Bitcoin, Ether, Solana Traders Chase Downside Protection, XRP Stands Out as Trump’s Crypto Plan Disappoints
U.S. President Donald Trump signed an executive order Thursday to establish a digital asset reserve that retains bitcoin (BTC) and altcoins seized in enforcement actions without making new purchases.
The absence of new purchases means that, for now, the so-called reserve serves merely as a strategic stockpile that will not inject any buying pressure in the market. That has traders feeling disappointed and chasing short-dated put options in BTC, ether (ETH) and solana (SOL), according to Deribit, data tracked by Block Scholes. The sentiment, however, remains resilient in XRP.
A put option offers the buyer the right to sell the underlying asset at a predetermined price at a later date. In other words, it protects the buyer from potential…
