Unpositioned squaring contracts have risen 46 per cent since Monday to an all-time high of $7.60 billion, according to Coinglass. This is the highest level of unpositioned squaring contracts recorded by the analyst firm. "Looking at the XRP options data alone, interest in calls is greater than that in puts, indicating that call sentiment is high," said Nicolai Sondergaard, an analyst at Nansen Research. "The put to call ratio is also below 1, further evidence of higher interest in calls." Sondergaard highlighted that the put to call ratio had increased over the past day, indicating that traders are increasingly using puts to hedge their long positions.