Deribit-listed options show a continued bullish outlook for bitcoin versus ether, following President Donald Trump’s omission of any crypto mention in his inaugural address on Monday.
As of noon Hong Kong time, BTC call options, which offer bullish exposure in the leading cryptocurrency, were trading more expensive than ETH calls across time frames, according to risk returns tracked by Amberdata. Risk reversal measures the difference between implied volatility for calls versus puts, with positive values signaling bullish sentiment.
BTC’s risk reversal shows short-term and short-term calls trading at a premium of four to five volatility points to puts. Meanwhile, ETH trading encourages a relatively smaller volatility premium for puts.
In other words, the ether-bitcoin ratio is seen to extend the downward trend. The ratio hit a three-year low of 0.03 earlier this week.
The bias favoring BTC is particularly striking as Trump did not mention the strategic bitcoin reserve on Monday, despite earlier rumors suggesting he would.
At the same time, a report outlining the GOP’s congressional priorities contained no mention of bitcoin or crypto.
Traders on decentralized betting platform Polymarket now see a 38% chance of Trump announcing a strategic BTC reserve in his first 100 days as president. That’s down from nearly 50% a day ago.
