Block Scholes analyst Andrew Melville, citing Deribit data, said that traders are chasing short-term puts on BTC, ETH and SOL, or because Trump's crypto strategic reserve plan has not met expectations. Options skewness data shows that short-term BTC, ETH and SOL puts are trading at a premium to calls, indicating that the market is concerned about downside risks. However, XRP options have shown a preference for calls in all time frames except one.