比特币（BTC）于4月14日收回$ 84,500

比特币（BTC）于4月14日收回了$ 84,500的水平，并且由于美国总统唐纳德·特朗普（Donald Trump）宣布部分进口关税的宣布，复苏似乎部分助长了。

Bitcoin (BTC) price reclaimed the $84,500 level on April 14, following a period of recovery that appears to be partially fueled by the announcement of partial import tariff relief by US President Donald Trump.

比特币（BTC）的价格在4月14日收回了84,500美元的水平，此前恢复了一段时期，这似乎是由于美国总统唐纳德·特朗普（Donald Trump）宣布部分进口关税的部分促进。

However, optimism among traders appears to be fading as, according to reports by several news outlets, President Trump stated that tariffs on the electronics supply chain could be reconsidered.

但是，贸易商之间的乐观情绪似乎正在消失，因为根据几个新闻媒体的报道，特朗普总统表示，可以重新考虑电子供应链的关税。

This uncertainty has impacted Bitcoin markets, leading traders to lose some of the optimism they had regained. As a result, Bitcoin’s price failed to break above the $86,000 mark, and BTC derivatives showed limited potential for the next few days.

这种不确定性影响了比特币市场，导致交易者失去了他们恢复的一些乐观情绪。结果，比特币的价格未能超过86,000美元，而BTC衍生产品在接下来的几天中的潜力有限。

Bitcoin 2-month futures annualized premium. Source: Laevitas.ch

比特币2个月期货年度溢价。资料来源：laevitas.ch

The premium on Bitcoin monthly futures contracts reached 6.5% on April 11 but has since decreased to 5%, which is close to a neutral to bearish threshold. Typically, sellers prefer a 5% to 10% annualized premium for longer settlement periods. Anything below this range may indicate less interest from leveraged buyers.

比特币每月期货合约的溢价在4月11日达到6.5％，但此后已下降到5％，接近中性的看跌阈值。通常，卖方在更长的和解期内更喜欢5％至10％的年度保费。低于此范围的任何东西都可能表明杠杆买家的兴趣较小。

Traders' brief excitement can be linked to President Trump's April 13 announcement that tariffs on imported semiconductors would be reviewed during the week. This suggests that exemptions for smartphones and computers are not final, according to Yahoo Finance. President Trump reportedly said, "We want to make our chips and semiconductors and other things in our country."

交易者的简短兴奋可以与特朗普总统4月13日的宣布有关，即在本周将审查进口半导体的关税。根据Yahoo Finance的说法，这表明对智能手机和计算机的豁免不是最终的。据报道，特朗普总统说：“我们想在我国制造筹码，半导体以及其他事物。”

Bitcoin traders experienced emotional swings during this period of fluctuating expectations. The performance of broader markets, particularly large technology companies reliant on global trade, seems to have influenced Bitcoin sentiment.

比特币交易者在这一期望波动的时期经历了情绪波动。更广泛的市场的表现，尤其是依赖全球贸易的大型技术公司，似乎影响了比特币情绪。

The strong intraday correlation between Bitcoin and stock markets dampened bullish enthusiasm, leaving questions about whether this effect is limited to BTC futures.

比特币与股票市场之间的牢固盘中相关性抑制了看涨的热情，对这种影响是否仅限于BTC期货留下了疑问。

S&P 500 futures (left) vs. Bitcoin/USD (right). Source: TradingView / Cointelegraph

标普500期货（左）与比特币/美元（右）。资料来源：TradingView / Cointelegraph

To determine whether Bitcoin traders' sentiment is merely mirroring trends in the S&P 500, it's useful to examine the BTC options markets. If professional traders anticipate a significant price drop, the 25% delta skew indicator will rise above 6%, as put (sell) options become more expensive than call (buy) options.

为了确定比特币交易者的情绪仅仅是反映标准普尔500指数的趋势，检查BTC期权市场很有用。如果专业交易者预计价格会大幅下​​降，则25％的Delta偏斜指标将上升到6％以上，因为PUT（卖出）期权变得比Call（买入）期权更昂贵。

Bitcoin 30-day options 25% delta skew (put-call) at Deribit. Source: Laevitas.ch

比特币30天选项在Deribit上25％的Delta偏斜（Put-call）。资料来源：laevitas.ch

On April 13, Bitcoin options delta skew briefly fell below 0%, signaling mild optimism. However, this momentum did not persist on April 14, reinforcing data from Bitcoin futures that show no substantial bullish sentiment despite prices recovering from the $74,440 lows.

4月13日，比特币选项偏斜短暂低于0％，这表明温和的乐观情绪。但是，这一势头并未在4月14日持续存在，尽管价格从74,440美元的低点中恢复过来，但仍未表现出比特币期货的数据。

Another way to gauge market sentiment is by analyzing stablecoin demand in China. Strong retail interest in cryptocurrencies usually pushes stablecoins to trade at a premium of 2% or more above the official US dollar rate. In contrast, a premium below 0.5% often indicates fear as traders move away from crypto markets.

衡量市场情绪的另一种方法是分析中国的Stablecoin需求。对加密货币的强大零售利息通常会推动稳定股权以高于官方美元官方美元税率的2％或更高的溢价。相比之下，低于0.5％的溢价通常表明贸易商离开加密货币市场时的恐惧。

Related: Crypto markets ‘relatively orderly’ despite Trump tariff chaos: NYDIG

相关：尽管特朗普关税混乱：nydig，但加密货币市场“相对有序”

USDT Tether (USDT/CNY) vs. US dollar/CNY. Source: OKX

USDT Tether（USDT/CNY）与美元/CNY。来源：OKX

Between April 6 and April 11, Tether (USDT) in China traded at a 1.2% premium, indicating moderate enthusiasm. However, this trend reversed, with the premium now at just 0.5%, suggesting that the earlier excitement has faded. As a result, traders remain cautious and show little confidence in Bitcoin exceeding $90,000 in the near term.

在4月6日至4月11日之间，中国的Tether（USDT）以1.2％的溢价交易，表明热情中等。但是，这种趋势逆转了，现在的溢价仅为0.5％，这表明早期的兴奋已经消失。结果，交易者保持谨慎，对比特币在短期内超过90,000美元的信心几乎没有信心。

The announcement of Strategy's $286 million Bitcoin acquisition at $82,618 failed to boost sentiment, as investors suspect that the recent temporary decoupling from stock market trends was largely driven by this purchase. Similarly, Bitcoin spot exchange-traded funds (ETFs) saw $277 million in outflows between April 9 and April 11, further weakening any potential improvement in trader confidence.

由于投资者怀疑最近与股票市场趋势的临时解耦，这一宣布宣布了策略的2.86亿美元的比特币收购，并没有提高情绪，这在很大程度上是由这次购买的主要驱动的。同样，在4月9日至4月11日之间，比特币现货交易所贸易资金（ETF）的流出量为2.77亿美元，进一步削弱了交易者信心的任何潜在改善。