The altcoin market paints a picture of sharp divergence on May 29, 2025, as XRP emerges as the standout performer with over 90% of its circulating supply currently in profit — second only to Bitcoin’s 98.4%. The data from on-chain analytics firm Santiment places XRP well ahead of Ethereum at 71.5%, Cardano at 71.0%, Dogecoin at 77.9%, and Chainlink at 80.5%. This profitability gap highlights a growing rotation of capital into select altcoins even as the broader crypto market digests a pullback below $108,000 for Bitcoin.
TL;DR
- XRP leads altcoin profitability at 90%+, trailing only Bitcoin (98.4%)
- Over $11.7 billion in BTC and ETH options set to expire on May 30, the highest open interest since January 2025
- Ethereum shows signs of short-term outperformance, reclaiming 0.025 BTC ratio
- Solana drops 3.25% while Uniswap emerges as the day’s top gainer
- Global crypto market cap dips to $3.43 trillion as profit-taking accelerates
XRP’s Profitability Supremacy Signals Growing Institutional Confidence
XRP trades at $2.24 on May 29, down a modest 1.32% over 24 hours despite a broader market contraction. The token’s remarkable profitability metric reflects the fact that the vast majority of XRP’s circulating supply was acquired at price points well below current levels. Santiment analysts note that this high profitability can trigger near-term sell pressure as holders take profits, but it also signals strong conviction among long-term holders who have refused to exit despite the token remaining relatively flat over the past three months.
The profitability advantage stems from a series of bullish catalysts that have accumulated throughout 2025. Ripple’s long-running legal battle with the SEC has essentially reached resolution, removing a multi-year overhang. Nasdaq-listed VivoPower announced plans to establish a $121 million XRP-backed treasury — a first for a US-listed public company. The Dubai Land Department chose the XRP Ledger to power a real estate tokenization project, and new stablecoin products including EURo, USDB, and XSGD launched on the network, expanding XRPL’s utility across fintech and traditional finance.
Institutional appetite continues to build. The Chicago Mercantile Exchange recently debuted XRP futures products, recording $15 million in daily volume. Meanwhile, the US SEC is reviewing multiple filings for a spot XRP ETF, with CBOE submitting four applications. These developments collectively reinforce a broader institutional push toward XRP adoption.
$11.7 Billion Options Expiry Casts a Volatility Shadow
Deribit data reveals that a combined $11.7 billion in Bitcoin and Ethereum options are scheduled to expire on May 30, marking the highest accrued open interest since the start of 2025. Bitcoin options account for $10.03 billion in notional value with a put/call ratio of 0.87 and maximum pain at $100,000. Ethereum options represent $1.67 billion with a put/call ratio of 0.83 and maximum pain at $2,300.
The dominance of call options at higher strikes — particularly the massive accumulation at the $120,000 strike for Bitcoin — reflects persistent bullish positioning among institutional traders. However, the maximum pain levels sitting well below current market prices introduces the potential for significant volatility as market makers hedge their exposures. The monthly expiry comes at a delicate moment, with Bitcoin hovering around $108,000 after dipping below $106,000 earlier in the session.
For context, the current options open interest on Deribit has ballooned to over $42 billion, a dramatic increase from approximately $19 billion following the March expiry. This growth mirrors the broader market recovery and reflects renewed institutional confidence in the crypto derivatives market.
Ethereum and Select Altcoins Show Resilience
While Bitcoin consolidates above $105,600, Ethereum displays signs of relative strength. ETH trades at $2,632, down just 1.85% over 24 hours, and has started to outperform Bitcoin in the short term. The ETH/BTC ratio has recovered to 0.025, and Ether was the only major token in the green during intraday trading on May 29. Former BitMEX CEO Arthur Hayes publicly stated that Ethereum could double in price before year-end, describing it as the most-hated L1 — a label he sees as a bullish contrarian signal.
The altcoin landscape remains split. Solana drops 3.25% to $166.59, shedding 7.29% over the week. Cardano falls 3.29% daily to $0.72, with a weekly loss of 10.62%. Dogecoin declines 2.69% to $0.21, posting a 12.32% weekly drop. Avalanche is hit hardest among majors, losing 5.55% to $22.25. In contrast, Uniswap emerges as the day’s surprising top gainer, and TRON posts a modest 0.29% gain as one of the few tokens in positive territory.
The cooling Bitcoin market appears to be pushing capital into select altcoin opportunities. As CoinDesk’s Asia morning briefing notes, altcoin volumes are rising even as BTC consolidates — a pattern that historically precedes periods of altcoin rotation and sector-specific rallies.
Why This Matters
The May 29 session captures a crypto market at an inflection point. XRP’s 90%+ profitability signals that a critical mass of holders acquired positions at lower levels and remain confident enough to hold — a dynamic that can fuel explosive upside when new catalysts emerge. The $11.7 billion options expiry adds a volatility wildcard that could accelerate movement in either direction. Meanwhile, Ethereum’s quiet outperformance and the broader altcoin divergence suggest that the market is transitioning from a Bitcoin-only rally into a more distributed recovery phase. With the CME launching 24-hour crypto futures trading on this same day and regulatory clarity advancing through both the SEC’s staking guidance and the newly introduced CLARITY Act in Congress, the institutional infrastructure for the next leg of crypto adoption is being built in real time.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk. Always conduct your own research before making investment decisions.
90% of XRP supply in profit while ETH sits at 71.5%. that gap is wild given ETH has been the one actually pumping this cycle
Santiment is right that high profitability often precedes sell pressure. XRP holders have been waiting years to take profits, $2.24 might be the trigger
$11.7B in BTC and ETH options expiring May 30 is the largest open interest since January. That is going to create massive volatility regardless of XRP profitability.
Uniswap as top gainer while SOL drops 3.25%. altcoin divergence is getting extreme heading into that $11.7B expiry
VivoPower doing a $121M XRP treasury is insane for a NASDAQ-listed company. first mover advantage on corporate XRP adoption