每周审查加密市场上的活动

市场仍在消化过去一周的深远海关公告。

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.

加密货币市场仍在消化过去一周的深远海关公告。同时，USDC发行人Circle已申请了纽约证券交易所的IPO，并且在破产问题上，First Digital Trust的FDUSD短暂失去了钉子。

We take a look at:

我们看一下：

* Liberation Day fails to deliver investors from sticky election gains

*解放日未能从粘性选举中获得投资者

* USDC market share hits all-time high

* USDC市场份额达到历史最高

* FDUSD drops amid fears of insolvency

*由于担心破产而下降

* KRW markets implode amid rising political uncertainty

* KRW市场在政治不确定性上升而爆炸

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.

在美国总统特朗普引入相互利率和统一的关税之后，市场几乎所有资产类别都有强大的抛售。

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.

尽管市场上的低迷，比特币仍然相对稳定，并且以82,000美元的价格交易。这种与股票的分歧使一些市场参与者断言，比特币正在展示其作为对宏观经济不确定性的对冲的价值。

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

但是，这种脱钩是短暂的，因为比特币在周日和周一早晨之间下降了10％。

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

2月中旬看到与海关相关的不确定性开始时，选举后的乐观浪潮似乎已经消失了。

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，加密货币量几乎达到了选举前的水平。但是，上周，比特币数量仍然低至910亿美元，低于2024年11月的平均水平45％以上，这表明许多零售商人仍然站在一边。

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.

尽管周末的比特币价格下跌，但做市商仍保持了承诺，因为BTC的1％市场深度在2日至4月6日之间增长了8％，达到5亿美元。这与2月3日的抛售相反，这与BTC的流动性下降了14％。同时，十个主要山寨币和ETH的流动性下降了12％或8％，表现出更加谨慎的态度。

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.

总体而言，随着投资者对2025年的看法，衍生品市场对承诺承诺的需求较弱。自年初以来，永久合同的BTC融资率在大多数交流中一直在蒸蒸日上。 Binance和OKX的速率围绕零标记移动。尽管bybit的比率在3月初的正和负之间波动，但自那时以来，它们的稳定为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.

当资金率很高时，通常是市场上高杠杆的标志，因为交易者从其头寸清算，通常在价格下降的速度下降。但是，最近，市场上的杠杆率很低。这在周末很明显，因为清算相对较低。在过去24小时内，最大的清算是BTC长的OKX，价值超过700万美元。

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.

同时，期权市场的前景变得黯淡。在过去的一周中，对deribit的puts量与呼叫的数量发生了很大变化。目前，PUT占数量的65％以上，这表明对下行保护的需求更高。

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%.

特朗普总统宣布提高关税的不确定性导致所有短期到期日的隐含波动增加。明天4月8日到期日期的选项（ATM IV）目前约为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日的到期日期目前显示ATM IV为65％，因此高于更长的到期日期。自3月初以来，这是最近最受欢迎的到期日期，大约100亿美元，其中100,000美元的大部分损失失败了，其数量超过10亿美元。

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日以来，这次75K罢工（2.6亿美元）是过去六天到期日最受欢迎的罢工。交易者情绪转变是特朗普政府最近采取的习俗措施如何影响市场的另一个例子。它还更清楚地了解了对保护措施的需求以及交易者认为价格可能下降的深度（和多长时间）。 70k甚至60,000美元的投掷量都有很大的体积。鉴于正在进行的宏观经济不确定性，看到市场吸引了这一罢工也就不足为奇了。

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发行人Circle宣布了4月在纽约证券交易所（NYSE）上进行IPO的计划。同时，USDC的市场份额增加了，并在上周与Tether的主要竞争对手USDT达到了22％的创纪录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.

这种增长在很大程度上是由Binance驱动的，Binance在12月将BYBIT推翻为最大的USDC市场，现在将58％的全球USDC销量统一。

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强调了挑战：虽然销售额增长了16％，达到17亿美元，但盈利能力（EBITDA）