Altcoin Longs Witness Squeeze, Ethereum Leads Liquidations

山寨幣多頭見證擠壓，以太幣引領清算

The cryptocurrency market has experienced volatility in the past day, with altcoins facing drops of over 5%. This turbulence has led to significant liquidations in the derivatives market.

過去一天，加密貨幣市場經歷了波動，山寨幣跌幅超過 5%。這種動盪導致衍生性商品市場出現大量清算。

According to CoinGlass data, approximately $429 million worth of contracts were liquidated within the last 24 hours. Liquidation occurs when a platform forcibly closes a contract due to excessive losses.

根據 CoinGlass 數據，過去 24 小時內清算了價值約 4.29 億美元的合約。當平台因損失過多而強行平倉合約時，就會發生強平。

As the table below illustrates, long contract holders experienced the majority of these forced closures during the day. Around $367 million of liquidations, representing over 85% of the total, involved traders anticipating a bullish market outcome.

如下表所示，多頭合約持有者在白天經歷了大部分強制平倉。約 3.67 億美元的清算（佔總數的 85% 以上）涉及預期看漲市場結果的交易員。

This liquidation asymmetry stems from the overall downward trend in cryptocurrency prices.

這種清算不對稱源自於加密貨幣價格的整體下跌趨勢。

Below is a heatmap indicating the contributions of individual assets to this latest derivatives flush:

下面的熱圖顯示了各個資產對最新衍生性商品大潮的貢獻：

Unlike typical violent liquidation events, Ethereum (ETH), not Bitcoin (BTC), leads the charts. This is likely attributed to ETH's 3% drop compared to BTC's sideways movement. Memecoins Dogecoin (DOGE) and Shiba Inu (SHIB) follow ETH, with liquidations amounting to $60 million and $23 million, respectively.

與典型的暴力清算事件不同，領先的是以太幣（ETH），而不是比特幣（BTC）。這可能是由於與 BTC 的橫盤走勢相比，ETH 下跌了 3%。 Memecoins 狗狗幣 (DOGE) 和柴犬幣 (SHIB) 緊隨 ETH 之後，清算金額分別為 6,000 萬美元和 2,300 萬美元。

DOGE and SHIB are known for their sharp plunges and speculative activity, explaining their high liquidation volumes.

DOGE 和 SHIB 以其急劇暴跌和投機活動而聞名，這也解釋了它們的高清算量。

A mass liquidation event is known as a "squeeze," characterized by a cascade of liquidations and increased volatility. This latest event, dominated by long liquidations, is referred to as a "long squeeze."

大規模清算事件被稱為“擠壓”，其特點是一系列清算和波動性增加。這一最新事件以多頭清算為主，被稱為「多頭擠壓」。

Squeezes are common in the cryptocurrency market due to volatility, but an altcoin-dominated squeeze of this magnitude is unusual.

由於波動性，加密貨幣市場出現擠壓是很常見的，但以山寨幣為主的這種規模的擠壓並不常見。

As a result of this plunge, ETH has dropped to around $3,400.

由於這次暴跌，ETH 已跌至 3,400 美元左右。