比特币（BTC）下注者正在查看顶部选项下注

比特币（BTC）的下注者在美联储（美联储）会议之后的价格预期转变中看着顶边的选择下注

Federal Reserve’s (Fed) meeting minutes brought a bullish shift in crypto price expectations with topside options bets being favored over near-term downside, especially in Bitcoin (BTC). However, ether (ETH) derivatives showed a lagging interest.

美联储（美联储）的会议记录使加密货币价格期望的看涨转变，顶部选项的赌注在近期偏爱的方面受到青睐，尤其是在比特币（BTC）中。但是，以太（ETH）衍生物显示出滞后的兴趣。

As of writing, BTC’s short-term and long-term risk reversals, which show the implied volatility premium (demand) for bullish bets or calls versus puts, were positive, implying investor interest in chasing price gains in the leading cryptocurrency, according to data from Amberdata.

根据Amberdata的数据，BTC的短期和长期风险逆转表明了对看涨的赌注或呼叫与投票的隐含波动性溢价（需求）是积极的，这意味着投资者对在领先的加密货币中追求价格上涨的兴趣。

It marks a shift from the bearish sentiment that prevailed in the weeks before the Fed meeting when short and near-dated puts were pricier than calls, reflecting greater downside fears.

这标志着在美联储会议前几周盛行的看跌情绪的转变，当时短期和近日期的投票比呼叫更高，反映出更大的下行恐惧。

“Frontend skew flipped calls. Flows featured 21 Mar (March) outright calls and calendars bought, while 28 Mar puts were sold,” institution-focused over-the-counter tech platform Paradigm noted in the Telegram chat. Institutions and large traders execute block trades via OTC platforms like Paradigm, which are then listed on Deribit.

“前端偏斜的电话。流量有21 MAR（3月）的直接电话和日历，而28 Mar Pits则被卖出，”以机构为中心的非处方技术平台范式在Telegram Chat中指出。机构和大型贸易商通过范式等OTC平台执行阻止交易，然后在deribit上列出。

Options are derivative contracts that give the purchaser the right but not the obligation to purchase or sell the underlying asset at a predetermined price at a later date. A call option grants the right to buy, while a put option grants the right to sell.

期权是衍生合同，赋予购买者的权利，但没有义务以稍后的日期以预定的价格购买或出售基础资产。呼叫选项授予购买权，而权利期权则授予了出售权。

The bullish shift in the short and near-dated options came as the Federal Reserve (Fed) retained the forecast for two rate cuts this year despite making the expected stagflationary adjustment in economic forecasts. The bank will also be slowing the pace of balance sheet run off from April.

尽管美联储（美联储）在经济预测中进行了预期的停滞调整，但今年的美联储（美联储）保留了今年的两次降低预测，因此在短期和近乎近期的选择中的看涨转变。该银行还将减慢资产负债表的步伐，从4月开始。

More importantly, Chairman Jerome Powell downplayed fears about the inflationary impact of Trump’s tariffs, calling it transitory.

更重要的是，主席杰罗姆·鲍威尔（Jerome Powell）轻描淡写了对特朗普关税的通货膨胀影响的担忧，称其为暂时性。

“The thinking is that over time, the adjustment in the level of goods prices will have implications for sticky services inflation and labor costs,” Powell said.

鲍威尔说：“考虑到，随着时间的流逝，商品价格水平的调整将对粘性服务通货膨胀和人工成本产生影响。”

The sustained strength in the U.S. dollar index (DIX) post-pandemic, however, could pose an issue for cryptocurrencies, especially in the near term. A stronger greenback usually reduces demand for riskier assets like cryptocurrencies.

然而，美元指数（DIX）大流行的持续力量可能对加密货币构成问题，尤其是在短期内。更强的绿背通常会减少对加密货币等风险资产的需求。

The matter is crucial as the Fed is expected to begin cutting interest rates only in the second half of 2024, a delay that could keep the dollar elevated for longer.

此事至关重要，因为预计美联储只有在2024年下半年才开始降低利率，这一延误可能会使美元升高更长。

The prolonged legal tussle between the SEC and Ripple, which uses XRP for cross-border transactions, also came to an end this week, potentially aiding market sentiment. XRP, with the market cap of $142.21 billion, is the world’s fourth largest cryptocurrency.

SEC和Ripple之间的长期法律争吵（使用XRP进行跨境交易）也可能在本周结束，这可能会有助于市场情绪。 XRP的市值为1422.1亿美元，是世界第四大加密货币。

Ether puts remain pricier

以太位保持价格更高

These positive developments, however, are yet to translate into a positive flip in the short and near-dated ether options.

但是，这些积极的发展尚未转化为简短和近乎近期的以太选择的积极翻转。

At press time, ether risk reversals showed a bias for puts out to the May expiry, retaining the pre-Fed cautious sentiment despite the looming Ethereum Pectra upgrade.

在发稿时，以太风险逆转显示出对可能到期的偏见，尽管迫在眉睫的以太坊pectra升级了，但仍保留了预先喂养的谨慎情绪。

The technological update will introduce smart accounts to ethereum, blob scaling and validator UX enhancements and seen as a game changer by many. Ethereum developers launched a new test network, Hoodi, this week to carry out the impending upgrade, expected to take effect on March 26.

该技术更新将向以太坊，斑点扩展和验证器UX增强功能引入SMART帐户，并被许多人视为改变游戏规则。以太坊开发人员本周启动了一个新的测试网络Hoodi，以进行即将进行的升级，预计将于3月26日生效。

“Pectra is the last major upgrade before introducing the modules to the chain and setting the stage for the next stage of scaling solutions,” Paradigm said in its weekly newsletter.

“ Pectra是将模块引入链条并为下一个扩展解决方案的阶段奠定阶段之前的最后一次重大升级，” Paradigm在每周的新闻通讯中说。

Note that the persistent bias for ether puts could be partly driven by traders looking to hedge downside risks in other altcoins. Ether is widely seen as the altcoin leader.

请注意，Ether Puts的持续偏见可能是由希望对冲其他Altcoins的下行风险的交易者驱动的。 Ether被广泛被视为Altcoin领导者。