Bitcoin (BTC) 
$103,707 and Ethereum (ETH) 
$3,302 have reached a significant point of divergence in the cryptocurrency market. Data from the Deribit exchange reveals that the optimism surrounding Bitcoin is more persistent compared to Ethereum. According to Amberdata’s tracking of risk reversals, Bitcoin maintains a higher price premium than Ethereum across all time frames.
Options Pricing: Bitcoin vs Ethereum
Risk reversals measure the implied volatility difference between call and put options. A positive value indicates market optimism. Specifically, Bitcoin’s call options are trading at a premium of 4-5 volatility points over put options, a difference that is notably lower for Ethereum.
This situation further highlights the decline in the ETH/BTC trading pair, which dropped to 0.03 earlier this week, marking a three-year low. This decline suggests that Bitcoin continues to secure its market leadership, drawing investor interest in its direction.
Trump’s Speech and Investor Sentiment
In his inaugural speech on Monday, 47th U.S. President Donald Trump noticeably did not mention Bitcoin or strategic Bitcoin reserves, contrary to prior speculation. This silence has diminished investor expectations.
A report published following Trump’s inauguration highlighted the absence of any mentions of Bitcoin or the cryptocurrency market in the Republican Party’s congressional priorities. This has led to a drop in the probability of a strategic Bitcoin reserve announcement within the next 100 days on decentralized betting platforms like Polymarket, from 50% to 38%.
Overall, Bitcoin appears to be strengthening its position in the market. The widening gap between Bitcoin and Ethereum is likely to shape investors’ risk tolerance and expectations regarding the future of the cryptocurrency market, particularly in areas excluding Bitcoin.
