比特币（BTC）期权交易者在美联储会议后转向看涨，以太坊（ETH）滞后

根据美联储的最新政策决定，比特币（BTC）期权交易者正在向看涨赌注转向看涨的赌注，而以太坊（ETH）期权

Bitcoin (BTC) options traders have become more bullish following the latest Federal Reserve policy decision, shifting their bets towards price gains. In contrast, traders holding Ethereum (ETH) options remain more cautious despite the upcoming Pectra upgrade.

在最新的美联储政策决定之后，比特币（BTC）期权交易者变得更加看好，将他们的赌注转移到了价格上涨。相比之下，尽管即将进行的Pectra升级，但持有以太坊（ETH）期权的商人仍然更加谨慎。

The past week saw a crucial turning point in Bitcoin options sentiment. Both the short- and long-term risk reversals, which highlight the demand for call options (bullish) versus put options (bearish), flipped into positive territory. This shift signifies that investors are now placing more wagers on Bitcoin's price increasing.

在过去的一周中，比特币选项情绪中有一个至关重要的转折点。短期和长期风险逆转都强调了对呼叫选项的需求（看涨）与放置选项（看跌）的需求，它们转向了积极的领域。这一转变表明，投资者现在正在将更多的赌注推向比特币的价格上涨。

Prior to the Fed meeting, Bitcoin options displayed a bearish bias, with puts, or options that pay out when the underlying asset's price falls, being more expensive than calls, which pay out when the price rises. However, a pivot in the options market occurred as investors began buying BTC calls for the March 21 and March 28 expiry dates, an observation also noted by Paradigm in its latest institutional trading report.

在美联储会议之前，比特币选项显示出看跌的偏见，带有看跌期权或在基础资产的价格下跌时支付的选项，比呼叫更昂贵，而价格上涨时付出了。但是，随着投资者开始购买3月21日和3月28日到期日期的BTC电话，期权市场的一个枢纽发生了，范式在其最新的机构交易报告中也指出了这一观察结果。

According to Paradigm, 28 March put options were sold while we observed "active buying pressure for any near-term calls."

根据范式，在3月28日出售期权时，我们观察到“在任何近期通话中都有积极的购买压力”。

The change in Fed policy also supports a bullish outlook for Bitcoin. The central bank maintained its projection of two rate cuts in 2025, reducing fears of aggressive monetary tightening. Moreover, Chairman Jerome Powell downplayed concerns over inflation caused by Trump’s trade tariffs, calling the impact “transitory.”

美联储政策的变化还支持对比特币的看涨前景。中央银行在2025年保持了两次削减税率的预测，从而减少了对侵略性货币收紧的担忧。此外，董事长杰罗姆·鲍威尔（Jerome Powell）对特朗普贸易关税造成的通货膨胀的担忧轻描淡写，称这种影响是“短暂的”。

Furthermore, the Fed will be slowing the balance sheet runoff starting April, a factor that could promote more favorable liquidity conditions, which has historically been beneficial for Bitcoin.

此外，美联储将从4月开始减缓资产负债表径流，这一因素可以促进更有利的流动性条件，从历史上看，这对比特币是有益的。

In addition to Bitcoin, the crypto market is also coping well with the conclusion of the SEC case against Ripple, which is likely to support broader market confidence.

除比特币外，加密市场还很好地应对针对Ripple的SEC案件的结论，这很可能支持更广泛的市场信心。

While Bitcoin options have become bullish, traders holding options on Ethereum are still more bearish, with puts remaining pricier than calls despite the Pectra upgrade, a major network update, set for March 26. This behavior suggests that traders are still keen on hedging downside risks in ETH and altcoins, displaying skepticism despite the Pectra upgrade.

尽管比特币的选择已成为看涨，但在以太坊上持有选择的交易者仍然更加看跌，尽管Pectra升级，但仍比呼叫更高，这是一个重大的网络更新，定于3月26日进行。这种行为表明，尽管ETH和ALTCOINS中仍然表现出了怀疑，但仍热衷于对冲的缺陷风险。

Pectra is expected to introduce key enhancements such as smart accounts, blob scaling, and validator UX improvements, yet ETH derivatives traders are keeping a defensive posture.

预计Pectra将引入关键增强功能，例如智能帐户，斑点扩展和验证器UX的改进，但是ETH衍生品交易员仍在保持防御状态。

As the leading altcoin, weaker sentiment in Ethereum may be dragging down the broader market.

作为领先的山寨币，以太坊的情绪较弱可能会拖延更广阔的市场。

With Bitcoin options flipping bullish and the Fed policy favoring risk assets, BTC appears positioned for further gains. However, traders holding options on Ethereum remain more cautious, likely waiting for stronger fundamental catalysts before turning bullish. As the Pectra upgrade approaches and macro conditions stabilize, we might see a shift in ETH options traders' sentiment. For now, Bitcoin continues to take the lead in the crypto market recovery.

随着比特币选择会翻转看涨，联邦政府有利于风险资产的政策，BTC似乎可以取得进一步的收益。但是，持有以太坊选择的交易者仍然更加谨慎，在转向看涨之前，可能会等待更强大的基本催化剂。随着Pectra升级和宏观条件的稳定，我们可能会看到ETH期权交易者的情绪发生了变化。目前，比特币继续领先加密市场的回收率。