大型比特幣（BTC）選項下注揭示了看跌的情緒，因為第一季度接近

所謂的Block Trade的溢價超過100萬美元，用於1,180美元的合同，即4月25日到期的70,000美元期權期權期權

A large bitcoin (BTC) options bet crossed the tape on Deribit as the first quarter drew to a close on Monday, revealing bearish sentiment from the trader behind the move.

大型比特幣（BTC）選項下注在周一結束時，在Deribit上越過錄像帶，揭示了此舉背後的交易者的看跌感。

The so-called block trade carried a premium of more than $1 million for 1,180 contracts of the $70,000 put option expiring April 25, according to data tracked by Amberdata.

根據Amberdata跟踪的數據，所謂的Block Trade的溢價超過1,180美元，為1,180美元的70,000美元期權期權期限到期。

A put option gives the purchaser the right, but not the obligation, to sell the underlying asset at a predetermined price at a later date. A put buyer is essentially bearish on the market, in this case, anticipating a price drop to below $70,000 from the current $84,000.

看台的選項賦予買方以稍後以預定的價格出售基礎資產的權利，但沒有義務。在這種情況下，看跌買家本質上是看跌的，預計價格從當前的84,000美元降至70,000美元以下。

A block trade is a large, privately negotiated transaction executed outside the public market, typically by institutions, to avoid affecting the going market rate.

塊貿易是一項大型的，私人談判的交易，通常是在公共市場之外執行的，通常是由機構在公共市場之外執行的，以避免影響上行的市場利率。

Other notable trades included a put ratio spread, featuring long positions in the $75,000 strike put and double short positions in the $70,000 put; and a risk reversal, involving a long position in the $90,000 call and a short position in the $70,000 put, as Pelion Capital founder Tony Stewart noted.

其他值得注意的交易包括PUT比率價差，在75,000美元的罷工前持有長期頭寸，並在70,000美元的投票中達到雙職位；正如Pelion Capital創始人托尼·斯圖爾特（Tony Stewart）指出的那樣，風險逆轉涉及90,000美元的電話，在70,000美元的票房中的職位很短。

The bearish flow in the $70,000 put follows purchases of put options expiring April 4 in the $78,000 to $85,000 range last week and increased demand for the $76,000 put option expiring on April 25.

$ 70,000的看跌流量是在4月4日在4月4日到期的78,000至85,000美元範圍內到期的PROT期權，並增加了4月25日對76,000美元的PROT期權期權的需求增加。

Broadly speaking, BTC puts are trading at a premium to calls, exhibiting downside sentiment out to the May-end expiry, as evident from the negative values in risk reversals.

從廣義上講，BTC Pits正在撥打電話交易，表現出對五月端到期的下行情感，這從風險逆轉的負值中可以明顯看出。

The bias for puts offering downside protection likely reflects investor anxiety surrounding President Donald Trump's expected reciprocal tariffs announcement on Wednesday. An aggressive move could weigh on risk assets, including cryptocurrencies.

派出下行保護的偏見可能反映了唐納德·特朗普總統週三預期的互惠關稅公告的投資者焦慮。積極的舉動可能會權衡風險資產，包括加密貨幣。