每週審查加密市場上的活動

市場仍在消化過去一周的深遠海關公告。

The crypto markets are still in the process of digesting the far-reaching customs announcements of the past week. In the meantime, USDC issuer Circle has applied for an IPO on the NYSE, and First Digital Trust's FDUSD briefly lost its peg amid bankruptcy concerns.

加密貨幣市場仍在消化過去一周的深遠海關公告。同時，USDC發行人Circle已申請了紐約證券交易所的IPO，並且在破產問題上，First Digital Trust的FDUSD短暫失去了釘子。

We take a look at:

我們看一下：

* Liberation Day fails to deliver investors from sticky election gains

*解放日未能從粘性選舉中獲得投資者

* USDC market share hits all-time high

* USDC市場份額達到歷史最高

* FDUSD drops amid fears of insolvency

*由於擔心破產而下降

* KRW markets implode amid rising political uncertainty

* KRW市場在政治不確定性上升而爆炸

The market has seen strong sell-offs in nearly all asset classes following the introduction of mutual and flat-rate tariffs by US President Trump.

在美國總統特朗普引入相互利率和統一的關稅之後，市場幾乎所有資產類別都有強大的拋售。

Despite this broad slump in the market, Bitcoin has remained relatively stable and was mostly traded at $82,000. This divergence to stocks saw some market participants assert that Bitcoin is showcasing its value as a hedge against macroeconomic uncertainty.

儘管市場上的低迷，比特幣仍然相對穩定，並且以82,000美元的價格交易。這種與股票的分歧使一些市場參與者斷言，比特幣正在展示其作為對宏觀經濟不確定性的對沖的價值。

However, this decoupling was short-lived as Bitcoin dropped by 10% between Sunday and Monday morning.

但是，這種脫鉤是短暫的，因為比特幣在周日和周一早晨之間下降了10％。

The wave of optimism after the election seems to have fizzled out as mid-February saw the onset of customs-related uncertainty.

2月中旬看到與海關相關的不確定性開始時，選舉後的樂觀浪潮似乎已經消失了。

At the beginning of April, the crypto trade volume nearly reached the levels seen before the election. However, last week saw Bitcoin volume remain low at $91 billion and more than 45% below the November 2024 average, which indicates that many retail traders are still standing aside.

在4月初，加密貨幣量幾乎達到了選舉前的水平。但是，上週，比特幣數量仍然低至910億美元，低於2024年11月的平均水平45％以上，這表明許多零售商人仍然站在一邊。

Despite the Bitcoin prices dropping over the weekend, the market makers maintained their commitment, as the 1% market depth of BTC increased by 8% to $500 million between 2 and April 6. This is in contrast to the February 3 sell-off, which saw BTC's liquidity drop by 14%. Meanwhile, the liquidity for the ten major altcoins and ETH decreased by 12% or 8%, showcasing a more cautious attitude.

儘管週末的比特幣價格下跌，但做市商仍保持了承諾，因為BTC的1％市場深度在2日至4月6日之間增長了8％，達到5億美元。這與2月3日的拋售相反，這與BTC的流動性下降了14％。同時，十個主要山寨幣和ETH的流動性下降了12％或8％，表現出更加謹慎的態度。

Overall, the derivatives markets are showing weak demand for interest-bearing commitments as investors reassess their outlooks for 2025. The BTC funding rates for perpetual contracts have been steaming on most exchanges since the beginning of the year. The rates on Binance and Okx moved around the zero mark. Although the rates at Bybit fluctuated between positive and negative at the beginning of March, they have stabilized at 0% since then.

總體而言，隨著投資者對2025年的看法，衍生品市場對承諾承諾的需求較弱。自年初以來，永久合同的BTC融資率在大多數交流中一直在蒸蒸日上。 Binance和OKX的速率圍繞零標記移動。儘管bybit的比率在3月初的正和負之間波動，但自那時以來，它們的穩定為0％。

When funding rates are high, it’s usually a sign of high leverage in the market, which often precedes a rapid price drop as traders are liquidated from their positions. Recently, however, there has been low leverage in the market. This was evident over the weekend as liquidations remained relatively low. The largest liquidation in the past 24 hours was a BTC long position at OKX valued at over $7 million.

當資金率很高時，通常是市場上高槓桿的標誌，因為交易者從其頭寸清算，通常在價格下降的速度下降。但是，最近，市場上的槓桿率很低。這在周末很明顯，因為清算相對較低。在過去24小時內，最大的清算是BTC長的OKX，價值超過700萬美元。

Meanwhile, the outlook on the options markets has dimmed. The volume of Puts versus Calls on Deribit has shifted significantly in the past week. Puts currently make up more than 65% of the volume, which indicates a higher demand for downside protection.

同時，期權市場的前景變得黯淡。在過去的一周中，對deribit的puts量與呼叫的數量發生了很大變化。目前，PUT佔數量的65％以上，這表明對下行保護的需求更高。

The uncertainty following President Trump’s announcement of raising tariffs has led to increased implied volatility in all short-term expiry dates. The option (ATM IV) for tomorrow’s expiry date on April 8th is currently around 100%.

特朗普總統宣布提高關稅的不確定性導致所有短期到期日的隱含波動增加。明天4月8日到期日期的選項（ATM IV）目前約為100％。

The expiry date on April 25th is currently showing an ATM IV of 65% and is therefore higher than the longer expiry dates. This has recently been the most popular expiry date with a volume of around USD 10 billion since the beginning of March, of which the majority of the 100k USD-Strike failed, which had a volume of over 1 billion USD.

4月25日的到期日期目前顯示ATM IV為65％，因此高於更長的到期日期。自3月初以來，這是最近最受歡迎的到期日期，大約100億美元，其中100,000美元的大部分損失失敗了，其數量超過10億美元。

Since April 1st, the 75K strike with a volume of $260 million has been the most popular for this expiration day in the last six days. This shift in mood among traders is another example of how the recent customs measures of the Trump administration have affected the markets. It also provides a clearer picture of where the demand for protective measures is and how deep (and how long) traders think prices could fall. The 70k and even the 60k USD puts have a high volume. It wouldn't be surprising to see the market gravitate to this strike in view of the ongoing macroeconomic uncertainty.

自4月1日以來，這次75K罷工（2.6億美元）是過去六天到期日最受歡迎的罷工。交易者情緒轉變是特朗普政府最近採取的習俗措施如何影響市場的另一個例子。它還更清楚地了解了對保護措施的需求以及交易者認為價格可能下降的深度（和多長時間）。 70k甚至60,000美元的投擲量都有很大的體積。鑑於正在進行的宏觀經濟不確定性，看到市場吸引了這一罷工也就不足為奇了。

USDC issuer Circle announced its plans to pursue an IPO on the New York Stock Exchange (NYSE) in April. In the meantime, USDC’s market share has increased and reached a record high of 22% against its main competitor, USDT from Tether last week.

USDC發行人Circle宣布了4月在紐約證券交易所（NYSE）上進行IPO的計劃。同時，USDC的市場份額增加了，並在上週與Tether的主要競爭對手USDT達到了22％的創紀錄22％。

This growth was largely driven by Binance, which in December overtook Bybit as the largest USDC market and now unites 58% of the global USDC volume.

這種增長在很大程度上是由Binance驅動的，Binance在12月將BYBIT推翻為最大的USDC市場，現在將58％的全球USDC銷量統一。

However, Circle’s IPO filing highlighted challenges in its earnings model: While sales rose by 16% to $1.7 billion in the year, profitability (EBITDA)

但是，Circle的IPO提交的提交在其收益模式中強調了挑戰：雖然銷售額增長了16％，達到17億美元，但盈利能力（EBITDA）