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比特幣（BTC）的下注者在美聯儲（美聯儲）會議之後的價格預期轉變中看著頂邊的選擇下注

Federal Reserve’s (Fed) meeting minutes brought a bullish shift in crypto price expectations with topside options bets being favored over near-term downside, especially in Bitcoin (BTC). However, ether (ETH) derivatives showed a lagging interest.

美聯儲（美聯儲）的會議記錄使加密貨幣價格期望的看漲轉變，頂部選項的賭注在近期偏愛的方面受到青睞，尤其是在比特幣（BTC）中。但是，以太（ETH）衍生物顯示出滯後的興趣。

As of writing, BTC’s short-term and long-term risk reversals, which show the implied volatility premium (demand) for bullish bets or calls versus puts, were positive, implying investor interest in chasing price gains in the leading cryptocurrency, according to data from Amberdata.

根據Amberdata的數據，BTC的短期和長期風險逆轉表明了對看漲的賭注或呼叫與投票的隱含波動性溢價（需求）是積極的，這意味著投資者對在領先的加密貨幣中追求價格上漲的興趣。

It marks a shift from the bearish sentiment that prevailed in the weeks before the Fed meeting when short and near-dated puts were pricier than calls, reflecting greater downside fears.

這標誌著在美聯儲會議前幾周盛行的看跌情緒的轉變，當時短期和近日期的投票比呼叫更高，反映出更大的下行恐懼。

“Frontend skew flipped calls. Flows featured 21 Mar (March) outright calls and calendars bought, while 28 Mar puts were sold,” institution-focused over-the-counter tech platform Paradigm noted in the Telegram chat. Institutions and large traders execute block trades via OTC platforms like Paradigm, which are then listed on Deribit.

“前端偏斜的電話。流量有21 MAR（3月）的直接電話和日曆，而28 Mar Pits則被賣出，”以機構為中心的非處方技術平台範式在Telegram Chat中指出。機構和大型貿易商通過範式等OTC平台執行阻止交易，然後在deribit上列出。

Options are derivative contracts that give the purchaser the right but not the obligation to purchase or sell the underlying asset at a predetermined price at a later date. A call option grants the right to buy, while a put option grants the right to sell.

期權是衍生合同，賦予購買者的權利，但沒有義務以稍後的日期以預定的價格購買或出售基礎資產。呼叫選項授予購買權，而權利期權則授予了出售權。

The bullish shift in the short and near-dated options came as the Federal Reserve (Fed) retained the forecast for two rate cuts this year despite making the expected stagflationary adjustment in economic forecasts. The bank will also be slowing the pace of balance sheet run off from April.

儘管美聯儲（美聯儲）在經濟預測中進行了預期的停滯調整，但今年的美聯儲（美聯儲）保留了今年的兩次降低預測，因此在短期和近乎近期的選擇中的看漲轉變。該銀行還將減慢資產負債表的步伐，從4月開始。

More importantly, Chairman Jerome Powell downplayed fears about the inflationary impact of Trump’s tariffs, calling it transitory.

更重要的是，主席杰羅姆·鮑威爾（Jerome Powell）輕描淡寫了對特朗普關稅的通貨膨脹影響的擔憂，稱其為暫時性。

“The thinking is that over time, the adjustment in the level of goods prices will have implications for sticky services inflation and labor costs,” Powell said.

鮑威爾說：“考慮到，隨著時間的流逝，商品價格水平的調整將對粘性服務通貨膨脹和人工成本產生影響。”

The sustained strength in the U.S. dollar index (DIX) post-pandemic, however, could pose an issue for cryptocurrencies, especially in the near term. A stronger greenback usually reduces demand for riskier assets like cryptocurrencies.

然而，美元指數（DIX）大流行的持續力量可能對加密貨幣構成問題，尤其是在短期內。更強的綠背通常會減少對加密貨幣等風險資產的需求。

The matter is crucial as the Fed is expected to begin cutting interest rates only in the second half of 2024, a delay that could keep the dollar elevated for longer.

此事至關重要，因為預計美聯儲只有在2024年下半年才開始降低利率，這一延誤可能會使美元升高更長。

The prolonged legal tussle between the SEC and Ripple, which uses XRP for cross-border transactions, also came to an end this week, potentially aiding market sentiment. XRP, with the market cap of $142.21 billion, is the world’s fourth largest cryptocurrency.

SEC和Ripple之間的長期法律爭吵（使用XRP進行跨境交易）也可能在本週結束，這可能會有助於市場情緒。 XRP的市值為1422.1億美元，是世界第四大加密貨幣。

Ether puts remain pricier

以太位保持價格更高

These positive developments, however, are yet to translate into a positive flip in the short and near-dated ether options.

但是，這些積極的發展尚未轉化為簡短和近乎近期的以太選擇的積極翻轉。

At press time, ether risk reversals showed a bias for puts out to the May expiry, retaining the pre-Fed cautious sentiment despite the looming Ethereum Pectra upgrade.

在發稿時，以太風險逆轉顯示出對可能到期的偏見，儘管迫在眉睫的以太坊pectra升級了，但仍保留了預先餵養的謹慎情緒。

The technological update will introduce smart accounts to ethereum, blob scaling and validator UX enhancements and seen as a game changer by many. Ethereum developers launched a new test network, Hoodi, this week to carry out the impending upgrade, expected to take effect on March 26.

該技術更新將向以太坊，斑點擴展和驗證器UX增強功能引入SMART帳戶，並被許多人視為改變遊戲規則。以太坊開發人員本周啟動了一個新的測試網絡Hoodi，以進行即將進行的升級，預計將於3月26日生效。

“Pectra is the last major upgrade before introducing the modules to the chain and setting the stage for the next stage of scaling solutions,” Paradigm said in its weekly newsletter.

“ Pectra是將模塊引入鏈條並為下一個擴展解決方案的階段奠定階段之前的最後一次重大升級，” Paradigm在每週的新聞通訊中說。

Note that the persistent bias for ether puts could be partly driven by traders looking to hedge downside risks in other altcoins. Ether is widely seen as the altcoin leader.

請注意，Ether Puts的持續偏見可能是由希望對沖其他Altcoins的下行風險的交易者驅動的。 Ether被廣泛被視為Altcoin領導者。