Key Points:
- BTC options are showing higher prices compared to ETH options following Trump’s omission of reference to crypto during his inaugural speech.
- This pricing indicates expectations for a continued decline in the ether-bitcoin ratio.
Deribit-listed options reflect a consistently bullish perspective for Bitcoin compared to Ether, especially in light of President Donald Trump’s failure to mention cryptocurrencies in his inaugural address on Monday.
As of noon HK time, BTC call options, which provide bullish exposure to Bitcoin, were traded at a premium relative to ETH calls across various timeframes, indicating heightened bullish sentiment according to risk reversals tracked by Amberdata. Risk reversal gauges the disparity in implied volatility between calls and puts, where positive values denote a bullish outlook.
BTC’s risk reversals are at a four to five volatility points premium for short-term calls over puts. In contrast, ETH calls transmit a comparatively smaller volatility premium over puts. Such a trend suggests a further decline in the ether-bitcoin ratio, which hit a three-year low of 0.03 earlier this week.
The bullish tilt towards BTC is notable, especially given that Trump did not reference a strategic bitcoin reserve, despite earlier speculation that he might.
Traders on the decentralized betting platform Polymarket currently assess a 38% likelihood that Trump will announce the establishment of a national BTC reserve within his first 100 days of presidency, a drop from nearly 50% a day earlier.
