加密交易者涌向期权市场，以对冲进一步的价格下降

加密货币交易者正在涌向期权市场，以对冲进一步的价格下降，因为唐纳德·特朗普总统计划下周的关税公告保持金融市场

Crypto traders are piling into options to hedge against further price declines as President Donald Trump’s planned tariff announcements next week keep financial markets on edge.

加密货币交易者正在堆积如山，以对抗进一步的价格下降，因为唐纳德·特朗普总统下周计划的关税公告使金融市场处于边缘状态。

The open interest, or the total number of outstanding contracts, for put options with a strike price of $80,000 is the highest among contracts expiring on April 4, or two days after Trump’s promised announcement, according to data from the Deribit options exchange. The rush into puts, which give holders the right to sell within a set period at a specific price, suggests growing demand for downside protection.

根据Deribit期权交易所的数据，公开利息或未偿还合约的总数为80,000美元，这是4月4日到期的合同中，或在特朗普承诺公告后两天的合同中最高的。抢购的看台赋予持有人以特定价格在设定的时期内出售的权利，这表明对下行保护的需求不断增长。

Bitcoin fell as much as 4.2 per cent to $83,637 on Friday, erasing much of the recovery seen at the start of the week. It briefly dipped below $80,000 on March 13. Other smaller, less liquid tokens were hit harder on Friday. Ether, XRP and Solana’s SOL were all down about 7 per cent.

周五，比特币下跌了多达4.2％，至83,637美元，从而消除了本周初的大部分恢复。它在3月13日短暂下跌了80,000美元。其他较小的，更少的液体令牌在周五被击中较难。 Ether，XRP和Solana的Sol均下降了约7％。

The risk-reversal, or the difference between 25-delta calls and puts, is at its most expensive for the April 4 expiry, further signaling bearish sentiment, according to Caroline Mauron, co-founder of Orbit Markets. A risk reversal is a strategy where you buy a call option and simultaneously sell a put option with the same expiration date to limit downside risk.

Orbit Markets的联合创始人Caroline Mauron表示，风险逆转或25-DELTA电话之间的差异最为昂贵，这对于4月4日到期的进一步发出了看跌式情绪。风险逆转是一种策略，您可以购买呼叫选项并同时出售带有相同到期日期的前选项以限制下行风险。

The put-call ratio for the April 4 expiry on Deribit stands at 1.4, indicating a strong preference for put options, which provide protection against price declines. Other markets such as gold also highlight the growing concern.

4月4日在Deribit上届满的票价比例为1.4，表明对PUT期权的强烈偏爱，可保护价格下降。黄金等其他市场也强调了日益增长的关注。

“Spot gold surged to a record high above $3,080, signaling broader risk aversion, while Bitcoin’s put skews reached interim highs versus calls as traders are fully positioned for a bearish outcome in the near future,” said Augustine Fan, partner at SignalPlus.

SignalPlus的合伙人奥古斯丁（Augustine）粉丝说：“现场黄金飙升至3,080美元以上的高度高高，这表明了更广泛的风险规避，而比特币的偏斜达到了临时高点与呼叫，因为交易者在不久的将来都可以得到看跌的结果。”

Trade War Concern

贸易战问题

Trump signed an order on Wednesday imposing a 25 per cent tariff on auto and auto parts imports, set to take effect on April 3 further raising uncertainty.

特朗普周三签署了一项命令，对汽车和汽车零件进口征收25％的关税，并于4月3日生效，进一步提高不确定性。

“These tariffs could provoke retaliatory actions, escalating tensions not only with the US but also between other global trade partners,” warned Samer Hasn, senior market analyst at XS.com. “The risk of a full-blown trade war is real, which could further disrupt markets.”

XS.Com高级市场分析师Samer Hasn警告说：“这些关税可能会引起报复性行动，不仅与美国和其他全球贸易伙伴之间的紧张局势升级。” “成熟贸易战的风险是真实的，可能会进一步破坏市场。”

Trump’s earlier trade victories played a role in pushing Bitcoin to an all-time high of $109,241 in January, but the fallout from his ongoing trade policies—particularly with close allies like Canada and Mexico—has led to a more than a 20 per cent correction in the largest digital token.

特朗普的较早贸易胜利在一月份将比特币升至109,241美元的历史最高点上发挥了作用，但是他正在进行的贸易政策的后果（尤其是与加拿大和墨西哥这样的亲密盟友）导致了最大数字代币的20％以上。