加密交易者湧向期權市場，以對沖進一步的價格下降

加密貨幣交易者正在湧向期權市場，以對沖進一步的價格下降，因為唐納德·特朗普總統計劃下週的關稅公告保持金融市場

Crypto traders are piling into options to hedge against further price declines as President Donald Trump’s planned tariff announcements next week keep financial markets on edge.

加密貨幣交易者正在堆積如山，以對抗進一步的價格下降，因為唐納德·特朗普總統下週計劃的關稅公告使金融市場處於邊緣狀態。

The open interest, or the total number of outstanding contracts, for put options with a strike price of $80,000 is the highest among contracts expiring on April 4, or two days after Trump’s promised announcement, according to data from the Deribit options exchange. The rush into puts, which give holders the right to sell within a set period at a specific price, suggests growing demand for downside protection.

根據Deribit期權交易所的數據，公開利息或未償還合約的總數為80,000美元，這是4月4日到期的合同中，或在特朗普承諾公告後兩天的合同中最高的。搶購的看台賦予持有人以特定價格在設定的時期內出售的權利，這表明對下行保護的需求不斷增長。

Bitcoin fell as much as 4.2 per cent to $83,637 on Friday, erasing much of the recovery seen at the start of the week. It briefly dipped below $80,000 on March 13. Other smaller, less liquid tokens were hit harder on Friday. Ether, XRP and Solana’s SOL were all down about 7 per cent.

週五，比特幣下跌了多達4.2％，至83,637美元，從而消除了本周初的大部分恢復。它在3月13日短暫下跌了80,000美元。其他較小的，更少的液體令牌在周五被擊中較難。 Ether，XRP和Solana的Sol均下降了約7％。

The risk-reversal, or the difference between 25-delta calls and puts, is at its most expensive for the April 4 expiry, further signaling bearish sentiment, according to Caroline Mauron, co-founder of Orbit Markets. A risk reversal is a strategy where you buy a call option and simultaneously sell a put option with the same expiration date to limit downside risk.

Orbit Markets的聯合創始人Caroline Mauron表示，風險逆轉或25-DELTA電話之間的差異最為昂貴，這對於4月4日到期的進一步發出了看跌式情緒。風險逆轉是一種策略，您可以購買呼叫選項並同時出售帶有相同到期日期的前選項以限制下行風險。

The put-call ratio for the April 4 expiry on Deribit stands at 1.4, indicating a strong preference for put options, which provide protection against price declines. Other markets such as gold also highlight the growing concern.

4月4日在Deribit上屆滿的票價比例為1.4，表明對PUT期權的強烈偏愛，可保護價格下降。黃金等其他市場也強調了日益增長的關注。

“Spot gold surged to a record high above $3,080, signaling broader risk aversion, while Bitcoin’s put skews reached interim highs versus calls as traders are fully positioned for a bearish outcome in the near future,” said Augustine Fan, partner at SignalPlus.

SignalPlus的合夥人奧古斯丁（Augustine）粉絲說：“現場黃金飆升至3,080美元以上的高度高高，這表明了更廣泛的風險規避，而比特幣的偏斜達到了臨時高點與呼叫，因為交易者在不久的將來都可以得到看跌的結果。”

Trade War Concern

貿易戰問題

Trump signed an order on Wednesday imposing a 25 per cent tariff on auto and auto parts imports, set to take effect on April 3 further raising uncertainty.

特朗普週三簽署了一項命令，對汽車和汽車零件進口徵收25％的關稅，並於4月3日生效，進一步提高不確定性。

“These tariffs could provoke retaliatory actions, escalating tensions not only with the US but also between other global trade partners,” warned Samer Hasn, senior market analyst at XS.com. “The risk of a full-blown trade war is real, which could further disrupt markets.”

XS.Com高級市場分析師Samer Hasn警告說：“這些關稅可能會引起報復性行動，不僅與美國和其他全球貿易夥伴之間的緊張局勢升級。” “成熟貿易戰的風險是真實的，可能會進一步破壞市場。”

Trump’s earlier trade victories played a role in pushing Bitcoin to an all-time high of $109,241 in January, but the fallout from his ongoing trade policies—particularly with close allies like Canada and Mexico—has led to a more than a 20 per cent correction in the largest digital token.

特朗普的較早貿易勝利在一月份將比特幣升至109,241美元的歷史最高點上發揮了作用，但是他正在進行的貿易政策的後果（尤其是與加拿大和墨西哥這樣的親密盟友）導致了最大數字代幣的20％以上。