比特幣（BTC）於4月14日收回$ 84,500

比特幣（BTC）於4月14日收回了$ 84,500的水平，並且由於美國總統唐納德·特朗普（Donald Trump）宣布部分進口關稅的宣布，復甦似乎部分助長了。

Bitcoin (BTC) price reclaimed the $84,500 level on April 14, following a period of recovery that appears to be partially fueled by the announcement of partial import tariff relief by US President Donald Trump.

比特幣（BTC）的價格在4月14日收回了84,500美元的水平，此前恢復了一段時期，這似乎是由於美國總統唐納德·特朗普（Donald Trump）宣布部分進口關稅的部分促進。

However, optimism among traders appears to be fading as, according to reports by several news outlets, President Trump stated that tariffs on the electronics supply chain could be reconsidered.

但是，貿易商之間的樂觀情緒似乎正在消失，因為根據幾個新聞媒體的報導，特朗普總統表示，可以重新考慮電子供應鏈的關稅。

This uncertainty has impacted Bitcoin markets, leading traders to lose some of the optimism they had regained. As a result, Bitcoin’s price failed to break above the $86,000 mark, and BTC derivatives showed limited potential for the next few days.

這種不確定性影響了比特幣市場，導致交易者失去了他們恢復的一些樂觀情緒。結果，比特幣的價格未能超過86,000美元，而BTC衍生產品在接下來的幾天中的潛力有限。

Bitcoin 2-month futures annualized premium. Source: Laevitas.ch

比特幣2個月期貨年度溢價。資料來源：laevitas.ch

The premium on Bitcoin monthly futures contracts reached 6.5% on April 11 but has since decreased to 5%, which is close to a neutral to bearish threshold. Typically, sellers prefer a 5% to 10% annualized premium for longer settlement periods. Anything below this range may indicate less interest from leveraged buyers.

比特幣每月期貨合約的溢價在4月11日達到6.5％，但此後已下降到5％，接近中性的看跌閾值。通常，賣方在更長的和解期內更喜歡5％至10％的年度保費。低於此範圍的任何東西都可能表明槓桿買家的興趣較小。

Traders' brief excitement can be linked to President Trump's April 13 announcement that tariffs on imported semiconductors would be reviewed during the week. This suggests that exemptions for smartphones and computers are not final, according to Yahoo Finance. President Trump reportedly said, "We want to make our chips and semiconductors and other things in our country."

交易者的簡短興奮可以與特朗普總統4月13日的宣布有關，即在本週將審查進口半導體的關稅。根據Yahoo Finance的說法，這表明對智能手機和計算機的豁免不是最終的。據報導，特朗普總統說：“我們想在我國製造籌碼，半導體以及其他事物。”

Bitcoin traders experienced emotional swings during this period of fluctuating expectations. The performance of broader markets, particularly large technology companies reliant on global trade, seems to have influenced Bitcoin sentiment.

比特幣交易者在這一期望波動的時期經歷了情緒波動。更廣泛的市場的表現，尤其是依賴全球貿易的大型技術公司，似乎影響了比特幣情緒。

The strong intraday correlation between Bitcoin and stock markets dampened bullish enthusiasm, leaving questions about whether this effect is limited to BTC futures.

比特幣與股票市場之間的牢固盤中相關性抑制了看漲的熱情，對這種影響是否僅限於BTC期貨留下了疑問。

S&P 500 futures (left) vs. Bitcoin/USD (right). Source: TradingView / Cointelegraph

標普500期貨（左）與比特幣/美元（右）。資料來源：TradingView / Cointelegraph

To determine whether Bitcoin traders' sentiment is merely mirroring trends in the S&P 500, it's useful to examine the BTC options markets. If professional traders anticipate a significant price drop, the 25% delta skew indicator will rise above 6%, as put (sell) options become more expensive than call (buy) options.

為了確定比特幣交易者的情緒僅僅是反映標準普爾500指數的趨勢，檢查BTC期權市場很有用。如果專業交易者預計價格會大幅下​​降，則25％的Delta偏斜指標將上升到6％以上，因為PUT（賣出）期權變得比Call（買入）期權更昂貴。

Bitcoin 30-day options 25% delta skew (put-call) at Deribit. Source: Laevitas.ch

比特幣30天選項在Deribit上25％的Delta偏斜（Put-call）。資料來源：laevitas.ch

On April 13, Bitcoin options delta skew briefly fell below 0%, signaling mild optimism. However, this momentum did not persist on April 14, reinforcing data from Bitcoin futures that show no substantial bullish sentiment despite prices recovering from the $74,440 lows.

4月13日，比特幣選項偏斜短暫低於0％，這表明溫和的樂觀情緒。但是，這一勢頭並未在4月14日持續存在，儘管價格從74,440美元的低點中恢復過來，但仍未表現出比特幣期貨的數據。

Another way to gauge market sentiment is by analyzing stablecoin demand in China. Strong retail interest in cryptocurrencies usually pushes stablecoins to trade at a premium of 2% or more above the official US dollar rate. In contrast, a premium below 0.5% often indicates fear as traders move away from crypto markets.

衡量市場情緒的另一種方法是分析中國的Stablecoin需求。對加密貨幣的強大零售利息通常會推動穩定股權以高於官方美元官方美元稅率的2％或更高的溢價。相比之下，低於0.5％的溢價通常表明貿易商離開加密貨幣市場時的恐懼。

Related: Crypto markets ‘relatively orderly’ despite Trump tariff chaos: NYDIG

相關：儘管特朗普關稅混亂：nydig，但加密貨幣市場“相對有序”

USDT Tether (USDT/CNY) vs. US dollar/CNY. Source: OKX

USDT Tether（USDT/CNY）與美元/CNY。來源：OKX

Between April 6 and April 11, Tether (USDT) in China traded at a 1.2% premium, indicating moderate enthusiasm. However, this trend reversed, with the premium now at just 0.5%, suggesting that the earlier excitement has faded. As a result, traders remain cautious and show little confidence in Bitcoin exceeding $90,000 in the near term.

在4月6日至4月11日之間，中國的Tether（USDT）以1.2％的溢價交易，表明熱情中等。但是，這種趨勢逆轉了，現在的溢價僅為0.5％，這表明早期的興奮已經消失。結果，交易者保持謹慎，對比特幣在短期內超過90,000美元的信心幾乎沒有信心。

The announcement of Strategy's $286 million Bitcoin acquisition at $82,618 failed to boost sentiment, as investors suspect that the recent temporary decoupling from stock market trends was largely driven by this purchase. Similarly, Bitcoin spot exchange-traded funds (ETFs) saw $277 million in outflows between April 9 and April 11, further weakening any potential improvement in trader confidence.

由於投資者懷疑最近與股票市場趨勢的臨時解耦，這一宣布宣布了策略的2.86億美元的比特幣收購，並沒有提高情緒，這在很大程度上是由這次購買的主要驅動的。同樣，在4月9日至4月11日之間，比特幣現貨交易所貿易資金（ETF）的流出量為2.77億美元，進一步削弱了交易者信心的任何潛在改善。