Altcoin Longs Witness Squeeze, Ethereum Leads Liquidations

山寨币多头见证挤压，以太坊引领清算

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.

过去一天，加密货币市场经历了波动，山寨币跌幅超过 5%。这种动荡导致衍生品市场出现大量清算。

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.

根据 CoinGlass 数据，过去 24 小时内清算了价值约 4.29 亿美元的合约。当平台因损失过多而强行平仓合约时，就会发生强平。

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，多头合约持有者在白天经历了大部分强制平仓。大约 3.67 亿美元的清算（占总数的 85% 以上）涉及预期看涨市场结果的交易员。

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

这种清算不对称源于加密货币价格的整体下跌趋势。

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

下面的热图显示了各个资产对最新衍生品大潮的贡献：

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.

与典型的暴力清算事件不同，领先的是以太坊（ETH），而不是比特币（BTC）。这可能是由于与 BTC 的横盘走势相比，ETH 下跌了 3%。 Memecoins 狗狗币 (DOGE) 和柴犬币 (SHIB) 紧随 ETH 之后，清算金额分别为 6000 万美元和 2300 万美元。

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

DOGE 和 SHIB 以其急剧暴跌和投机活动而闻名，这也解释了它们的高清算量。

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."

大规模清算事件被称为“挤压”，其特点是一系列清算和波动性增加。这一最新事件以多头清算为主，被称为“多头挤压”。

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

由于波动性，加密货币市场出现挤压是很常见的，但以山寨币为主的这种规模的挤压并不常见。

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

由于这次暴跌，ETH 已跌至 3,400 美元左右。