In a recent development in the crypto world, traders seem to be shifting their focus from Bitcoin (CRYPTO: BTC) to Ethereum (CRYPTO: ETH), Ethereum’s native token. The move, indicated by key derivatives market metrics, suggests that Ether might outperform shortly.

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Reflexivity Research noted an emerging positive spread between Ether and Bitcoin futures pricing, with Ether futures showing a 5% higher premium relative to the spot index price than Bitcoin early this week.

The research firm stated on Dec. 5, “The futures basis for Ethereum on CME is now trading at a 5% premium to that of Bitcoin, now over 20%. In addition, we can see that open interest for ETH on the CME has now started to rise.”

In the Deribit-listed options market, traders are reportedly showing a stronger preference for Ether calls and Bitcoin puts. Amberdata’s report shows that the one-month Ether call-put skew has doubled to over 4% this month, implying a strengthening call bias, while Bitcoin’s one-month skew has dropped from 5% to 2%.

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