After President Donald Trump did not mention any cryptocurrencies in his inauguration speech on Monday, options listed on the Deribit exchange show that the downward trend in the ETH/BTC ratio continues. As of midday Hong Kong time, bitcoin calls were trading higher than Ethereum calls for a number of periods, according to risk reversal data tracked by Amberdata. Risk reversals are calculated by measuring the difference in implied volatility between calls versus puts. When this value is positive, it indicates that the market is in a bullish mood. Notably, BTC's risk reversal shows that short-term and near-term calls are trading at 4 to 5 volatility points higher than puts. Meanwhile, Ethereum calls are trading at a relatively low volatility premium relative to puts. In other words, the ETH/BTC ratio is expected to continue to decline. Earlier this week, the ETH/BTC ratio had already touched a three-year low of 0.03.