deribit選項交換數據表明，現有合同數量最多

deribit期權交換數據表明，以80000美元的罷工價格期權的現有合同數量最多或開放利息是4月4日到期的合同。

Deribit options exchange data shows that the largest number of existing contracts, or open interest, for put options with a $80,000 strike price are among contracts expiring on April 4, two days after Trump's expected announcement on global reciprocal tariffs.

Deribit期權交換數據表明，在4月4日到期的合同中，現有合同數量最多，或公開利息，這是在特朗普預期公佈全球互惠關稅後兩天到期的合同。

There is a rising need for downside protection, as there has been a stampede into puts, which grants holders the right to sell at a specified price within a specified period.

由於踩踏事業，對下行保護的需求不斷上升，該踩踏者授予持有者在指定期間以指定價格出售的權利。

Orbit Markets co-founder Caroline Mauron claims that the risk-reversal, which is the spread between 25-delta calls and puts, is highest for the April 4 expiry, further indicating negative sentiment.

Orbit Markets聯合創始人Caroline Mauron聲稱，這是4月4日到期的25-Delta呼叫和權利之間的風險反轉，這進一步表明了負面情緒。

Buying a call option and selling a put option with the same expiration date is called a risk reversal strategy. Its purpose is to restrict the downside risk.

購買呼叫選項並以相同到期日期出售的PUT選項稱為風險逆轉策略。其目的是限制下行風險。

There is a clear bias towards put options, which hedge against price falls, as indicated by the put-call ratio of 1.4 for the April 4 expiry on Deribit.

對對沖價格下跌的期權有明顯的偏見，如4月4日在deribit到期的1.4的票數比例為1.4。

Bitcoin hit a new high of $109,241 in January, thanks in part to Trump's prior trade successes. However, the biggest digital token has since fallen more than 20 percent due to the historic test of Trump's export model with reciprocal tariffs.

比特幣在一月份達到了109,241美元的新高點，部分原因是特朗普先前的貿易成功。但是，由於對特朗普對互惠關稅的出口模式進行了歷史性測試，最大的數字代幣已下跌了20％以上。

The latest decline in Bitcoin prices is very similar to last year's correction following the SEC's surge in ETF approvals.

在SEC批准ETF批准後，比特幣價格的最新下跌與去年的更正非常相似。

Last year's consolidation phase lasted about seven months before Trump's crypto embrace and US election victory revived cryptos' flavour again among investors.

去年的整合階段持續了大約七個月，直到特朗普的加密貨幣擁抱和美國大選勝利再次獲得了加密貨幣的風味。

Gold Bets Surge Amid Trump's

在特朗普的

Rising anxiety is also seen in other markets, like gold, which hit a fresh record high on Monday, above $3,100 for the first time ever.

在其他市場中也可以看到焦慮症的上升，例如黃金，該市場在周一首次達到3,100美元以上的新紀錄。

Supported by rising haven demand in a risk-off market environment, gold prices surged nearly 1% to above $3,115/oz, outpacing the previous all-time high set on Friday, when it recorded a fourth weekly gain.

在冒險市場環境中的避風港需求上升的支持下，黃金價格飆升了近1％，至3,115美元/盎司，超過了上週五以前的高級套裝，當時它記錄了第四個每週的收益。

Gold has hit at least 15 new all-time highs this year during a roughly 18% surge.

在大約18％的增長中，今年黃金至少達到了15個新的歷史最高點。

Central banks' purchases and the need for safe-haven assets in the face of growing geopolitical and macroeconomic uncertainty have driven the rally.

面對地緣政治和宏觀經濟的不確定性，中央銀行的購買以及對安全資產的需求已驅動了集會。

Even while swaps traders have reduced their bets on the Federal Reserve easing this year to two quarter-point rate decreases, those drivers have supported prices.

即使掉期交易者已將今年的美聯儲對美聯儲的賭注減少到兩分之二點的降低，但這些司機也支持價格。

Low interest rates are usually good for non-yielding bullion.

低利率通常適合非收益金條。

This month, Goldman Sachs Group increased its prediction for the precious metal to $3,300 an ounce by year-end, joining other major banks in raising their price estimates.

本月，高盛集團（Goldman Sachs Group）將其對貴金屬的預測提高到年底每盎司3,300美元，並加入其他主要銀行，以提高其價格估計。

No Respite For Stocks

股票沒有喘息

In the days before Donald Trump's expected announcement of further tariffs this week, global markets have fallen for a fourth consecutive day as investors fret over the trade war's potential economic effects.

在唐納德·特朗普（Donald Trump）預計本周宣布進一步關稅的日子之前，全球市場已經連續第四天下降了，因為投資者對貿易戰的潛在經濟影響感到擔憂。

Globally, asset managers are hesitating to take large positions or de-risk their portfolios due to concerns about the introduction of the so-called reciprocal tariffs and their potential effects on the economy.

在全球範圍內，由於擔心引入所謂的互惠關稅及其對經濟的潛在影響，資產管理者猶豫不決地擔任大量職位或降低其投資組合。

Due to trade restrictions' impact on momentum, Goldman Sachs Group's economists now expect the Federal Reserve and the European Central Bank to slash interest rates three times this year.

由於貿易限制對勢頭的影響，高盛集團的經濟學家現在預計美聯儲和歐洲中央銀行今年將三度削減利率。

The economy is suffering due to the Trump administration's erratic and forceful policy shifts. The talk of a US recession is getting louder and louder, drawing a scary picture from the global trade wars.

由於特朗普政府不穩定和有力的政策轉變，經濟正在遭受苦難。美國衰退的話題越來越大，從全球貿易戰中汲取了可怕的景象。

Trump ended rumours that he could limit the initial scope of tariffs expected to be announced on April 2 by saying he expects to start his reciprocal tariff effort with "all countries."

特朗普結束了謠言，他可能會限制預計將在4月2日宣布將宣布的最初關稅範圍，他說他希望與“所有國家”開始互惠關稅的努力。

The president imposed a 25% tariff on all non-US cars last week, describing his impending actions as a "Liberation Day."

總統上週對所有非美國汽車徵收了25％的關稅，並將他即將舉行的行動描述為“解放日”。

Based on the magnitude of the announcements, Bloomberg Economics predicts that the United States' gross domestic product (GDP) might take a hit and prices could be jolted upward in the years to come due to the potential for steep tariff increases on imports from some countries.

根據公告的規模，彭博經濟學預測，由於某些國家的進口急需的急需收稅，美國國內生產總值（GDP）可能會受到打擊，並且在未來幾年中可能會傾斜價格。

Trump's economic plan optimism sent the S&P 500 soaring to a new high in February. After that, the index fell and is now on track to have its worst quarterly performance since 2022.

特朗普的經濟計劃樂觀情緒使標準普爾500指數在2月份飆升至一個新的高潮。此後，該指數下降了，現在有望自2022年以來的季度表現最差。

Since Monday marks the end of the first quarter, more volatility is expected.

自周一以來是第一季度結束時，預計將有更多的波動性。

Elsewhere

別處