Key Points

重點

• The crypto market witnessed liquidations exceeding $875 million due to a drop in Bitcoin's value.
• Bitcoin long liquidations reached a record high of $416 million.

Cryptocurrency Liquidations Surge

由於比特幣價值下跌，加密市場清算額超過 8.75 億美元。

The cryptocurrency market recently saw a significant spike in liquidations, with over $875 million in leveraged long and short positions extinguished within a single day. This marks the highest liquidation volume since 2021.

最近，加密貨幣市場的清算量大幅增加，單日內就有超過 8.75 億美元的槓桿多頭和空頭部位被清償。這標誌著自 2021 年以來的最高清算量。

Data from Coinglass reveals that long liquidations totaled $702 million, while short liquidations amounted to $173 million, affecting more than 157,000 traders.

Coinglass 的數據顯示，多頭清算總額為 7.02 億美元，而空頭清算總額為 1.73 億美元，影響了超過 157,000 名交易者。

Bitcoin Long Liquidations

比特幣多頭清算

Traders expecting a continued rise in Bitcoin's value [BTC] incurred the most significant losses. Long BTC liquidations reached $416 million. These positions were closed following a surge in volatility, causing the price to drop from over $100,000 to $92,000 in less than four hours.

預期比特幣價值持續上漲的交易者遭受了最嚴重的損失。 BTC 多頭清算額達 4.16 億美元。這些頭寸在波動性激增後被平倉，導致價格在不到四個小時內從 100,000 美元以上跌至 92,000 美元。

Altcoin Impact

山寨幣影響

Altcoins also faced increased volatility. The price of Ethereum [ETH] fluctuated between $3,600 and $3,900, leading to $85 million in liquidations. XRP and Dogecoin نیز شاهد liquidations قابل توجهی بودند.

山寨幣也面臨更大的波動性。以太坊 [ETH] 的價格在 3,600 美元至 3,900 美元之間波動，導致 8,500 萬美元的清算。 XRP 和狗狗幣也出現了大量清算。

Overleveraged Market and Liquidations

過度槓桿化的市場和清算

The sudden increase in liquidations and volatility may be attributed to a forced correction stemming from an overleveraged market.

清算量和波動性突然增加可能是由於市場槓桿率過高而被迫調整。

Bitcoin funding rates soared to a multi-month high, indicating an increasing dominance of long positions. However, when funding rates reach extreme levels, it often triggers a sharp reversal. This resulted in a long squeeze, forcing sell-offs and driving funding rates down.

比特幣融資利率飆升至數月高點，顯示多頭部位日益佔據主導地位。然而，當融資利率達到極端水準時，往往會引發急劇逆轉。這導致了多頭擠壓，迫使拋售並壓低融資利率。

Outlook

前景

Despite the recent correction, Bitcoin's Market Value to Realized Value (MVRV) ratio suggests potential for further gains. Currently at 2.5, the ratio indicates that the asset is still fairly priced. A surge in the MVRV ratio beyond 3.5 would signal an overvalued condition for Bitcoin. Traders should monitor this metric for any further increase into overvalued territory.

儘管最近出現調整，但比特幣的市值與已實現價值（MVRV）比率顯示有進一步上漲的潛力。目前該比率為 2.5，顯示該資產的定價仍然合理。 MVRV 比率飆升至超過 3.5 將表明比特幣估值過高。交易者應監控該指標是否進一步上漲至估值過高的區域。