XRP and Solana (SOL) are exhibiting bullish momentum, as indicated by positive 25-delta risk reversals across all expiries on Deribit. This options strategy suggests a preference for call options, reflecting bullish expectations for these cryptocurrencies. In contrast, Bitcoin (BTC) and Ether (ETH) remain bearish, with BTC puts trading at a premium, highlighting concerns over potential downside risks. ETH's bearish sentiment extends to December, with a shift to bullish pricing in later expiries. The recent market downturn led to the liquidation of $20 billion in leveraged futures, causing significant financial losses. Despite this, perpetual futures for XRP, BTC, SOL, and ETH show neutral sentiment, with annualized funding rates hovering near zero, indicating a balanced market outlook.