Key Points

关键点

• 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，比特币 (BTC) 交易价格为 68,319 美元，由于市场状况“过热”，过去 24 小时内下跌 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.

全球加密货币市值也下跌了 4.1%，以太坊 (ETH)、BNB、XRP、卡尔达诺 (ADA) 和狗狗币 (DOGE) 均遭受损失。

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

比特币 (BTC) 目前交易价格为 68,319 美元，较过去 24 小时下跌 4.5%。

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

根据链上分析公司 IntoTheBlock 的数据，这种下降是由于加密市场的“过热”状态。

Market Downtrend

市场下跌

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 价格在 3 月 14 日创下历史新高 73,835 美元，但在 3 月 15 日下跌 9%，跌至新周低点 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.

比特币价值的下跌引发了整个市场的抛售，导致全球加密货币市值下降 4.1% 至 2.59 万亿美元。

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

市值第二大的加密货币以太坊（ETH）在过去 24 小时内也下跌了 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.

其他顶级代币如 BNB、XRP、卡尔达诺 (ADA) 和狗狗币 (DOGE) 也遭受损失，分别下跌 2.3%、7.3%、5.8% 和 8%。

Correction Signs

修正标志

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

由于市场“过热”状态，比特币价格可能会出现调整。

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.

这一信息得到了市场情报公司 IntoTheBlock 数据的支持，该公司指出加密货币市场杠杆率的不断上升是即将出现调整的迹象。

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.”

该公司的 On-chain Insights 时事通讯显示，“比特币永续合约买家向做空者支付的金额达到 2021 年 10 月以来的最高水平。”

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

这些高融资利率表明市场严重偏向多头。

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 的数据显示，3 月 15 日，所有交易所的比特币期货未平仓合约 (OI) 达到 355.5 亿美元的历史新高。

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

虽然高持仓量反映了市场上的新买盘，但如果持仓量增长过高，也可以作为一个警告信号。

Rising Risk in DeFi Ecosystem

DeFi 生态系统风险上升

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

高杠杆情况也出现在 DeFi 网络中，这些平台上的贷款大幅增加。

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 协议的总债务增加了一倍，2024 年迄今为止，提供给 Aave 的打包比特币 (WBTC) 数量已增加了 10,000 多个 BTC（约合 7 亿美元）。

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

债务的增加和 DeFi 利率的上升表明“杠杆需求”不断增长。

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 生态系统正在积累大量风险，这可能会在不久的将来导致价格回调。

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

尽管市场处于“过热”状态，但大多数交易者已经从加密货币投资中实现了利润。

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 的数据显示，按当前价格计算，86% 的比特币持有者处于盈利状态，随着利润预订的继续，增加了短期内持续抛售的可能性。