A cryptocurrency market crash caused $430 billion in losses for cryptocurrencies and $2 billion in liquidations for traders this weekend. Facing the fear, uncertainty, and doubt of Iran-Israel’s conflict escalation, increased short positions threaten a short squeeze for leading assets.

本周末，加密货币市场崩盘导致加密货币损失 4300 亿美元，交易员清算 20 亿美元。面对伊朗与以色列冲突升级的恐惧、不确定性和怀疑，空头头寸的增加可能会威胁到主要资产的空头挤压。

Notably, the crash liquidated over 500,000 cryptocurrency traders during the weekend, most of whom had bullish long positions. As the panic dominated within geopolitical tensions and the Iranian offensive, derivatives pivoted to a bearish state.

值得注意的是，周末崩盘导致超过 50 万加密货币交易者清算，其中大多数持有看涨多头头寸。由于地缘政治紧张局势和伊朗攻势引发恐慌，衍生品转向看跌状态。

In particular, Bitcoin (BTC) and Solana (SOL) saw 41% and 60% of derivatives volume increase in the last 24 hours. The two cryptocurrencies have an open interest of $32.41 billion and $1.98 billion, respectively. Finbold retrieved this data from CoinGlass data on April 14.

特别是，比特币 (BTC) 和 Solana (SOL) 的衍生品交易量在过去 24 小时内分别增长了 41% 和 60%。这两种加密货币的未平仓合约分别为 324.1 亿美元和 19.8 亿美元。 Finbold 于 4 月 14 日从 CoinGlass 数据中检索到了该数据。

Furthermore, both have accumulated significant liquidity pools from short-sellers’ liquidation prices. These pools make appealing targets for market makers and professional traders, potentially encouraging a short squeeze and a consequential surge.

此外，两者都从卖空者的清算价格中积累了大量的流动性池。这些资金池对做市商和专业交易者来说是有吸引力的目标，可能会鼓励轧空和随之而来的飙升。

Bitcoin (BTC) short squeeze potential

比特币（BTC）轧空潜力

The higher potential for an incoming short squeeze lies in the leading cryptocurrency, Bitcoin. Besides the surging volume, and increased open interest with BTC futures, the block subsidy halving is expected for this week.

未来挤压的更大潜力在于领先的加密货币比特币。除了交易量激增以及比特币期货未平仓合约增加之外，预计本周大宗补贴将减半。

Thus, this year’s halving could be a strong ignite for short liquidations, despite the geopolitical uncertainties.

因此，尽管存在地缘政治不确定性，今年的减半可能会强烈引发空头清算。

Precisely, $2.97 billion in Bitcoin shorts await liquidation at $71,691, being the largest liquidity pool registered this month-over-month. Moreover, smaller pools trace the path for a potential skyrocket above the previous high of $73,805.

准确地说，29.7 亿美元的比特币空头等待清算，价格为 71,691 美元，这是本月登记的最大流动性池。此外，规模较小的资金池可能会突破先前高点 73,805 美元。

A run to the first levels would result in 11% gains from Bitcoin’s current price of $64,391.

比特币当前价格 64,391 美元上涨至第一水平将导致 11% 的涨幅。

On the other hand, Bitcoin average transaction fees have already skyrocketed to a 4-month high above $24. This value nears the world’s average daily income, resulting in one Bitcoin transaction costing an average person’s full working day.

另一方面，比特币平均交易费用已飙升至 24 美元以上，创 4 个月高位。这个值接近世界平均每日收入，导致一笔比特币交易需要花费普通人一整天的时间。

Solana (SOL) could skyrocket

Solana (SOL) 可能会飙升

Solana has a similar landscape with a significant liquidity pool at $190 per token. Yet, SOL needs a strong trigger to revert its current downtrend and short squeeze toward this target.

Solana 也有类似的情况，每个代币拥有 190 美元的巨大流动性池。然而，SOL 需要一个强有力的触发因素来扭转其当前的下跌趋势并逼近这一目标。

The Solana network is going through relevant challenges facing continued congestion issues and transaction failures. As a result, traders have favored short positions, which were rewarded amid the geopolitical tensions.

Solana 网络正在经历相关挑战，面临持续的拥塞问题和交易失败。因此，交易员青睐空头头寸，而空头头寸在地缘政治紧张局势中得到了回报。

Nevertheless, the underlying bearish fundamentals could be approaching an end. Solana developers are already testing solutions that will potentially improve the network’s performance and could renew investors’ confidence in SOL.

尽管如此，潜在的看跌基本面可能即将结束。 Solana 开发人员已经在测试解决方案，这些解决方案可能会提高网络性能，并可能重振投资者对 SOL 的信心。

A run to $190 would result in over 35% gains from the $140 traded by press time.

如果价格上涨至 190 美元，则较截至发稿时的 140 美元交易价上涨 35% 以上。

However, understanding the macroeconomic risks and financial asset behavior under geopolitical tensions is crucial to navigating the current market. Investors must place their bets carefully and weigh the risks with savvy management.

然而，了解地缘政治紧张局势下的宏观经济风险和金融资产行为对于驾驭当前市场至关重要。投资者必须谨慎下注，并通过精明的管理权衡风险。

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