deribit选项交换数据表明，现有合同数量最多

deribit期权交换数据表明，以80000美元的罢工价格期权的现有合同数量最多或开放利息是4月4日到期的合同。

Deribit options exchange data shows that the largest number of existing contracts, or open interest, for put options with a $80,000 strike price are among contracts expiring on April 4, two days after Trump's expected announcement on global reciprocal tariffs.

Deribit期权交换数据表明，在4月4日到期的合同中，现有合同数量最多，或公开利息，这是在特朗普预期公布全球互惠关税后两天到期的合同。

There is a rising need for downside protection, as there has been a stampede into puts, which grants holders the right to sell at a specified price within a specified period.

由于踩踏事业，对下行保护的需求不断上升，该踩踏者授予持有者在指定期间以指定价格出售的权利。

Orbit Markets co-founder Caroline Mauron claims that the risk-reversal, which is the spread between 25-delta calls and puts, is highest for the April 4 expiry, further indicating negative sentiment.

Orbit Markets联合创始人Caroline Mauron声称，这是4月4日到期的25-Delta呼叫和权利之间的风险反转，这进一步表明了负面情绪。

Buying a call option and selling a put option with the same expiration date is called a risk reversal strategy. Its purpose is to restrict the downside risk.

购买呼叫选项并以相同到期日期出售的PUT选项称为风险逆转策略。其目的是限制下行风险。

There is a clear bias towards put options, which hedge against price falls, as indicated by the put-call ratio of 1.4 for the April 4 expiry on Deribit.

对对冲价格下跌的期权有明显的偏见，如4月4日在deribit到期的1.4的票数比例为1.4。

Bitcoin hit a new high of $109,241 in January, thanks in part to Trump's prior trade successes. However, the biggest digital token has since fallen more than 20 percent due to the historic test of Trump's export model with reciprocal tariffs.

比特币在一月份达到了109,241美元的新高点，部分原因是特朗普先前的贸易成功。但是，由于对特朗普对互惠关税的出口模式进行了历史性测试，最大的数字代币已下跌了20％以上。

The latest decline in Bitcoin prices is very similar to last year's correction following the SEC's surge in ETF approvals.

在SEC批准ETF批准后，比特币价格的最新下跌与去年的更正非常相似。

Last year's consolidation phase lasted about seven months before Trump's crypto embrace and US election victory revived cryptos' flavour again among investors.

去年的整合阶段持续了大约七个月，直到特朗普的加密货币拥抱和美国大选胜利再次获得了加密货币的风味。

Gold Bets Surge Amid Trump's

在特朗普的

Rising anxiety is also seen in other markets, like gold, which hit a fresh record high on Monday, above $3,100 for the first time ever.

在其他市场中也可以看到焦虑症的上升，例如黄金，该市场在周一首次达到3,100美元以上的新纪录。

Supported by rising haven demand in a risk-off market environment, gold prices surged nearly 1% to above $3,115/oz, outpacing the previous all-time high set on Friday, when it recorded a fourth weekly gain.

在冒险市场环境中的避风港需求上升的支持下，黄金价格飙升了近1％，至3,115美元/盎司，超过了上周五以前的高级套装，当时它记录了第四个每周的收益。

Gold has hit at least 15 new all-time highs this year during a roughly 18% surge.

在大约18％的增长中，今年黄金至少达到了15个新的历史最高点。

Central banks' purchases and the need for safe-haven assets in the face of growing geopolitical and macroeconomic uncertainty have driven the rally.

面对地缘政治和宏观经济的不确定性，中央银行的购买以及对安全资产的需求已驱动了集会。

Even while swaps traders have reduced their bets on the Federal Reserve easing this year to two quarter-point rate decreases, those drivers have supported prices.

即使掉期交易者已将今年的美联储对美联储的赌注减少到两分之二点的降低，但这些司机也支持价格。

Low interest rates are usually good for non-yielding bullion.

低利率通常适合非收益金条。

This month, Goldman Sachs Group increased its prediction for the precious metal to $3,300 an ounce by year-end, joining other major banks in raising their price estimates.

本月，高盛集团（Goldman Sachs Group）将其对贵金属的预测提高到年底每盎司3,300美元，并加入其他主要银行，以提高其价格估计。

No Respite For Stocks

股票没有喘息

In the days before Donald Trump's expected announcement of further tariffs this week, global markets have fallen for a fourth consecutive day as investors fret over the trade war's potential economic effects.

在唐纳德·特朗普（Donald Trump）预计本周宣布进一步关税的日子之前，全球市场已经连续第四天下降了，因为投资者对贸易战的潜在经济影响感到担忧。

Globally, asset managers are hesitating to take large positions or de-risk their portfolios due to concerns about the introduction of the so-called reciprocal tariffs and their potential effects on the economy.

在全球范围内，由于担心引入所谓的互惠关税及其对经济的潜在影响，资产管理者犹豫不决地担任大量职位或降低其投资组合。

Due to trade restrictions' impact on momentum, Goldman Sachs Group's economists now expect the Federal Reserve and the European Central Bank to slash interest rates three times this year.

由于贸易限制对势头的影响，高盛集团的经济学家现在预计美联储和欧洲中央银行今年将三度削减利率。

The economy is suffering due to the Trump administration's erratic and forceful policy shifts. The talk of a US recession is getting louder and louder, drawing a scary picture from the global trade wars.

由于特朗普政府不稳定和有力的政策转变，经济正在遭受苦难。美国衰退的话题越来越大，从全球贸易战中汲取了可怕的景象。

Trump ended rumours that he could limit the initial scope of tariffs expected to be announced on April 2 by saying he expects to start his reciprocal tariff effort with "all countries."

特朗普结束了谣言，他可能会限制预计将在4月2日宣布将宣布的最初关税范围，他说他希望与“所有国家”开始互惠关税的努力。

The president imposed a 25% tariff on all non-US cars last week, describing his impending actions as a "Liberation Day."

总统上周对所有非美国汽车征收了25％的关税，并将他即将举行的行动描述为“解放日”。

Based on the magnitude of the announcements, Bloomberg Economics predicts that the United States' gross domestic product (GDP) might take a hit and prices could be jolted upward in the years to come due to the potential for steep tariff increases on imports from some countries.

根据公告的规模，彭博经济学预测，由于某些国家的进口急需的急需收税，美国国内生产总值（GDP）可能会受到打击，并且在未来几年中可能会倾斜价格。

Trump's economic plan optimism sent the S&P 500 soaring to a new high in February. After that, the index fell and is now on track to have its worst quarterly performance since 2022.

特朗普的经济计划乐观情绪使标准普尔500指数在2月份飙升至一个新的高潮。此后，该指数下降了，现在有望自2022年以来的季度表现最差。

Since Monday marks the end of the first quarter, more volatility is expected.

自周一以来是第一季度结束时，预计将有更多的波动性。

Elsewhere

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