Key Points

關鍵點

• Bitcoin (BTC) is trading at $68,319 on March 15, with a 4.5% drop over the past 24 hours due to “overheated” market conditions.

3 月 15 日，比特幣 (BTC) 交易價格為 68,319 美元，由於市場狀況“過熱”，過去 24 小時內下跌 4.5%。

• The global crypto market cap has also fallen 4.1%, with Ether (ETH), BNB, XRP, Cardano (ADA) and Dogecoin (DOGE) all experiencing losses.

全球加密貨幣市值也下跌了 4.1%，以太幣 (ETH)、BNB、XRP、卡爾達諾 (ADA) 和狗狗幣 (DOGE) 均遭受損失。

Bitcoin (BTC) is currently trading at $68,319, marking a 4.5% decrease over the last 24 hours.

比特幣 (BTC) 目前交易價格為 68,319 美元，較過去 24 小時下跌 4.5%。

This drop is due to an “overheated” state in the crypto market, according to data from the on-chain analytics firm, IntoTheBlock.

根據鏈上分析公司 IntoTheBlock 的數據，這種下降是由於加密市場的「過熱」狀態。

Market Downtrend

市場下跌

The BTC price had reached a new all-time high of $73,835 on March 14, but fell 9% to a new weekly low of $65,565 on March 15.

BTC 價格在 3 月 14 日創下歷史新高 73,835 美元，但在 3 月 15 日下跌 9%，跌至新周低點 65,565 美元。

This decline in Bitcoin’s value has sparked a sell-off across the market, resulting in a 4.1% decrease in the global crypto market cap to $2.59 trillion.

比特幣價值的下跌引發了整個市場的拋售，導致全球加密貨幣市值下降 4.1% 至 2.59 兆美元。

The second-largest cryptocurrency by market capitalization, Ethereum (ETH), has also seen a 5% drop in the last 24 hours, falling to $3,708.

市值第二大的加密貨幣以太幣（ETH）在過去 24 小時內也下跌了 5%，跌至 3,708 美元。

Other top-cap tokens such as BNB, XRP, Cardano (ADA), and Dogecoin (DOGE) have also suffered losses, decreasing by 2.3%, 7.3%, 5.8%, and 8% respectively.

其他頂級代幣如 BNB、XRP、卡爾達諾 (ADA) 和狗狗幣 (DOGE) 也遭受損失，分別下跌 2.3%、7.3%、5.8% 和 8%。

Correction Signs

修正標誌

There had been warnings of a potential correction in the BTC price due to the market’s “overheated” state.

由於市場「過熱」狀態，比特幣價格可能會出現調整。

This information is supported by data from market intelligence firm IntoTheBlock, which points out the growing leverage in the crypto market as a sign of an impending correction.

這項資訊得到了市場情報公司 IntoTheBlock 數據的支持，該公司指出加密貨幣市場槓桿率的不斷上升是即將出現調整的跡象。

The firm’s On-chain Insights newsletter reveals that the “amount that buyers of Bitcoin perpetual swaps pay those going short is at its highest since October 2021.”

該公司的 On-chain Insights 時事通訊顯示，“比特幣永續合約買家向做空者支付的金額達到 2021 年 10 月以來的最高水平。”

These high funding rates indicate a market heavily skewed towards the long side.

這些高融資利率顯示市場嚴重偏向多頭。

Data from Coinglass shows that Bitcoin futures open interest (OI) on all exchanges reached its all-time high of $35.55 billion on March 15.

Coinglass 的數據顯示，3 月 15 日，所有交易所的比特幣期貨未平倉合約 (OI) 達到 355.5 億美元的歷史新高。

While a high OI reflects new buying in the market, it can also serve as a warning sign if it grows too high.

雖然高持倉量反映了市場上的新買盤，但如果持倉量成長過高，也可以作為一個警訊。

Rising Risk in DeFi Ecosystem

DeFi 生態系風險上升

The high leverage conditions are also seen in the DeFi networks, with loans on these platforms increasing significantly.

高槓桿情況也出現在 DeFi 網路中，這些平台上的貸款大幅增加。

The total debt on all DeFi protocols has doubled in 2024, and the amount of wrapped Bitcoin (WBTC) supplied to Aave has increased by more than 10,000 BTC (~$700M) so far in 2024.

2024 年，所有 DeFi 協議的總債務增加了一倍，2024 年迄今為止，提供給 Aave 的打包比特幣 (WBTC) 數量已增加了 10,000 多個 BTC（約 7 億美元）。

This increase in debt and the rising rates in DeFi indicate a growing “demand for leverage.”

債務的增加和 DeFi 利率的上升表明「槓桿需求」不斷增長。

As a result, the DeFi ecosystem is accumulating a lot of risk, which could potentially lead to a price correction in the near future.

因此，DeFi 生態系統正在累積大量風險，這可能會在不久的將來導致價格回檔。

Despite the market’s “overheated” state, most traders have realized profits from their crypto investments.

儘管市場處於「過熱」狀態，但大多數交易者已經從加密貨幣投資中實現了利潤。

Data from IntoTheBlock shows that 86% of all Bitcoin holders are in profit at current prices, increasing the chances of a continued sell-off in the short term as profit-booking continues.

IntoTheBlock 的數據顯示，以當前價格計算，86% 的比特幣持有者處於盈利狀態，隨著利潤預訂的繼續，增加了短期內持續拋售的可能性。