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ADA 
BTC 
ETH 关键数据概览
据 CoinMarketCap 数据显示，周三美东时间上午 10:10 过去的 24 小时内，排名前 100 的山寨币中位数价格下跌了 6.2%，而比特币同期跌幅为 3.4%。在 86 种代币中，仅有 22 种表现优于比特币。
在加密货币清算方面，以太坊（ETH）在过去 24 小时内贡献了约 2.34 亿美元的清算额，占总额 6.9 亿美元的绝大部分，超过了比特币的 1.79 亿美元。与此同时，以太坊的未平仓合约价值仍维持在约 340 亿美元附近。
从更长周期来看，过去 30 天内，前 86 名代币中有 51 种跑赢了比特币。然而，Glassnode 发出警告称，如果价格在持仓开放的情况下继续下跌，可能会引发强制性的去杠杆清算。
山寨币动能减弱：多数落后于比特币
Glassnode 的研究发现，上周仅有不到三成的山寨币跑赢比特币，而在之前的两周里，这一比例约为七成。周三夜间的暴跌对山寨币打击更为沉重，此前上涨行情中积累的杠杆头寸尚未完全出清。
数据显示，截至周三早盘的 24 小时内，比特币下跌约 3%，而排名前 100 的代币中位数下跌约 6%。Glassnode 指出，目前大型山寨币中持有高杠杆的比例已升至自 2025 年 10 月崩盘前的上涨阶段以来的最高水平。该公司警告称，若价格持续下跌，这些头寸可能面临被迫平仓的风险。此外，若比特币跌破其附近最大的买入订单密集区，抛售压力将进一步扩散。
CryptoQuant 贡献者 nocoffeenobrain 在周三写道：“这是市场结构的显著转变。”
为何山寨币跌幅更大？九月行情的杠杆遗留
随着山寨币价格的攀升，交易者增加了借贷资金。Glassnode 发现，越来越多的山寨币持有高额的未平仓合约价值（即期货赌注的价值）。该公司通过将其与市值及过去一年数据进行对比来衡量这一指标，当价格下跌且持仓未平掉时，该读数也会上升。
卡尔达诺（ADA）的走势便是典型例证。Santiment 数据显示，在 10 月 3 日至 10 月 5 日期间，随着价格上涨，其未平仓合约价值上升了约 25%。这家分析公司在 X 平台（原推特）上评论道：“标题提到的是挤压，但未平仓合约显示的是杠杆。”
以太坊的杠杆情况也保持高位。CoinGlass 数据显示，尽管经历夜间下跌，以太坊的未平仓合约价值保持稳定。
Has the market breadth narrowed? A few currencies participated in the rise
According to Glassnode's analysis, the median altcoin is now lagging behind Bitcoin despite amplifying fluctuations in previous rallies.
Ethereum has also lost stable buyers. According to CoinDesk, Bitmine Immersion Technologies Chairman Tom Lees said on Wednesday that the company will stop buying once its holdings of ETH supply reach 5%. In addition, Farside data showed that the U.S. spot Ethereum ETF, which has become a seller since late September, recorded a net outflow of $202 million on Tuesday.
But from a long-term perspective, altcoins still have an advantage. In the past month, most top tokens have outperformed Bitcoin, with CoinMarketCap's altcoin seasonal index reading at 60, which is still far from the 75 points marking the "altcoin season."
What circumstances will trigger deleveraging liquidation? Bitcoin lost $81,000 in buying order
Glassnode linked the next market move to Bitcoin. The company wrote in the report that if spot trading volume increases, fund buying is active, and the closing price stabilizes above $85,500, it indicates that the breakthrough has substantial support.
Bitcoin is currently trading at about $2,000 above the largest buy order block, and Glassnode has positioned this position at around $81,000.
Glassnode's Frederik Theissen wrote in his weekly report: "If the $81,000 purchase order is breached, the clearing cluster below will be activated; given that altcoin leverage is already tight, the entire market will also feel the impact."
