Options positioning across major altcoins diverged sharply ahead of Friday's expiry, with traders hedging Ether downside while betting on Solana upside.
Geri
Ether options tilt bearish as Solana draws $15M in bullish bets
Options positioning across major altcoins diverged sharply ahead of Friday's expiry, with traders hedging Ether downside while betting on Solana upside.
Ether options traders piled into downside protection ahead of Friday's expiry, while Solana drew bullish bets and XRP attracted short-term rebound interest, Deribit data shows.
Data from Deribit, the largest crypto options exchange, showed same-day expiring open interest of 131,684 Ether contracts valued at about $242.93 million as of 06:40 UTC on July 17. Solana contracts totaled 20,935, worth roughly $15 million.
The Ether put-skew pointed to expectations of near-term weakness, contrasting with a constructive bias on Solana where call options dominated open interest. XRP options carried a largely neutral mix but drew short-term call buying, indicating traders anticipate a rebound. Ether recently traded at $1,825, down 2 percent since midnight UTC and off recent highs above $1,900, according to CoinDesk data.
The diverging flows suggest institutional traders expect Ether to underperform Solana in the near term, potentially driving capital rotation between the two largest altcoins. With concentrated positioning heading into expiry, the split could amplify price swings for all three tokens through Friday's settlement.
Ether's Downside Bias
The bearish Ether positioning aligns with a broader cautious tone. A trader this week placed a roughly $28 million notional long straddle on Ether, buying 7,500 calls and 7,500 puts at the $1,875 strike expiring July 24, according to data source Laevitas. The $852,000 premium represents the maximum loss if Ether stays range-bound, but the trade profits from sharp moves in either direction — a bet on volatility rather than direction.
Solana's Constructive Skew
Solana's bullish options skew reflects a more optimistic outlook. The token has drawn consistent call buying relative to puts, showing confidence in further upside. The divergence from Ether's bearish tilt suggests market participants see Solana as better positioned for near-term gains.
XRP's Rebound Play
XRP options showed a neutral open-interest mix but attracted short-term call buying, indicating traders expect a bounce. The positioning is more tentative than Solana's outright bullish skew, suggesting a tactical rather than structural bet.
The options divergence comes as centralized exchange trading volumes rose for the first time in five months in June, with spot volumes climbing 15.3 percent to $1.11 trillion and perpetual volumes tied to real-world assets surging to a record $311 billion, according to The Block data.
This article is for informational purposes only and does not constitute investment advice.
