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.

周二亚洲早盘，主要代币和中型股经历了大幅下跌，其中一些代币创下了近几个月来最糟糕的日子之一。

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、狗狗币 (DOGE) 和卡尔达诺的 ADA 在过去 24 小时内下跌了 15%。卖压在美国时段尾盘加剧，并在亚洲时段早盘持续。

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%.

比特币 (BTC) 下跌 3%，而以太币 (ETH) 和 Solana 的 SOL 下跌 7%。 Tron 的 TRX 逆转了近期的大部分涨幅，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%.

整体市值下跌6.5%，创10月以来最大跌幅。 CoinDesk 20 (CD20) 指数下跌 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.

虽然抛售压力没有出现明确的原因，但恰逢谷歌宣布对其新的 Willow 量子计算芯片进行基准测试。这一公告引发了人们对加密货币隐私和钱包安全潜在影响的担忧。

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.

市场分析师和交易员此前曾警告称，由于 11 月上涨后市场过热，可能存在短期抛售压力。据 CoinDesk 报道，超过 15 亿美元的多头或看涨押注被清算，这是 2021 年以来的最高数字。

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”项下追踪的山寨币期货领跌市场，损失达 5.6 亿美元。狗狗币和 XRP 期货各自损失超过 7000 万美元。

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.

一些市场观察人士指出，抛售压力源自美国上市公司Coinbase，XRP表现出不同寻常的市场影响。指标表明交易者可能过度杠杆化。

"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."

“发生了一些绝对奇怪的事情，”一位广受关注的量化交​​易员@ltrd_说。 “我们目睹了一连串的大卖单，导致市场下跌超过 5%。我们不知道到底发生了什么，但这肯定是不寻常的。”

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

“你可以看到这些卖单不正常......也许主要参与者被迫出售，”他们补充道。

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.

当交易所因保证金不足而强制平仓交易者的杠杆头寸时，就会发生强平。大规模清算可能表明市场出现极端情况，例如恐慌性抛售或购买。一连串的清算可能预示着市场转折点，由于市场情绪反应过度，价格可能出现逆转。