<p>在过去 24 小时内，由于贸易关税的宏观经济不确定性，加密货币市场遭遇了大规模的清算。根据 CoinGlass 的数据，在此期间，加密市场损失了 193.8 亿美元，资产价格骤降至意想不到的低点。</p>
<p><strong>加密市场因关税紧张面临 190 亿美元的清算</strong></p>
<p>尽管这些清算数字令人震惊，但 Real Vision 创始人 Raoul Pal 却将市场反应视为 “噪音”。他认为，大多数反应来自可能使用杠杆头寸进行交易的短期交易者。</p>
<p>考虑到大多数资产的价格下跌幅度，这可能会对他们的资金产生重大影响，并算作损失。在贸易关税公告之前，加密市场在此期间下跌了 9.18%，因为市场之前的走势较为乐观。</p>
<p>许多投资者对 “十月反弹” 持乐观态度，并借款以增加他们的头寸。</p>
<p>然而，Raoul Pal 坚持认为，对于使用自有资本进行交易的长期投资者而言，市场波动并不重要。从长远来看，这不会影响他们的投资结果。对 Pal 来说，明天总会比今天更数字化，因此，比特币、以太坊和 XRP 等数字资产将始终具有相关性。</p>
<blockquote>
<p>如果你不使用杠杆，这一切都是噪音。</p>
<p>作为长期持有者，你只需要问两个问题：</p>
<p>明天会比今天更数字化吗？</p>
<p>流动性周期和商业周期是否已经见顶，还是仍在上升，以融资需要滚入的 10 万亿美元……</p>
<p>2025 年 10 月 11 日</p>
</blockquote>
<p>他相信，世界将继续变得更加数字化，人工智能（AI）和区块链技术是金融交易所必需的。此外，流动性周期仍在上升轨道上。</p>
<p>Pal 坚称，如果中央银行和政府继续增加流动性，加密市场将得到支持，因为在接下来的 12 个月内需要滚入约 10 万亿美元。</p>
<p>这位市场分析师敦促真正的投资者考虑长期，并忽略当前的清算噪音。他建议行业参与者在价格下跌时买入并积累更多。Pal 强调，在未来五年内，这些都不会重要。</p>
<p><strong>价格下跌，投资者 “买入抄底”</strong></p>
<p>清算导致主要资产价格出现回落，截至目前，比特币的价值下跌了 7.86%，交易价格为 112,104.11 美元。然而，交易量激增了 167.15%，达到了 1980.4 亿美元，表明市场参与者将其视为买入机会。</p>
<p>同样，以太坊的交易价格为 3,824.05 美元，在同一时间段内下降了 12%。XRP 也跟随这一趋势，跌幅为 12.06%，交易价格为 2.48 美元。</p>
<p>市场参与者仍然乐观地认为，波动性将会在不久的将来让位于稳定和恢复。</p>

ETHE

<p>加密货币市场经历了一次重大清算事件，在 24 小时内损失了 193.8 亿美元，原因是与贸易关税相关的宏观经济不确定性。尽管如此，Real Vision 的创始人 Raoul Pal 认为市场反应只是暂时的噪音，主要影响短期交易者。他鼓励长期投资者在价格回调时买入，坚信随着世界日益数字化，数字资产将继续保持相关性。比特币和以太坊等主要加密货币价格下跌，但交易量激增，表明这是投资者的买入机会</p>

<p>The cryptocurrency market has, in the last 24 hours, suffered massive liquidation as a result of macroeconomic uncertainties surrounding trade tariffs. As per CoinGlass data, the crypto market registered a loss of $19.38 billion within this period as prices of assets nosedived to unexpected lows.</p>
<div class="lb-trans"><p>在过去 24 小时内，由于贸易关税的宏观经济不确定性，加密货币市场遭遇了大规模的清算。根据 CoinGlass 的数据，在此期间，加密市场损失了 193.8 亿美元，资产价格骤降至意想不到的低点。</p>
</div><p><strong>Crypto market faces $19 billion liquidation amid tariff tensions</strong></p>
<div class="lb-trans"><p><strong>加密市场因关税紧张面临 190 亿美元的清算</strong></p>
</div><p>Despite these staggering liquidation numbers, Real Vision founder Raoul Pal has dismissed the market reaction as &#34;all noise.&#34; According to him, most of the reaction is coming from short-term traders who possibly traded using leveraged positions.</p>
<div class="lb-trans"><p>尽管这些清算数字令人震惊，但 Real Vision 创始人 Raoul Pal 却将市场反应视为 “噪音”。他认为，大多数反应来自可能使用杠杆头寸进行交易的短期交易者。</p>
</div><p>This could greatly impact their funds and count as losses to them, given how low most assets dropped. The crypto market shed 9.18% within this time frame because of the bullish nature of the market before the trade tariff announcement.</p>
<div class="lb-trans"><p>考虑到大多数资产的价格下跌幅度，这可能会对他们的资金产生重大影响，并算作损失。在贸易关税公告之前，加密市场在此期间下跌了 9.18%，因为市场之前的走势较为乐观。</p>
</div><p>Many investors were positive that the &#34;Uptober rally&#34; would linger and had borrowed funds to increase their position.</p>
<div class="lb-trans"><p>许多投资者对 “十月反弹” 持乐观态度，并借款以增加他们的头寸。</p>
</div><p>However, Raoul Pal maintained that for long-term investors trading with their own capital, the market volatility does not matter. In the long run, it will not affect their investment outcomes. For Pal, tomorrow will always be more digital than today, and as such, digital assets like Bitcoin , Ethereum  and XRP will always have relevance.</p>
<div class="lb-trans"><p>然而，Raoul Pal 坚持认为，对于使用自有资本进行交易的长期投资者而言，市场波动并不重要。从长远来看，这不会影响他们的投资结果。对 Pal 来说，明天总会比今天更数字化，因此，比特币、以太坊和 XRP 等数字资产将始终具有相关性。</p>
</div><blockquote>
<p>All of this is noise if you don't use leverage.</p>
<p>There are only 2 questions you need to ask as a long term holder:</p>
<p>Will tomorrow be more digital than today?</p>
<p>Has the liquidity cycle and business cycle topped or is it still rising to finance the $10trn that needs to roll in the…</p>
<p>Oct 11, 2025</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>如果你不使用杠杆，这一切都是噪音。</p>
<p>作为长期持有者，你只需要问两个问题：</p>
<p>明天会比今天更数字化吗？</p>
<p>流动性周期和商业周期是否已经见顶，还是仍在上升，以融资需要滚入的 10 万亿美元……</p>
<p>2025 年 10 月 11 日</p>
</blockquote>
</div><p>He believes the world will continue to get more digitalized and that artificial intelligence (AI) and blockchain technology are required for financial transactions. Additionally, the liquidity cycle remains on an upward trajectory.</p>
<div class="lb-trans"><p>他相信，世界将继续变得更加数字化，人工智能（AI）和区块链技术是金融交易所必需的。此外，流动性周期仍在上升轨道上。</p>
</div><p>Pal insists that if central banks and governments continue to increase liquidity, the crypto market will be supported, as about $10 trillion needs to roll in within the next 12 months.</p>
<div class="lb-trans"><p>Pal 坚称，如果中央银行和政府继续增加流动性，加密市场将得到支持，因为在接下来的 12 个月内需要滚入约 10 万亿美元。</p>
</div><p>The market analyst urged real investors to think long-term and ignore the current liquidation noise. He advised players in the sector to buy the dip and accumulate more with this price drop. Pal emphasized that in the next five years, these will not matter.</p>
<div class="lb-trans"><p>这位市场分析师敦促真正的投资者考虑长期，并忽略当前的清算噪音。他建议行业参与者在价格下跌时买入并积累更多。Pal 强调，在未来五年内，这些都不会重要。</p>
</div><p><strong>Prices drop as investors &#34;buy dip&#34;</strong></p>
<div class="lb-trans"><p><strong>价格下跌，投资者 “买入抄底”</strong></p>
</div><p>The liquidation has caused a setback in the price of major assets, with Bitcoin losing 7.86% of its value to change hands at $112,104.11 as of this writing. However, the volume has soared by 167.15% to $198.04 billion, indicating that market participants are treating it as a buy opportunity.</p>
<div class="lb-trans"><p>清算导致主要资产价格出现回落，截至目前，比特币的价值下跌了 7.86%，交易价格为 112,104.11 美元。然而，交易量激增了 167.15%，达到了 1980.4 亿美元，表明市场参与者将其视为买入机会。</p>
</div><p>Similarly, Ethereum was exchanging at $3,824.05, a 12% decline within the same time frame. XRP followed the trend, losing 12.06% to trade at $2.48.</p>
<div class="lb-trans"><p>同样，以太坊的交易价格为 3,824.05 美元，在同一时间段内下降了 12%。XRP 也跟随这一趋势，跌幅为 12.06%，交易价格为 2.48 美元。</p>
</div><p>Market participants remain optimistic that the volatility will give way to stability and recovery in a matter of time.</p>
<div class="lb-trans"><p>市场参与者仍然乐观地认为，波动性将会在不久的将来让位于稳定和恢复。</p>
</div>

Raoul Pal 谈论最大清算事件：‘如果可以，买入更多’