By Omkar Godbole (All times ET unless indicated otherwise)
As the new quarter gets underway, the crypto market is sending a subtle but important signal: traders seem a bit more cautious about bitcoin than ether (ETH).
You can see this in the options market – a space where more experienced traders and institutions go to hedge risk or generate extra returns. Think of options as a kind of insurance. Traders can buy protection against price drops (puts) or bet on price increases (calls), depending on their outlook.
Right now, one key metric, called a risk reversal, is negative for both bitcoin and ether across different time frames. In simple terms, that means puts, or downside protection, is more expensive than bullish bets….
