Crypto Options Signal More Losses for Ether-Bitcoin Ratio After Trump Skips BTC Mention in Inaugural Speech

Deribit-listed options show a persistent bullish outlook for bitcoin relative to ether, following President Donald Trump's omission of any crypto mention in his inaugural speech 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's risk reversals show short-term and near-term calls trading at a four to five volatility points premium to puts. Meanwhile, $ETH calls trade at a relatively lesser volatility premium to puts.

In other words, the ether-bitcoin ratio is seen extending the downtrend. The ratio hit a three-year low of 0.03 early this week.

The bias favoring $BTC is particularly striking given that Trump did not mention the strategic bitcoin reserve on Monday, despite prior rumors suggesting he would.

At the same time, a report showing GOP congressional priorities didn't include mentions of bitcoin or crypto.

Traders on the decentralized betting platform Polymarket now see a 38% chance of Trump announcing a strategic $BTC reserve in his first 100 days of presidency. That's down from nearly 50% a day ago.