility, and the current scenario is a testament to its dynamic nature. On one hand, XRP and SOL are riding waves of optimism driven by regulatory prospects and technological advancements. On the other hand, Bitcoin and Ether face challenges that underscore the complexity of the macroeconomic environment and market dynamics.
Investors and traders are navigating these mixed signals by balancing their portfolios with strategic hedges. While bullish bets on XRP and SOL may promise lucrative returns, the cautious approach towards Bitcoin and Ether reflects a broader narrative of uncertainty. The potential for regulatory approvals, macroeconomic shifts, and technological innovations will continue to shape the landscape, making it imperative for market participants to stay informed and agile.
As we move closer to key regulatory decisions and technological milestones, the cryptocurrency market remains a space of both opportunity and risk. Whether the bullish momentum of XRP and SOL will prevail, or the bearish clouds over Bitcoin and Ether will solidify, remains to be seen. For now, traders are preparing for all possible outcomes, keeping a close watch on the ever-evolving crypto landscape.
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
