[Altcoin options] ETH and XRP calls lead open interest as SOL puts dominate daily volume

Call options led open interest for the October 30 expiry across ETH, SOL and XRP, with XRP showing the strongest call bias. Trading over the past 24 hours was more mixed: calls led in ETH and XRP, while SOL volume favored puts.

ETH trading for the October 30 expiry showed a slight put bias despite call-heavy positioning. SOL and XRP both recorded more call than put volume for that expiry, contrasting with SOL’s put-heavy trading across all expiries.

Data captured on October 23 at approximately 11:42 UTC showed October 30 open interest of 319,157 units for ETH, worth about $765.42 million; 340,100 units for SOL, worth $35.46 million; and 12,424,000 units for XRP, worth $16.40 million.

Open-interest put/call ratios for the October 30 expiry stood at 0.78 for ETH, 0.73 for SOL and 0.32 for XRP.

All three ratios were below parity, indicating more outstanding calls than puts. XRP had the strongest call skew, followed by SOL and ETH. These positioning figures describe the balance of outstanding options rather than establish a price direction.

Max pain—the strike at which aggregate option-holder losses would be greatest at expiry—was $2,500 for ETH, $105 for SOL and $1.40 for XRP for October 30.

ETH’s largest October 30 position was the $2,600 call, followed by the $2,300 put and $3,200 call. Calls occupied two of the three largest positions, alongside downside protection at $2,300. Open interest totaled 319,157 units, with a notional value of approximately $765.42 million and max pain at $2,500.

SOL’s $103 put held the largest October 30 position, followed by the $103 call and $120 call. The leading put position coexisted with an overall call majority. Open interest totaled 340,100 units, worth approximately $35.46 million, with max pain at $105.

XRP’s largest October 30 positions were all calls, at strikes of $1.85, $2.70 and $2.00. This concentration accompanied its comparatively low open-interest put/call ratio. Open interest totaled 12,424,000 units, worth approximately $16.40 million, with max pain at $1.40.

The most actively traded ETH options over the past 24 hours spanned several expiries, with the October 26 $2,200 put leading the ranking.

Across all expiries, ETH recorded 62,156 units of call volume and 57,326 of put volume over the past 24 hours. SOL recorded 21,770 calls and 31,530 puts, while XRP recorded 1,067,000 calls and 835,000 puts.

The corresponding volume put/call ratios were 0.92 for ETH, 1.45 for SOL and 0.78 for XRP.

ETH’s daily trading leaned modestly toward calls, while SOL’s put volume exceeded its call volume. XRP showed the strongest call bias of the three on this measure. For October 30 alone, volume put/call ratios were 1.03 for ETH, 0.67 for SOL and 0.67 for XRP.

Most actively traded options ETH: $2,200 put (October 26) | $2,400 put (October 30) | $2,500 call (October 30) | $2,460 call (October 25) | $2,300 put (October 24). SOL: $99 put (October 24) | $101 put (October 30) | $108 call (October 30) | $100 put (October 24) | $100 put (November 27). XRP: $1.34 call (October 25) | $1.32 put (October 25) | $2.20 call (December 25) | $1.95 call (December 25) | $1.05 put (December 25).

The accompanying price snapshot showed ETH at approximately $2,401, down 0.13% over 24 hours. SOL traded at approximately $104, down 0.17%, while XRP stood at $1.32, down 0.51%.

Editor’s note: Options give buyers the right to buy an underlying asset through a call or sell it through a put at a predetermined strike price. They can be used to take exposure to price changes or hedge existing positions. Open interest measures outstanding positions; volume measures trading during a specified period.