Bitcoin rebounds above $82,000 after a wave of $1.19 billion liquidations

比特币跌至80400美元，引发11.9亿美元加密货币爆仓

周四晚间，比特币价格回落至约80400美元，触发整个加密货币市场出现连锁清算反应。在BTC反弹回升至82000美元上方之前，短短24小时内已有近11.9亿美元的仓位被强制平仓。

核心要点速览

• 比特币跌至80400美元，导致24小时内产生近11.9亿美元的加密货币清算损失。
• 多头头寸占据了超过10亿美元的强制亏损份额。
• 以太坊（ETH）录得3.56亿美元的清算金额，而比特币为2.98亿美元。
• 与伊朗的紧张局势、美国利率预期以及ETF资金流出加剧了市场的焦虑情绪。
• 比特币虽反弹至82000美元上方，但83000美元和80000美元仍是关键阈值。

爆仓潮重创多头买家

此次下跌令一个高度看涨的市场措手不及。此前，交易者在比特币于83000至87000美元区间震荡时积累了大量杠杆仓位。一旦跌破该区间，便触发了自动清算机制。

当交易者的亏损耗尽用于维持仓位的抵押品时，便会发生爆仓。平台随后会关闭该赌注，通常在已经看跌的市场中抛售资产，这在短期内加剧了价格的下跌。

过去24小时的数据展示了此次事件的规模：

• About US$1.19 billion in crypto asset positions were liquidated;
• More than US$1 billion of this came from long positions betting on price increases;
• Ether's liquidation amount was close to US$356 million;
• Bitcoin followed closely with approximately US$298 million;
• Solana accounted for US$71 million, with an XRP of US$34 million;
• The largest single clearing position is close to US$20 million on the Hyperliquid platform.

Preliminary estimates indicate that US$1.02 billion and 164,899 traders were affected. As each platform updates data, the total amount subsequently increases. As a result, the $1 billion liquidation is not limited to Bitcoin, but covers all the watched crypto derivatives markets.

Ethereum suffered disproportionate cleansing

Although Ethereum's market value is only about one-fifth of Bitcoin, its liquidation amount exceeds Bitcoin. Relative to the size of their respective assets, the impact on Ethereum positions is about six times that of Bitcoin.

Ethereum accounts for nearly US$1.2 million in liquidation per US$1 billion in market value, while Bitcoin accounts for approximately US$180,000. This difference reveals the extremely high leverage ratio of products related to Ethereum.

Ethereum prices fell to about $2410 at one point, and then recovered to around $2490. Bitcoin regained lost ground after hitting $80400 and stood at $82400. XRP rebounded from $1.32 to about $1.40, while Dogecoin remained near $0.085.

These rallies do not immediately offset losses for liquidated traders. Forced liquidation is the end result, and even if the market returns to previous levels after a few hours, there is no way to recover the losses already incurred.

Interest rates, the situation in Iran and ETF outflows put pressure on the market

This breakthrough occurred in an already challenging macro environment. Brent crude oil prices exceeded $104 a barrel, and the yield on the 10-year U.S. Treasury bond was close to 5.3%.

Rising oil prices have raised concerns about inflation. Minutes of the Federal Reserve meeting showed that most officials still believe another rate hike may be possible before the end of the year. High yields often make risky assets less attractive.

Tensions with Iran have exacerbated market uneasiness. Media reports say the Pentagon is ready for military options, but has not decided to launch a new U.S. strike. Bitcoin rebounded after Donald Trump ruled out interfering before the midterm elections.

ETF fund flows have put additional pressure on them. On Wednesday, U.S. spot bitcoin funds recorded a net outflow of $487.07 million, and the Ethereum ETF lost approximately $160.8 million. Although these divestments did not prove that they directly caused the collapse, they sent a signal that institutional demand weakened during the period.

Bitcoin rebounds reverse clearing short positions

Bitcoin's rapid return to US$82200 quickly trapped short positions established after the decline. In four hours, about $25 million was liquidated, 78% of which came from traders betting that prices would continue to fall.

This response illustrates the volatility created by over-leveraged markets. Long positions first amplified the decline, and when short positions were automatically liquidated, they drove the rebound.

Trader Scott Melker believes a break below $82800 is a "potential healthy backtest" and does not necessarily negate the trend of structural improvement in the medium term. However, he pointed out that the 50-week moving average of about $77000 could be the next level of support.

Currently,$83000 constitutes the first resistance level that needs to be recovered. If we can stand above this level, the risk of a new round of chain liquidation will be reduced. Conversely, if it effectively breaks below $80000, the market may look back at $77000, although there is no guarantee that this level will be hit.