<p>在 9 月 22 日，加密货币市场因大约 15 亿美元的顶级加密货币（如 <strong>比特币</strong>（BTC 2.35%）和 <strong>以太坊</strong>（ETH 3.01%））的杠杆多头头寸突然被平仓而受到冲击。这标志着六个月以来最大的加密货币平仓事件。</p>
<p>这次抛售并不是由单一事件引发的，但它仍然让在过去一年中在加密市场获得丰厚收益的多头感到不安。让我们回顾一下这次突然抛售的可能原因，并看看投资者是否应该担心更大幅度的下跌。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ4ODYvYS1iaXRjb2luLW9uLWEtc2NyZWVuLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ4ODYvYS1iaXRjb2luLW9uLWEtc2NyZWVuLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>加密货币平仓的可能原因</h2>
<p>这次大规模平仓可能是由于杠杆多头头寸过剩造成的。随着过去一年加密货币价格的上涨，许多投资者使用保证金贷款而不是现金来积累更多的币种。但随着这些加密货币价格的回落，许多保证金交易者平仓以避免在其亏损头寸上支付保证金利息。这些连锁反应的抛售促使更多的保证金交易者匆忙平仓他们的持仓。</p>
<p>较低的利率通常会驱使投资者重新关注加密货币和其他风险资产。这就是为什么美联储在 2024 年进行的三次降息推动了市场上顶级加密货币的上涨。但美联储在 2025 年仅在 9 月 17 日执行了第一次降息（降幅为 25 个基点）。</p>
<p>当这一切终于发生时，一些原本期待美联储降息成为今年加密市场主要催化剂的投资者可能选择了兑现利润。这种获利了结被杠杆头寸的连锁平仓放大，进而触发了更多的止损，因为顶级代币突破了一些关键支撑位。例如，比特币的价格突破了 115,000 美元的关键支撑位——截至目前，它仍低于这一备受关注的价格。</p>
<p>这一下跌也可能因美国市场在周日晚上到周一早晨的低流动性水平而加剧。当流动性不足时，价格波动可能会更大，因为没有足够的买家或卖家来平滑交易。此外，许多顶级加密货币由 “鲸鱼” 持有——这些大型匿名投资者持有大量头寸，能够通过几笔大交易轻松影响市场价格。因此，这次平仓可能是由少数投资者引发的。</p>
<h2>投资者应该担心吗？</h2>
<p>一天内 15 亿美元的平仓听起来令人恐惧，但这仅占全球加密货币总市值 3.8 万亿美元的 0.04%。Coinglass 估计大约有 5 亿美元的以太坊被平仓，但这仅占其 4870 亿美元市值的 0.1%。</p>
<p>加密市场通常会迅速从这些剧烈的抛售中恢复过来。根据 Coinglass 的数据，上一次重大加密平仓发生在 3 月 27 日。但在那次抛售（以及最近的平仓）之后，比特币和以太坊分别上涨了约 30% 和 110%。换句话说，这次最新的平仓事件对长期投资者来说并不意味着太多。它并不会真正影响比特币的稀缺性、以太坊在日益增长的去中心化应用（dApps）市场中的曝光率，或其潜在催化剂。相反，它只是告诉我们一些短期投资者正在兑现利润，并触发了一些短期价格波动。</p>
<p>展望未来，仍然有许多催化剂在加密货币的前方。美联储预计到 2025 年底将再降息两次，并在 2026 年至少再降息一次。越来越多的公司和国家正在将比特币和其他加密货币作为储备资产进行积累，而去中心化金融（DeFi）平台的增长应该会锁定更多的开发者和用户。如果你期待这些顺风因素在未来几年内发挥作用，那么对于几轮恐慌性抛售就没有理由感到担忧。</p>

ETHE

<p>在 9 月 22 日，加密货币市场经历了一次重大清算事件，抹去了 15 亿美元的杠杆多头头寸，主要集中在比特币和以太坊。这是六个月以来最大的清算，原因是过度杠杆和在美联储最近降息后的获利了结。尽管这一数字令人担忧，但仅占总加密市场市值的 0.04%。历史上，市场往往会迅速从此类抛售中恢复，长期投资者不必过于担心，因为推动增长的基本因素依然强劲</p>

<p>On Sept. 22, the cryptocurrency market was rattled by the abrupt liquidation of roughly $1.5 billion in leveraged long positions in top cryptos like <strong>Bitcoin</strong>(BTC 2.35%) and <strong>Ethereum</strong>(ETH 3.01%). That marked the biggest crypto liquidation event in more than six months.</p>
<div class="lb-trans"><p>在 9 月 22 日，加密货币市场因大约 15 亿美元的顶级加密货币（如 <strong>比特币</strong>（BTC 2.35%）和 <strong>以太坊</strong>（ETH 3.01%））的杠杆多头头寸突然被平仓而受到冲击。这标志着六个月以来最大的加密货币平仓事件。</p>
</div><p>That sell-off wasn't triggered by a single event, but it still rattled the bulls who had some big gains in the crypto market during the past year. Let's review the possible causes for that sudden sell-off -- and see if investors should be worried about even steeper declines.</p>
<div class="lb-trans"><p>这次抛售并不是由单一事件引发的，但它仍然让在过去一年中在加密市场获得丰厚收益的多头感到不安。让我们回顾一下这次突然抛售的可能原因，并看看投资者是否应该担心更大幅度的下跌。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ4ODYvYS1iaXRjb2luLW9uLWEtc2NyZWVuLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834886%2Fa-bitcoin-on-a-screen.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>The possible causes for the crypto liquidation</h2>
<div class="lb-trans"><h2>加密货币平仓的可能原因</h2>
</div><p>That big liquidation was likely caused by an excess of leveraged long positions. As cryptocurrency prices rose during the past year, many investors used margin loans instead of cash to accumulate more coins. But as those crypto prices pulled back, many of those margin traders liquidated their positions so they didn't end up paying margin interest on their underwater positions. Those cascading sales drove even more margin traders to hastily liquidate their holdings.</p>
<div class="lb-trans"><p>这次大规模平仓可能是由于杠杆多头头寸过剩造成的。随着过去一年加密货币价格的上涨，许多投资者使用保证金贷款而不是现金来积累更多的币种。但随着这些加密货币价格的回落，许多保证金交易者平仓以避免在其亏损头寸上支付保证金利息。这些连锁反应的抛售促使更多的保证金交易者匆忙平仓他们的持仓。</p>
</div><p>Lower interest rates generally drive investors back toward cryptocurrencies and other riskier assets. That's why the Federal Reserve's three rate cuts in 2024 drove the market's top cryptos higher. But the Fed only executed its first rate cut of 2025 (a reduction of 25 basis points) on Sept. 17.</p>
<div class="lb-trans"><p>较低的利率通常会驱使投资者重新关注加密货币和其他风险资产。这就是为什么美联储在 2024 年进行的三次降息推动了市场上顶级加密货币的上涨。但美联储在 2025 年仅在 9 月 17 日执行了第一次降息（降幅为 25 个基点）。</p>
</div><p>When that finally happened, some investors who had expected the Fed's rate cut to be a top catalyst for the crypto market this year likely cashed out. That profit-taking was amplified by the cascading liquidations of leveraged positions, which in turn triggered more stop-losses as the top tokens breached some key support levels. For example, Bitcoin's price breached its key support level of $115,000 -- and it's still below that closely watched price as of this writing.</p>
<div class="lb-trans"><p>当这一切终于发生时，一些原本期待美联储降息成为今年加密市场主要催化剂的投资者可能选择了兑现利润。这种获利了结被杠杆头寸的连锁平仓放大，进而触发了更多的止损，因为顶级代币突破了一些关键支撑位。例如，比特币的价格突破了 115,000 美元的关键支撑位——截至目前，它仍低于这一备受关注的价格。</p>
</div><p>That decline could also have been amplified by low liquidity levels between Sunday night and Monday morning in the U.S. market. When there isn't enough liquidity, the price swings can be wider because there aren't enough buyers or sellers to smooth out the trades. Moreover, many of the top cryptocurrencies are held by &#34;whales&#34; -- big anonymous investors who hold large positions and can easily move the market prices with a few large trades. Therefore, that liquidation might have been triggered by a handful of investors.</p>
<div class="lb-trans"><p>这一下跌也可能因美国市场在周日晚上到周一早晨的低流动性水平而加剧。当流动性不足时，价格波动可能会更大，因为没有足够的买家或卖家来平滑交易。此外，许多顶级加密货币由 “鲸鱼” 持有——这些大型匿名投资者持有大量头寸，能够通过几笔大交易轻松影响市场价格。因此，这次平仓可能是由少数投资者引发的。</p>
</div><h2>Should investors worry?</h2>
<div class="lb-trans"><h2>投资者应该担心吗？</h2>
</div><p>A $1.5 billion liquidation in a single day sounds scary, but that's just 0.04% of the combined market cap of $3.8 trillion for all of the world's cryptocurrencies. Coinglass estimates roughly $500 million in Ethereum coins were liquidated, but that's a mere 0.1% of its market cap of $487 billion.</p>
<div class="lb-trans"><p>一天内 15 亿美元的平仓听起来令人恐惧，但这仅占全球加密货币总市值 3.8 万亿美元的 0.04%。Coinglass 估计大约有 5 亿美元的以太坊被平仓，但这仅占其 4870 亿美元市值的 0.1%。</p>
</div><p>The crypto market usually recovers quickly from these sharp sell-offs. According to Coinglass, the last major crypto liquidation happened on March 27. But after that sell-off (and the latest liquidation), Bitcoin and Ethereum have rallied about 30% and 110%, respectively. In other words, this latest liquidation event shouldn't mean too much for long-term investors. It doesn't really affect Bitcoin's scarcity, Ethereum's exposure to the growing market for decentralized apps (dApps), or the underlying catalysts. Instead, it merely tells us that some short-term investors are cashing out and triggering some near-term price swings.</p>
<div class="lb-trans"><p>加密市场通常会迅速从这些剧烈的抛售中恢复过来。根据 Coinglass 的数据，上一次重大加密平仓发生在 3 月 27 日。但在那次抛售（以及最近的平仓）之后，比特币和以太坊分别上涨了约 30% 和 110%。换句话说，这次最新的平仓事件对长期投资者来说并不意味着太多。它并不会真正影响比特币的稀缺性、以太坊在日益增长的去中心化应用（dApps）市场中的曝光率，或其潜在催化剂。相反，它只是告诉我们一些短期投资者正在兑现利润，并触发了一些短期价格波动。</p>
</div><p>Looking ahead, there are still plenty of catalysts for cryptocurrencies on the horizon. The Fed is penciling in two more rate cuts by the end of 2025, followed by at least one rate cut in 2026. More companies and countries are accumulating Bitcoin and other cryptocurrencies as reserve assets, and the growth of decentralized finance (DeFi) platforms should lock in more developers and users. If you expect those tailwinds to kick in over the next few years, there's no reason to fret over a few rounds of panic selling.</p>
<div class="lb-trans"><p>展望未来，仍然有许多催化剂在加密货币的前方。美联储预计到 2025 年底将再降息两次，并在 2026 年至少再降息一次。越来越多的公司和国家正在将比特币和其他加密货币作为储备资产进行积累，而去中心化金融（DeFi）平台的增长应该会锁定更多的开发者和用户。如果你期待这些顺风因素在未来几年内发挥作用，那么对于几轮恐慌性抛售就没有理由感到担忧。</p>
</div>

A Massive Crypto Liquidation Event Just Erased $1.5 Billion In Value. Should Investors Be Worried?

- 9 月 22 日，加密货币市场因约 15 亿美元的强平事件受到冲击。  
- 此次强平主要因投资者使用杠杆头寸，市场流动性低导致价格波动加剧。  
- 尽管短期内出现抛售，但长期投资者不必过于担忧，市场有望快速恢复。

一场大规模的加密货币清算事件刚刚蒸发了 15 亿美元的市值。投资者是否应该感到担忧？