随着更广泛的金融市场撤退

比特币（BTC）贸易商越来越多地应对潜在的下行风险，因为更广泛的金融市场在美国的主要经济数据发行之前撤退。

Bitcoin traders are increasingly hedging against potential downside risks as broader financial markets retreat ahead of key U.S. economic data releases.

比特币交易者越来越多地抵制潜在的下行风险，因为在美国的主要经济数据发行之前，更广泛的金融市场撤退。

The latest movements in the options market suggest a shift toward caution, with many traders seeking protection against a possible Bitcoin downturn. This is evident in the surging demand for put options, a type of derivative that grants the right to sell an underlying asset at a specific price.

期权市场上的最新动作表明，谨慎行事，许多交易者寻求保护可能的比特币低迷。这在对PUT期权的需求激增中很明显，这是一种以特定价格出售基础资产的衍生产品。

According to Nick Forster, founder of on-chain derivatives platform Derive.xyz, demand for protective contracts has surged, particularly for put options. These options are being priced at a 25-delta, which indicates the likelihood of the option expiring in-the-money.

据链衍生物平台派生的创始人尼克·福斯特（Nick Forster）表示，对保护合同的需求激增，尤其是对于POT期权。这些选项的定价为25-delta，这表明该期权到期的可能性。

“Derivatives are positioned defensively rn, with the immediate 25-delta call/put skews hitting 2025 lows. This is a lot of premium being paid for downside protection (relative to the 25-delta call skew, which is more typical in a neutral market). Many of these puts are focused on the 75k-70k range, covering positions through the end of March,” Forster stated.

“衍生物是防御性RN的位置，即时25-Delta呼叫/放置偏斜击中2025个低点。这是用于下行保护的大量溢价（相对于25-Delta通话偏斜，在中立市场中更典型）。福斯特说。

Key Trends in Bitcoin Options Market: A Deep Dive

比特币期权市场的主要趋势：深入潜水

The Bitcoin options market is a key indicator of investor sentiment. Right now, two major trends are emerging:

比特币期权市场是投资者情绪的关键指标。目前，正在出现两个主要趋势：

This suggests that traders are pessimistic in the short term but optimistic in the long term.

这表明交易者在短期内是悲观的，但从长远来看很乐观。

Key Insights from Derivatives Data

来自衍生品数据的关键见解

According to Forster, Bitcoin derivatives data is painting a picture of muted volatility and cautious sentiment:

根据福斯特（Forster）的说法，比特币衍生品数据正在画一幅柔和波动和谨慎情绪的图片：

However, some longer-term bullish signs have started to emerge. Institutional trading firm QCP Capital noted that some traders are now positioning for a potential Bitcoin rebound.

但是，一些长期看涨的迹象已经开始出现。机构贸易公司QCP Capital指出，一些交易者现在正在定位潜在的比特币反弹。

“This potentially signals positioning for a swift rebound from the $75,000 support level seen pre-election. After U.S. CPI came in hotter-than-expected last week, a decent amount of leveraged long positions in BTC got liquidated, and price dropped quickly to test the $75,000 support.”

“这有可能发出迅速反弹的信号，这是从75,000美元的支持水平中获得的。在美国CPI上周以比预期的高度更热之后，BTC中的长期杠杆率很高，并且价格迅速下降以测试75,000美元的支持。”

This trend is reflected in an increasing demand for longer-dated call options, which profit from a Bitcoin price rally. This could indicate that investors expect a short-term dip followed by a sharp recovery in the coming weeks.

这种趋势反映在对较长日期的呼叫选项的需求不断增加的情况下，这是从比特币价格集会中获利的。这可能表明投资者期望短期下降，然后在未来几周内急剧恢复。

Bitcoin Price Action: A Closer Look

比特币价格动作：仔细看

Despite the cautious outlook, Bitcoin's price has rebounded 3.8% in the last 24 hours, climbing back to $82,375 after dipping as low as $77,000. This suggests that, while traders are hedging against a potential downside, strong buying activity remains at lower levels.

尽管前景谨慎，但比特币的价格在过去24小时内反弹了3.8％，下降到77,000美元后，比特币的价格升至82,375美元。这表明，尽管交易者正在抵抗潜在的缺点，但强大的购买活动仍处于较低水平。

Historically, Bitcoin has seen periods of increased volatility before major economic announcements, particularly those related to inflation data, interest rate decisions, and employment figures. As the market awaits further clarity, Bitcoin's price action is likely to remain choppy, with traders closely monitoring macroeconomic trends.

从历史上看，比特币在重大经济公告之前，尤其是与通货膨胀数据，利率决策和就业数据有关的经济公告之前的波动性增加。随着市场等待进一步的清晰度，比特币的价格行动可能会保持不稳，交易员密切监视宏观经济趋势。

What's Next for Bitcoin?

比特币的下一步是什么？

The Bitcoin market is currently at a crossroads, with opposing forces driving price action:

比特币市场目前处于十字路口，对立力量推动了价格行动：

As market participants await key U.S. economic data, the Bitcoin landscape remains uncertain. Traders are likely to adjust their positions quickly based on how macroeconomic factors play out.

随着市场参与者等待美国的主要经济数据，比特币格局仍然不确定。贸易商可能会根据宏观经济因素如何发挥作用来迅速调整其头寸。