大型比特币（BTC）选项下注揭示了看跌的情绪，因为第一季度接近

所谓的Block Trade的溢价超过100万美元，用于1,180美元的合同，即4月25日到期的70,000美元期权期权期权

A large bitcoin (BTC) options bet crossed the tape on Deribit as the first quarter drew to a close on Monday, revealing bearish sentiment from the trader behind the move.

大型比特币（BTC）选项下注在周一结束时，在Deribit上越过录像带，揭示了此举背后的交易者的看跌感。

The so-called block trade carried a premium of more than $1 million for 1,180 contracts of the $70,000 put option expiring April 25, according to data tracked by Amberdata.

根据Amberdata跟踪的数据，所谓的Block Trade的溢价超过1,180美元，为1,180美元的70,000美元期权期权期限到期。

A put option gives the purchaser the right, but not the obligation, to sell the underlying asset at a predetermined price at a later date. A put buyer is essentially bearish on the market, in this case, anticipating a price drop to below $70,000 from the current $84,000.

看台的选项赋予买方以稍后以预定的价格出售基础资产的权利，但没有义务。在这种情况下，看跌买家本质上是看跌的，预计价格从当前的84,000美元降至70,000美元以下。

A block trade is a large, privately negotiated transaction executed outside the public market, typically by institutions, to avoid affecting the going market rate.

块贸易是一项大型的，私人谈判的交易，通常是在公共市场之外执行的，通常是由机构在公共市场之外执行的，以避免影响上行的市场利率。

Other notable trades included a put ratio spread, featuring long positions in the $75,000 strike put and double short positions in the $70,000 put; and a risk reversal, involving a long position in the $90,000 call and a short position in the $70,000 put, as Pelion Capital founder Tony Stewart noted.

其他值得注意的交易包括PUT比率价差，在75,000美元的罢工前持有长期头寸，并在70,000美元的投票中达到双职位；正如Pelion Capital创始人托尼·斯图尔特（Tony Stewart）指出的那样，风险逆转涉及90,000美元的电话，在70,000美元的票房中的职位很短。

The bearish flow in the $70,000 put follows purchases of put options expiring April 4 in the $78,000 to $85,000 range last week and increased demand for the $76,000 put option expiring on April 25.

$ 70,000的看跌流量是在4月4日在4月4日到期的78,000至85,000美元范围内到期的PROT期权，并增加了4月25日对76,000美元的PROT期权期权的需求增加。

Broadly speaking, BTC puts are trading at a premium to calls, exhibiting downside sentiment out to the May-end expiry, as evident from the negative values in risk reversals.

从广义上讲，BTC Pits正在拨打电话交易，表现出对五月端到期的下行情感，这从风险逆转的负值中可以明显看出。

The bias for puts offering downside protection likely reflects investor anxiety surrounding President Donald Trump's expected reciprocal tariffs announcement on Wednesday. An aggressive move could weigh on risk assets, including cryptocurrencies.

派出下行保护的偏见可能反映了唐纳德·特朗普总统周三预期的互惠关税公告的投资者焦虑。积极的举动可能会权衡风险资产，包括加密货币。