比特幣（BTC）期權交易者在美聯儲會議後轉向看漲，以太坊（ETH）滯後

根據美聯儲的最新政策決定，比特幣（BTC）期權交易者正在向看漲賭注轉向看漲的賭注，而以太坊（ETH）期權

Bitcoin (BTC) options traders have become more bullish following the latest Federal Reserve policy decision, shifting their bets towards price gains. In contrast, traders holding Ethereum (ETH) options remain more cautious despite the upcoming Pectra upgrade.

在最新的美聯儲政策決定之後，比特幣（BTC）期權交易者變得更加看好，將他們的賭注轉移到了價格上漲。相比之下，儘管即將進行的Pectra升級，但持有以太坊（ETH）期權的商人仍然更加謹慎。

The past week saw a crucial turning point in Bitcoin options sentiment. Both the short- and long-term risk reversals, which highlight the demand for call options (bullish) versus put options (bearish), flipped into positive territory. This shift signifies that investors are now placing more wagers on Bitcoin's price increasing.

在過去的一周中，比特幣選項情緒中有一個至關重要的轉折點。短期和長期風險逆轉都強調了對呼叫選項的需求（看漲）與放置選項（看跌）的需求，它們轉向了積極的領域。這一轉變表明，投資者現在正在將更多的賭注推向比特幣的價格上漲。

Prior to the Fed meeting, Bitcoin options displayed a bearish bias, with puts, or options that pay out when the underlying asset's price falls, being more expensive than calls, which pay out when the price rises. However, a pivot in the options market occurred as investors began buying BTC calls for the March 21 and March 28 expiry dates, an observation also noted by Paradigm in its latest institutional trading report.

在美聯儲會議之前，比特幣選項顯示出看跌的偏見，帶有看跌期權或在基礎資產的價格下跌時支付的選項，比呼叫更昂貴，而價格上漲時付出了。但是，隨著投資者開始購買3月21日和3月28日到期日期的BTC電話，期權市場的一個樞紐發生了，範式在其最新的機構交易報告中也指出了這一觀察結果。

According to Paradigm, 28 March put options were sold while we observed "active buying pressure for any near-term calls."

根據范式，在3月28日出售期權時，我們觀察到“在任何近期通話中都有積極的購買壓力”。

The change in Fed policy also supports a bullish outlook for Bitcoin. The central bank maintained its projection of two rate cuts in 2025, reducing fears of aggressive monetary tightening. Moreover, Chairman Jerome Powell downplayed concerns over inflation caused by Trump’s trade tariffs, calling the impact “transitory.”

美聯儲政策的變化還支持對比特幣的看漲前景。中央銀行在2025年保持了兩次削減稅率的預測，從而減少了對侵略性貨幣收緊的擔憂。此外，董事長杰羅姆·鮑威爾（Jerome Powell）對特朗普貿易關稅造成的通貨膨脹的擔憂輕描淡寫，稱這種影響是“短暫的”。

Furthermore, the Fed will be slowing the balance sheet runoff starting April, a factor that could promote more favorable liquidity conditions, which has historically been beneficial for Bitcoin.

此外，美聯儲將從4月開始減緩資產負債表徑流，這一因素可以促進更有利的流動性條件，從歷史上看，這對比特幣是有益的。

In addition to Bitcoin, the crypto market is also coping well with the conclusion of the SEC case against Ripple, which is likely to support broader market confidence.

除比特幣外，加密市場還很好地應對針對Ripple的SEC案件的結論，這很可能支持更廣泛的市場信心。

While Bitcoin options have become bullish, traders holding options on Ethereum are still more bearish, with puts remaining pricier than calls despite the Pectra upgrade, a major network update, set for March 26. This behavior suggests that traders are still keen on hedging downside risks in ETH and altcoins, displaying skepticism despite the Pectra upgrade.

儘管比特幣的選擇已成為看漲，但在以太坊上持有選擇的交易者仍然更加看跌，儘管Pectra升級，但仍比呼叫更高，這是一個重大的網絡更新，定於3月26日進行。這種行為表明，儘管ETH和ALTCOINS中仍然表現出了懷疑，但仍熱衷於對沖的缺陷風險。

Pectra is expected to introduce key enhancements such as smart accounts, blob scaling, and validator UX improvements, yet ETH derivatives traders are keeping a defensive posture.

預計Pectra將引入關鍵增強功能，例如智能帳戶，斑點擴展和驗證器UX的改進，但是ETH衍生品交易員仍在保持防御狀態。

As the leading altcoin, weaker sentiment in Ethereum may be dragging down the broader market.

作為領先的山寨幣，以太坊的情緒較弱可能會拖延更廣闊的市場。

With Bitcoin options flipping bullish and the Fed policy favoring risk assets, BTC appears positioned for further gains. However, traders holding options on Ethereum remain more cautious, likely waiting for stronger fundamental catalysts before turning bullish. As the Pectra upgrade approaches and macro conditions stabilize, we might see a shift in ETH options traders' sentiment. For now, Bitcoin continues to take the lead in the crypto market recovery.

隨著比特幣選擇會翻轉看漲，聯邦政府有利於風險資產的政策，BTC似乎可以取得進一步的收益。但是，持有以太坊選擇的交易者仍然更加謹慎，在轉向看漲之前，可能會等待更強大的基本催化劑。隨著Pectra升級和宏觀條件的穩定，我們可能會看到ETH期權交易者的情緒發生了變化。目前，比特幣繼續領先加密市場的回收率。