Ethereum, Solana Options Lean Bullish While XRP Shows Defensive Positioning

Deribit options data show divergent positioning across large-cap altcoins: Ethereum remains structurally bullish (OI skewed to calls) but recent 24‑hour flow shifted toward puts, indicating short‑term hedging even as call clusters sit in the mid‑$2,300s. Solana shows constructive call demand with concentrated strikes in the low‑$90s, signaling risk‑on positioning. XRP stands out for defensive hedging—higher put/call OI and heavy turnover—implying elevated uncertainty and sensitivity to sudden declines. Max‑pain levels (ETH $2,300, SOL $86, XRP $1.46) could influence pinning into expiries. The mixed options cues suggest Ethereum bulls are hedging, Solana traders are actively buying upside, and XRP participants are balancing upside exposure with protection—heightening near‑term volatility and expiry‑related flow risks for altcoin markets.