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.
The survival rate of altcoins from last cycle is telling
L1 token valuations need to be judged by developer activity
Stefan developer activity is the only metric that matters for L1 valuation. GitHub commits, active addresses, TVL growth. everything else is noise
chain_scraper TVL growth is lagging on most L1s though. only solana and base are showing real user growth. the rest are farming their own metrics
This altseason rotation is different — actual utility is driving gains
Pavel i have been through 4 alt seasons and this rotation pattern always looks different until it doesnt. 90% of these profitable altcoins will be below their 200 day MA within 6 months
DOGE at 77.9 percent profitability beating LINK at 80.5 sounds wrong until you remember DOGE hasnt had a massive supply event since 2021. stale bags that never got sold
DOGE at 77.9 percent profitability beating LINK at 80.5 sounds wrong until you remember DOGE hasnt had a massive supply event since 2021. stale bags that never got sold
XRP at 90% in profit while ADA sits at 71%. the SEC case resolution actually mattered for price discovery, who would have guessed
Kelechi O. XRP at 90% and ADA at 71% while DOGE somehow beats LINK. the profitability distribution across alcoins makes zero sense until you look at the SEC case timing. XRP clarity was priced in months ago
altcoin_veteran_ XRP clarity was priced in months ago but 90% profitability is still mostly retail momentum from the SEC resolution headlines. late buyers at 2.24 are the exit liquidity
Chioma E. late buyers at $2.24 being exit liquidity is harsh but accurate. 90% profitability means everyone who bought before 2024 is up, not new entrants
Kelechi O. the SEC case resolution pushing XRP profitability to 90% while ADA sits at 71% tells you legal clarity matters more than tech for price action
the $11.7B options expiry is the real driver here. market makers hedging that kind of open interest moves spot prices more than any altcoin narrative
options OI that size and people are debating altcoin profitability percentages. the expiry was going to set the direction regardless of what XRP did
vol_skew the $11.7B options expiry on may 30 was the highest OI since jan 2025. market makers were hedging that size and it moved everything. XRP hitting 90% profitability was partly a gamma squeeze effect
Viktor Popov calling it a gamma squeeze effect is the smartest take here. market makers hedging $11.7B OI forces spot buying regardless of fundamentals
Viktor Popov the gamma squeeze take on $11.7B OI expiry is underappreciated. market makers hedging that size moves spot regardless of XRP fundamentals
gamma_sweep_ 11.7B OI expiry and XRP was the one that pumped. market makers were hedging BTC and ETH options not XRP. the correlation break was the real signal
gamma_sweep_ 11.7B OI expiry and XRP was the one that pumped. market makers were hedging BTC and ETH options not XRP. the correlation break was the real signal
vol_skew that $11.7B options expiry on may 30 was the highest OI since jan 2025. of course market makers were going to defend their positions
DOGE at 77.9% in profit beating LINK at 80.5% is wild. meme coin outperforming infrastructure tokens on profitability says everything about this cycle
DOGE at 77.9% profitability beating LINK at 80.5% is the timeline we deserve. meme coin fundamentals over infrastructure plays apparently
doge_unironically meme coin profitability beating infrastructure tokens is just the market telling you neither category is valued on fundamentals. both are sentiment proxies
DOGE at 77.9% profitability beating LINK at 80.5% tells you everything about this market. fundamentals are decorative
BTC at 98.4% in profit and XRP at 90% while ADA sits at 71%. the SEC case resolution gap is staring everyone in the face