关键事实
据CoinGlass数据,随着石油价格和美国国债收益率上升,加密货币交易者在24小时内因多头头寸损失了约3.92亿美元。其中,约四分之三的损失来自比特币以外的头寸,涉及以太坊(ETH)、山寨币以及加密交易所的黄金合约。
目前,比特币的交易价格仍比美国现货ETF持有者的平均成本基础高出约2%,即81,722美元。这些基金已连续七天吸纳资金。
周一,随着油价和国债收益率飙升,加密货币交易者因看高价格的杠杆赌注损失了3.92亿美元。比特币(BTC)跌回84,000美元下方,目前仅比美国现货ETF买家的平均买入价格高出约2%。
损失主要集中在比特币之外。在上周的反弹中,交易者大量涌入山寨币市场。而比特币期货的杠杆率仍处于年内低位水平。
据CoinGlass数据显示,截至美东时间中午12点前的24小时内,总清算金额为4.87亿美元,其中多头头寸占比高达81%。据CoinMarketCap数据,截至美东时间下午12:05,比特币交易价格约为83,280美元,24小时内下跌1.4%。
清算集中在山寨币领域。
Dan Khus, chief analyst at LVRG Research, said in an email to CoinDesk: "Bitcoin's fall from last week's high is more likely due to profit-taking, risk avoidance squeeze, and a wave of liquidations of more than $500 million after four consecutive days of sharp gains."
Why are long positions liquidated? Oil and yields climb again
Brent crude oil prices are moving towards $108 a barrel as Iran refuses to relax its demands to reopen the Strait of Hormuz, CoinDesk reports. By mid-morning, the yield on the 10-year Treasury note rose to about 5.26%, close to a 20-year high.
Traders have also increased their bets on the Federal Reserve raising interest rates again, predicting a 68.1% probability of a rate hike on October 28, CoinDesk reported.
A study by the International Journal of Money and Finance found that since late 2020, Bitcoin's response to monetary policy announcements has been consistent with other high-risk assets.
Where does the loss fall? Mainly outside Bitcoin
According to CoinGlass data, Bitcoin accounts for approximately US$92 million of long clearing amounts. Ethereum (ETH) increased by about $54 million and gold contracts on crypto exchanges increased by about $19 million as gold futures fell to their lowest level since August 5.
The remaining US$228 million mainly comes from the altcoins that rebounded last week.
比特币自身的期货市场风险较低。据CoinDesk引用CoinGlass数据报道,未平仓合约约为652,000枚比特币,处于年内最低水平之一。
确认回调的关键信号:收盘价跌破81,700美元
比特币跌破了84,000至85,000美元区间,该区间是Glassnode在9月23日报告中指出的长期持有者供应的大量区块。据CoinMarketCap数据,比特币在美东时间凌晨5点触及约82,570美元。
下一个关键水平是美国现货比特币ETF持有者的平均成本基础81,722美元,正如Bloomberg Intelligence的James Seyffart在9月21日所估算的那样。若日收盘价低于此水平,将使平均持有者陷入亏损。
比特币ETF资金流依然为正。
基金持续买入。据Farside Investors数据,截至9月25日,这些基金已连续七天吸纳资金。
周三发布的PCE通胀报告和周五公布的就业数据,将是检验周一抛售背后利率押注的下一道考验。
链上分析公司Glassnode在X平台(原推特)上周一写道:“现货交易者正转向山寨币。目前的现货总交易量已接近比特币的4倍,为2025年9月以来的最高水平。这种对高风险的需求通常与BTC的局部顶部相吻合。”

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