Major tokens and midcaps experienced a significant drop during early Asian hours on Tuesday, with some registering one of their worst days in recent months.

週二亞洲早盤，主要代幣和中型股經歷了大幅下跌，其中一些代幣創下了近幾個月來最糟糕的日子之一。

XRP, dogecoin (DOGE), and Cardano's ADA declined by up to 15% over the past 24 hours. The selling pressure intensified in late U.S. hours and continued in early Asian time.

XRP、狗狗幣 (DOGE) 和卡爾達諾的 ADA 在過去 24 小時內下跌了 15%。賣壓在美國時段尾盤加劇，並在亞洲時段早盤持續。

Bitcoin (BTC) declined by 3%, while ether (ETH) and Solana's SOL fell by 7%. Tron's TRX reversed most of its recent gains, losing 17%.

比特幣 (BTC) 下跌 3%，而以太幣 (ETH) 和 Solana 的 SOL 下跌 7%。 Tron 的 TRX 逆轉了近期的大部分漲幅，下跌 17%。

The overall market capitalization dropped by 6.5%, marking its largest decline since October. The CoinDesk 20 (CD20) index declined by 7%.

整體市值下跌6.5%，創10月以來最大跌幅。 CoinDesk 20 (CD20) 指數下跌 7%。

While no clear reason has emerged for the selling pressure, it coincides with the announcement by Google of benchmark tests on its new Willow quantum computing chip. This announcement has raised concerns about the potential implications for cryptocurrency privacy and wallet security.

雖然拋售壓力沒有出現明確的原因，但恰逢Google宣布對其新的 Willow 量子運算晶片進行基準測試。這項公告引發了人們對加密貨幣隱私和錢包安全潛在影響的擔憂。

Market analysts and traders had previously warned of potential short-term selling pressure due to an overheated market following a November rally. As CoinDesk reported, over $1.5 billion in longs, or bullish bets, were liquidated, the highest figure since 2021.

市場分析師和交易員先前曾警告稱，由於 11 月上漲後市場過熱，可能存在短期拋售壓力。根據 CoinDesk 報道，超過 15 億美元的多頭或看漲押注被清算，這是 2021 年以來的最高數字。

Altcoin futures tracked under "Others" by CoinGlass led the market losses, accounting for $560 million. Dogecoin and XRP futures lost more than $70 million each.

CoinGlass 在「其他」項下追蹤的山寨幣期貨領跌市場，損失達 5.6 億美元。狗狗幣和 XRP 期貨各自損失超過 7,000 萬美元。

Some market observers noted that the selling pressure originated from U.S.-listed Coinbase, with XRP showing an unusual market impact. Metrics indicate that traders may have been over-leveraged.

一些市場觀察家指出，拋售壓力源自美國上市公司Coinbase，XRP表現出不同尋常的市場影響。指標顯示交易者可能過度槓桿化。

"Something absolutely strange happened," said @ltrd_, a widely followed quant trader. "We witnessed a cascade of big sell orders that caused the market to drop by over 5%. We don't know exactly what happened, but it's certainly unusual."

「發生了一些絕對奇怪的事情，」一位廣受關注的量化交​​會員@ltrd_說。 “我們目睹了一連串的大賣單，導致市場下跌超過 5%。我們不知道到底發生了什麼，但這肯定是不尋常的。”

"You can see that those sell orders are not normal...Perhaps a major player was forced to sell," they added.

「你可以看到這些賣單不正常......也許主要參與者被迫出售，」他們補充道。

Liquidations occur when an exchange forcibly closes a trader's leveraged position due to insufficient margin. Large-scale liquidations can indicate market extremes, such as panic selling or buying. A cascade of liquidations may suggest a market turning point, with a potential price reversal due to an overreaction in market sentiment.

當交易所因保證金不足而強制平倉交易者的槓桿部位時，就會發生強平。大規模清算可能表示市場出現極端情況，例如恐慌性拋售或購買。一連串的清算可能預示著市場轉折點，由於市場情緒反應過度，價格可能會出現逆轉。