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BTC 比特币的又一次快速暴跌，再次让市场看清杠杆的残酷。亚洲早盘短短数小时内，超过5亿美元的看涨合约被无情清算，币安、Hyperliquid、Bybit三大平台的清算规模均突破1.6亿美元，且被“爆掉”的仓位中近九成是多头。连日来的高杠杆押注在剧烈波动面前不堪一击，也让市场情绪急转直下。随着资金被迫离场、流动性瞬间收缩，眼下的比特币市场正处在一次典型的“强平驱动式下杀”周期中，而这往往也是新趋势酝酿的前奏。
要点：
● 周一，加密货币市场遭遇大规模强制平仓，导致近6.46亿美元的杠杆头寸化为乌有。
● 币安、Hyperliquid和Bybit的清算金额均超过1.6亿美元，其中多头占比接近90%。
● 比特币和以太坊价格大幅下跌，比特币下跌超过5%，以太坊下跌超过6%，市场情绪和流动性问题加剧了价格下跌。
周一早些时候，加密货币市场遭遇新一轮强制平仓，各大交易所近6.46亿美元的杠杆头寸被清零，加剧了本月本已惨淡的收盘，并扩大了比特币、以太坊和大型山寨币的跌幅。
Coinglass数据显示，多头头寸占总数的近90%，其中最大的一笔清算是币安上的一笔1448万美元的ETH-USDC交易。
Binance, Hyperliquid, and Bybit all recorded settlement amounts exceeding $160 million, indicating that many positions were liquidated during the Asian trading hours. Margin calls occur when traders lose part or all of their initial margin requirements, resulting in forced liquidations. This happens when traders cannot meet the margin requirements for their leveraged positions, meaning they don’t have enough funds to maintain the positions. A series of liquidations often signals that markets are heading towards extreme situations, with market sentiment tending to one direction, and prices may be about to reverse. Bitcoin fell by more than 5%, reaching around $86,000, while Ethereum dropped by more than 6%, reaching around $2,815. Later last week, both tokens tried to bounce back slightly, but margin calls pushed prices back down to near the lower levels of November. During the same period, Solana, XRP, BNB, and Dogecoin experienced declines of between 4% and 7%, while Cardano and Lido Staked Ether saw even larger drops. Traders noted that insufficient liquidity and ongoing macroeconomic uncertainties are responsible for the rapid price fluctuations. After the sharp drop in late November, the market has been trying to stabilize. At that time, various factors such as macroeconomic signals, outflows of ETF funds, and weak trading volumes over the weekend contributed to the concentration of positions over the past few weeks. Monday’s sell-off followed the same pattern as earlier in the year: a large number of long positions accumulated at resistance levels, funds shifted away from those positions, leading to a series of forced sell-offs, and this caused major assets to fall within a few hours.The number of open positions in Bitcoin and Ethereum perpetual contracts has further decreased after the sharp decline in prices. This indicates that the leverage levels that were accumulated during October’s upward trend are now beginning to diminish.
Traders say that the current position sizes seem more manageable, but due to the still fragile risk appetite, daily price fluctuations may remain high until liquidity improves during US trading hours.
