Key Bitcoin and Ethereum options metrics show traders are wildly bullish

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Key Bitcoin and Ethereum options metrics show traders are wildly bullish

Ethereum price is now the center of attention but options data shows pro traders are still wildly bullish on Bitcoin price.
In the last few days, Bitcoin (BTC) price has underperformed Ether (ETH) by almost 20%. Even though BTC seems to be struggling to break the $18,800 barrier, both cryptocurrencies display the same bullishness according to derivatives markets data.

Ether is entering a parabolic rally as its Eth2 network launch progresses, and this optimism is reflected in the options markets. Despite the lack of similar price action from BTC, Bitcoin traders seem unfazed, and data shows they are still wildly bullish.

Futures contracts for Ether and BTC are still bullish

Analyzing the basis indicator is a useful procedure as it compares the futures contracts level to the current price at regular spot exchanges.

Healthy markets usually display a 5% to 10% annualized basis, in a situation known as contango. On the other hand, futures trading with a discount usually occurs during heavily bearish markets.

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