Ethereum Options Signal Downside Hedging as Solana Shows Bullish Skew

Options positioning in major altcoins pointed to diverging near-term expectations on Thursday, with Ethereum (ETH) showing heavy downside hedging into expiry, Solana (SOL) retaining a comparatively constructive bias, and XRP (XRP) drawing short-term rebound interest despite a largely neutral open-interest mix.

Data from Deribit, the largest crypto options exchange, showed that as of 02:40 ET on July 17 (06:40 UTC), same-day expiring open interest totaled 131,684 contracts for Ethereum (about $242.93 million), 20,935 contracts for Solana (about $15.74 million), and 2,478 contracts for XRP (about $2.70 million).

By open interest, the put/call ratio—a common gauge of demand for downside protection versus upside exposure—stood at 1.71 for Ethereum, 0.34 for Solana, and 1.04 for XRP. Ethereum’s reading well above 1 suggested pronounced demand for 'downside hedges' and bearish positioning into expiry. Solana’s low ratio signaled a clearer 'bullish skew', while XRP hovered near flat, reflecting a market split between caution and opportunistic upside bets.

The 'max pain' level—an options-market reference point where option buyers collectively would face the greatest losses at expiry—was estimated at $1,825 for Ethereum, $79 for Solana, and $1.12 for XRP. Traders often watch these levels for potential price “magnet” effects around settlement, though the relationship is not deterministic and can be overwhelmed by spot-market flows and macro catalysts.

Strike-level open interest added nuance to the headline ratios. In Ethereum, the $1,600 put held the largest outstanding position, underscoring concentrated demand for protection on a deeper pullback. At the same time, the $1,850 and $1,900 calls ranked among the next-largest positions, indicating that some traders were still positioned for a rebound attempt even as hedging dominated overall.

Solana’s largest open-interest strike was the $85 call, pointing to expectations of a recovery toward that level. However, sizeable positioning was also visible in the $75 and $77 puts, highlighting that traders were still actively defending the lower band around the mid-$70s even amid relatively stronger sentiment compared with peers.

In XRP, the $1.20 call carried the largest open interest, signaling a focal point for upside expectations. Yet the $1.10 and $1.08 puts also ranked near the top, suggesting a defined caution zone just below spot levels, with traders balancing 'bounce' scenarios against the risk of another leg lower.

Trading activity over the past 24 hours told a slightly different story from open interest. Options volume totaled 175,777 contracts for Ethereum, 4,388 for Solana, and 877 for XRP, according to the same Deribit data. The 24-hour put/call ratios were 0.88 for Ethereum, 0.96 for Solana, and 0.78 for XRP—implying relatively greater call activity in Ethereum and XRP on a flow basis, while Solana trading leaned closer to neutral.

The most actively traded contracts included Ethereum’s $2,300 call expiring July 31 and several near-term strikes around the July 17 expiry such as the $1,825 put and the $1,850 put, reflecting concentrated positioning around immediate settlement. In Solana, short-dated activity clustered around mid-$70s strikes—including a $77 call and $76 put expiring July 18—while XRP flows highlighted upside interest out to July 31 via the $1.15 call alongside near-term hedges such as the $1.10 put expiring July 17.

Spot prices were lower across the three assets around the same timestamp. Ethereum traded at $1,845, down 3.93% from the prior day, while Solana fell 2.88% to $74.80 and XRP declined 2.52% to $1.09, according to TokenPost Market data.

Overall, the options market suggested Ethereum traders were entering expiry with a defensive posture still prominent in outstanding positions, even as fresh flows leaned modestly toward calls. Solana remained the relative standout in sentiment, with positioning tilted to the upside but bounded by clear downside defenses. XRP showed the clearest split: open interest near neutral, but trading flows favoring calls—an expression of tactical 'short-term rebound' expectations amid a still-cautious price backdrop.