Options listed on Deribit show a continued bullish outlook for bitcoin versus ether, following President Donald Trump’s omission of any mention of crypto in his inaugural address on Monday.
As of midday Hong Kong time, BTC calls, which provide bullish exposure to the leading cryptocurrency, were trading at a higher price than ETH calls over multiple time frames, according to risk reversals tracked by Amberdata . Risk reversal measures the difference between the implied volatility of calls and puts, with positive values signaling bullish sentiment.
BTC risk reversals show that short and short calls trade at a premium of four to five volatility points over puts. Meanwhile, ETH calls trades with a relatively lower volatility premium compared to puts.
In other words, the ether-to-bitcoin ratio appears to be extending the downward trend. The ratio reached its lowest level in three years, at 0.03, at the start of the week.
The bias toward BTC is particularly striking given that Trump did not mention Bitcoin’s strategic reserve on Monday, despite previous rumors suggesting he would.
At the same time, a report showing the GOP’s congressional priorities included no mention of bitcoin or crypto.
Traders at decentralized betting platform Polymarket now see a 38% chance that Trump will announce a strategic BTC reserve during his first 100 days in office. That’s down from nearly 50% a day ago.
