Index options on Deribit show a continued bullish outlook for bitcoin compared to ether, after President Donald Trump omitted any mention of cryptocurrencies in his inaugural address on Monday.
As of noon Hong Kong Time, BTC call options, which offer a bullish exposure in the leading cryptocurrency, traded pricier than ETH calls across time frames, according to risk reversals tracked by Amberdata. Risk reversal measures the difference between implied volatility for calls relative to puts, with positive values signaling a bullish sentiment.
BTC threat reversals show that the short and short call industry has a four- to five-issue volatility premium over put options. Meanwhile, ETH considers industries with a lower volatility premium compared to put options.
In other words, the ether-bitcoin ratio seems to be extending the downtrend. The ratio hit a three-year low of 0. 03 at the start of the week.
The bias in favor of BTC is surprising, given that Trump did not mention the strategic reserve of Bitcoin on Monday, despite previous rumors suggesting that he would.
At the same time, a report showing GOP congressional priorities didn’t include mentions of bitcoin or crypto.
Traders on decentralized betting platform Polymarket now see a 38% chance of Trump announcing a strategic BTC reserve within his first hundred days in office. That’s down from about 50% a day ago.
Omkar Godbole is a Co-Managing Editor on CoinDesk’s Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
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