<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/08/image-59-1.png?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://invezz.com/wp-content/uploads/2025/08/image-59-1.png"/></p>
<p>今天加密货币市场发生崩盘，比特币和顶级山寨币如狗狗币（DOGE）、Pi Network（PI）、卡尔达诺（ADA）、Aster（ASTER）和 Ondo（ONDO）均下跌超过 5%。所有代币的市值在过去 24 小时内下降超过 4%，降至 2.93 万亿美元。本文探讨了今天加密市场崩盘的原因。</p>
<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/Crypto-Market-Crash-1024x467.jpeg?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://invezz.com/wp-content/uploads/2025/12/Crypto-Market-Crash-1024x467.jpeg"/></p>
<p>加密市场市值崩盘 | 来源：CMC</p>
<h2>加密崩盘发生在风险规避情绪中</h2>
<p>加密市场崩盘的一个主要原因是投资者在人工智能（AI）紧张情绪持续的情况下，开始采取风险规避的态度。</p>
<p>这些紧张情绪解释了为什么道琼斯、标准普尔 500 和纳斯达克 100 等主要指数在周一继续下跌。道琼斯下跌了 105 点，而标准普尔 500 和纳斯达克 100 分别下跌了 40 和 20 个基点。</p>
<p>顶级 AI 公司如英伟达、博通、CoreWeave 和甲骨文继续下跌，过去几周已抹去超过 1.5 万亿美元的市值。</p>
<p>AI 泡沫破裂的风险正在加大，这一举动将对其他资产类别如加密货币和债券产生影响，因为它们之间存在相关性。</p>
<p>上周，随着甲骨文发布其财报，AI 行业的紧张情绪加剧。尽管其收入和 RPO 增长持续上升，但其负自由现金流和高债务水平引发了投资者的担忧。</p>
<p><img src="https://imageproxy.pbkrs.com/https://pbs.twimg.com/profile_images/799730879064993792/_ErzqsW2_normal.jpg?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://pbs.twimg.com/profile_images/799730879064993792/_ErzqsW2_normal.jpg"/></p>
<p>甲骨文的信用状况持续恶化。该公司的 CDS 利差（违约保险成本）已攀升至 151 个基点，为 2009 年以来的最高水平——这不仅是对甲骨文的警告，也是对更广泛 AI 行业的警告。市场现在正在定价违约的概率。</p>
<p><img src="https://imageproxy.pbkrs.com/https://pbs.twimg.com/media/G8P8WqcWwAATlpJ/query-Zm9ybWF0PXBuZyZuYW1lPXNtYWxs?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://pbs.twimg.com/media/G8P8WqcWwAATlpJ/query-Zm9ybWF0PXBuZyZuYW1lPXNtYWxs"/></p>
<p>2025 年 12 月 16 日 3:12 AM</p>
<p>阅读 48 条回复</p>
<h2>美国宏观数据即将发布</h2>
<p>加密市场今天崩盘的另一个主要原因是投资者在等待即将发布的美国宏观数据。</p>
<p>美国劳工统计局（BLS）将在周二晚些时候发布 10 月份的非农就业报告（NFP），并将在本周四发布最新的消费者物价指数（CPI）报告。</p>
<p>经济学家预计即将发布的报告将显示，10 月份经济新增 55,000 个就业岗位，远低于上个月的 110,000 个。劳动报告可能会受到在 9 月 30 日启动的唐纳德·特朗普自愿退休计划的影响。</p>
<p>与此同时，Trading Economics 编制的数据预计显示，11 月份的头条和消费者物价指数（CPI）将上升至 3%。</p>
<p>这些数据将在美联储宣布 0.25% 的降息并暗示将在 2026 年再次降息一周后发布。降息的速度将取决于即将发布的数据。例如，如果通胀显示出下降的迹象，银行可能会在 2026 年进行更多降息。</p>
<h2>日本银行利率决策</h2>
<p>加密市场崩盘的同时，投资者在等待本周五即将发布的日本银行利率决策。</p>
<p>路透社和 Polymarket 数据的经济学家调查显示，该银行将把利率提高 0.25%，达到多年来的最高水平 0.75%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://pbs.twimg.com/profile_images/1896284158030221312/HkbeAeRL_normal.jpg?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://pbs.twimg.com/profile_images/1896284158030221312/HkbeAeRL_normal.jpg"/></p>
<p>日本银行计划在 12 月 19 日将利率提高 25 个基点。日本银行最近三次加息时，比特币均下跌超过 20%。2024 年 3 月 → -27% 2024 年 7 月 → -30% 2025 年 1 月 → -31%。我们已经看到上周投资者试图提前抛售，导致比特币下跌了 7%。然而，</p>
<p><img src="https://imageproxy.pbkrs.com/https://pbs.twimg.com/media/G8Np0YCXoAIXfqw/query-Zm9ybWF0PXBuZyZuYW1lPXNtYWxs?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://pbs.twimg.com/media/G8Np0YCXoAIXfqw/query-Zm9ybWF0PXBuZyZuYW1lPXNtYWxs"/></p>
<p>2025 年 12 月 15 日 4:30 PM</p>
<p>阅读 115 条回复</p>
<p>该银行加息的目标是应对过去几个月保持在 3% 的高消费者通胀。随着由高市民高桥请求的新刺激计划的影响逐渐显现，这一通胀可能在未来几个月继续上升。</p>
<p>数据显示，当日本银行加息时，加密货币通常会下跌，因为人们认为日本以低利率借款并投资于资产。随着利率上升，这些投资者则会反向操作，出售这些资产，作为他们结束套利交易的一部分。</p>
<h2>期货未平仓合约下降</h2>
<p>加密崩盘发生在投资者继续减少在加密行业的杠杆的情况下，而今年的牛市期间杠杆曾大幅上升。</p>
<p>CoinGlass 数据显示，期货未平仓合约已降至 1290 亿美元，在过去 24 小时内下降了 4%。它从 10 月份的高点超过 2550 亿美元下降。未平仓合约的下降对加密市场构成风险，因为它减少了需求。</p>
<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/Open-Interest-1024x320.jpeg?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://invezz.com/wp-content/uploads/2025/12/Open-Interest-1024x320.jpeg"/></p>
<p>期货未平仓合约 | 来源：CoinGlass</p>
<p>与此同时，过去 24 小时内的清算数量飙升了 109%，近 20 万名交易者被清算。以太坊、比特币、索拉纳和 XRP 的头寸在过去 24 小时内分别被清算超过 2.33 亿美元、1.8 亿美元、3700 万美元和 1560 万美元。</p>
<p>今天的加密崩盘：为什么像狗狗币、Pi Network、卡尔达诺这样的山寨币在下跌，首发于 Invezz</p>

<p>加密市场因对人工智能行业的不安情绪、即将发布的美国宏观数据以及预期中的日本银行加息而出现崩盘。比特币和狗狗币、Pi Network、卡尔达诺等山寨币均下跌超过 5%，市场总市值下降 4%，降至 2.93 万亿美元。投资者正在减少杠杆，这影响了期货未平仓合约和清算情况</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/08/image-59-1.png" alt="" original-src="https://invezz.com/wp-content/uploads/2025/08/image-59-1.png"/></p>
<p>A crypto crash is happening today, with Bitcoin and top altcoins like Dogecoin (DOGE), Pi Network (PI), Cardano (ADA), Aster (ASTER), and Ondo (ONDO) falling by over 5%. The market cap of all tokens dropped by over 4% in the last 24 hours to $2.93 trillion. This article explores why the crypto market crash is happening today.</p>
<div class="lb-trans"><p>今天加密货币市场发生崩盘，比特币和顶级山寨币如狗狗币（DOGE）、Pi Network（PI）、卡尔达诺（ADA）、Aster（ASTER）和 Ondo（ONDO）均下跌超过 5%。所有代币的市值在过去 24 小时内下降超过 4%，降至 2.93 万亿美元。本文探讨了今天加密市场崩盘的原因。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/Crypto-Market-Crash-1024x467.jpeg" alt="" original-src="https://invezz.com/wp-content/uploads/2025/12/Crypto-Market-Crash-1024x467.jpeg"/></p>
<p>Crypto market cap has crashed | Source: CMC</p>
<div class="lb-trans"><p>加密市场市值崩盘 | 来源：CMC</p>
</div><h2>Crypto crash is happening amid risk-off sentiment</h2>
<div class="lb-trans"><h2>加密崩盘发生在风险规避情绪中</h2>
</div><p>One main reason why the crypto market is happening is that investors have embraced a risk-off sentiment as the artificial intelligence (AI) jitters continued.</p>
<div class="lb-trans"><p>加密市场崩盘的一个主要原因是投资者在人工智能（AI）紧张情绪持续的情况下，开始采取风险规避的态度。</p>
</div><p>These jitters explain why top indices like the Dow Jones, S&amp;P 500, and Nasdaq 100 continued to drop on Monday. The Dow Jones fell by 105 points, while the S&amp;P 500 and Nasdaq 100 dropped by 40 and 20 basis points, respectively.</p>
<div class="lb-trans"><p>这些紧张情绪解释了为什么道琼斯、标准普尔 500 和纳斯达克 100 等主要指数在周一继续下跌。道琼斯下跌了 105 点，而标准普尔 500 和纳斯达克 100 分别下跌了 40 和 20 个基点。</p>
</div><p>Top AI companies like Nvidia, Broadcom, CoreWeave, and Oracle continued their downtrend, which has now erased over $1.5 trillion in value in the past few weeks alone.</p>
<div class="lb-trans"><p>顶级 AI 公司如英伟达、博通、CoreWeave 和甲骨文继续下跌，过去几周已抹去超过 1.5 万亿美元的市值。</p>
</div><p>There are risks that the AI bubble is bursting, a move that would have an impact across other asset classes like cryptocurrencies and bonds because of the correlation that exists among them.</p>
<div class="lb-trans"><p>AI 泡沫破裂的风险正在加大，这一举动将对其他资产类别如加密货币和债券产生影响，因为它们之间存在相关性。</p>
</div><p>Jitters in the AI industry accelerated last week when Oracle published its results. While its revenue and RPO growth continued growing, its negative free cash flow and elevated debt levels raised concerns among investors.</p>
<div class="lb-trans"><p>上周，随着甲骨文发布其财报，AI 行业的紧张情绪加剧。尽管其收入和 RPO 增长持续上升，但其负自由现金流和高债务水平引发了投资者的担忧。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://pbs.twimg.com/profile_images/799730879064993792/_ErzqsW2_normal.jpg" alt="" original-src="https://pbs.twimg.com/profile_images/799730879064993792/_ErzqsW2_normal.jpg"/></p>
<p>Oracle’s credit profile continues to worsen. The company’s CDS spread (cost of insuring against default) has climbed to 151bps, its highest level since 2009 – a warning sign not just for Oracle but for the broader AI sector. Markets are now pricing in a probability of default of</p>
<div class="lb-trans"><p>甲骨文的信用状况持续恶化。该公司的 CDS 利差（违约保险成本）已攀升至 151 个基点，为 2009 年以来的最高水平——这不仅是对甲骨文的警告，也是对更广泛 AI 行业的警告。市场现在正在定价违约的概率。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://pbs.twimg.com/media/G8P8WqcWwAATlpJ/query-Zm9ybWF0PXBuZyZuYW1lPXNtYWxs" alt="" original-src="https://pbs.twimg.com/media/G8P8WqcWwAATlpJ?format=png&amp;name=small"/></p>
<p>3:12 AM · Dec 16, 2025</p>
<div class="lb-trans"><p>2025 年 12 月 16 日 3:12 AM</p>
</div><p>Read 48 replies</p>
<div class="lb-trans"><p>阅读 48 条回复</p>
</div><h2>US macro data ahead</h2>
<div class="lb-trans"><h2>美国宏观数据即将发布</h2>
</div><p>The other main reason why the crypto market is crashing today is that investors are waiting for the upcoming macro data from the United States.</p>
<div class="lb-trans"><p>加密市场今天崩盘的另一个主要原因是投资者在等待即将发布的美国宏观数据。</p>
</div><p>The Bureau of Labor Statistics (BLS) will publish the October non-farm payrolls (NFP) report later on Tuesday and the latest consumer price index (CPI) report on Thursday this week.</p>
<div class="lb-trans"><p>美国劳工统计局（BLS）将在周二晚些时候发布 10 月份的非农就业报告（NFP），并将在本周四发布最新的消费者物价指数（CPI）报告。</p>
</div><p>Economists expect the upcoming report to show that the economy added 55k jobs in October, much lower than the 110k it created in the previous month. The labor report will likely be affected by government employees who took Donald Trump’s voluntary retirement, which kicked off on September 30.</p>
<div class="lb-trans"><p>经济学家预计即将发布的报告将显示，10 月份经济新增 55,000 个就业岗位，远低于上个月的 110,000 个。劳动报告可能会受到在 9 月 30 日启动的唐纳德·特朗普自愿退休计划的影响。</p>
</div><p>Meanwhile, data compiled by Trading Economics is expected to show that the headline and Consumer Price Index (CPI) rose to 3% in November.</p>
<div class="lb-trans"><p>与此同时，Trading Economics 编制的数据预计显示，11 月份的头条和消费者物价指数（CPI）将上升至 3%。</p>
</div><p>These numbers will come a week after the Federal Reserve delivered a 0.25% rate cut and hinted that it would cut once in 2026. The pace of cuts will depend on the upcoming data. For example, the bank may deliver more cuts in 2026 if inflation shows signs of coming down.</p>
<div class="lb-trans"><p>这些数据将在美联储宣布 0.25% 的降息并暗示将在 2026 年再次降息一周后发布。降息的速度将取决于即将发布的数据。例如，如果通胀显示出下降的迹象，银行可能会在 2026 年进行更多降息。</p>
</div><h2>Bank of Japan interest rate decision</h2>
<div class="lb-trans"><h2>日本银行利率决策</h2>
</div><p>The crypto market crash is happening as investors wait for the upcoming Bank of Japan interest rate decision on Friday this week.</p>
<div class="lb-trans"><p>加密市场崩盘的同时，投资者在等待本周五即将发布的日本银行利率决策。</p>
</div><p>Economists polled by Reuters and Polymarket data shows that the bank will hike interest rates by 0.25% to a multi-decade high of 0.75%.</p>
<div class="lb-trans"><p>路透社和 Polymarket 数据的经济学家调查显示，该银行将把利率提高 0.25%，达到多年来的最高水平 0.75%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://pbs.twimg.com/profile_images/1896284158030221312/HkbeAeRL_normal.jpg" alt="" original-src="https://pbs.twimg.com/profile_images/1896284158030221312/HkbeAeRL_normal.jpg"/></p>
<p>Bank of Japan is set to hike interest rates by 25bps on December 19The last 3 times BoJ hiked rates, Bitcoin dumped by over 20%March 2024 → -27%July 2024 → -30%January 2025 → -31% We already saw a 7% dump last week as investors tried to front-run the dump.However,</p>
<div class="lb-trans"><p>日本银行计划在 12 月 19 日将利率提高 25 个基点。日本银行最近三次加息时，比特币均下跌超过 20%。2024 年 3 月 → -27% 2024 年 7 月 → -30% 2025 年 1 月 → -31%。我们已经看到上周投资者试图提前抛售，导致比特币下跌了 7%。然而，</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://pbs.twimg.com/media/G8Np0YCXoAIXfqw/query-Zm9ybWF0PXBuZyZuYW1lPXNtYWxs" alt="" original-src="https://pbs.twimg.com/media/G8Np0YCXoAIXfqw?format=png&amp;name=small"/></p>
<p>4:30 PM · Dec 15, 2025</p>
<div class="lb-trans"><p>2025 年 12 月 15 日 4:30 PM</p>
</div><p>Read 115 replies</p>
<div class="lb-trans"><p>阅读 115 条回复</p>
</div><p>The bank’s goal for hiking interest rates is to combat the elevated consumer inflation, which has remained at 3% in the past few months. This inflation may continue rising in the coming months as the impact of the new stimulus packagerequested by Sanae Takaichi flows through the economy.</p>
<div class="lb-trans"><p>该银行加息的目标是应对过去几个月保持在 3% 的高消费者通胀。随着由高市民高桥请求的新刺激计划的影响逐渐显现，这一通胀可能在未来几个月继续上升。</p>
</div><p>Data shows that cryptocurrencies normally drop when the BoJ hikes interest rates because of the perception that the Japanese borrowed cheaply and invested in assets. As rates rise, these investors do the opposite and sell these assets as part of their winding down of the carry trade.</p>
<div class="lb-trans"><p>数据显示，当日本银行加息时，加密货币通常会下跌，因为人们认为日本以低利率借款并投资于资产。随着利率上升，这些投资者则会反向操作，出售这些资产，作为他们结束套利交易的一部分。</p>
</div><h2>Falling futures open interest</h2>
<div class="lb-trans"><h2>期货未平仓合约下降</h2>
</div><p>The crypto crash is happening as investors continue to reduce their leverage in the crypto industry, which soared during this year’s bull run.</p>
<div class="lb-trans"><p>加密崩盘发生在投资者继续减少在加密行业的杠杆的情况下，而今年的牛市期间杠杆曾大幅上升。</p>
</div><p>CoinGlass data shows that the futures open interest has tumbled to $129 billion, down by 4% in the last 24 hours. It dropped from the October high of over $255 billion. A drop in open interest is risky for the crypto market as it reduces the demand.</p>
<div class="lb-trans"><p>CoinGlass 数据显示，期货未平仓合约已降至 1290 亿美元，在过去 24 小时内下降了 4%。它从 10 月份的高点超过 2550 亿美元下降。未平仓合约的下降对加密市场构成风险，因为它减少了需求。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/Open-Interest-1024x320.jpeg" alt="" original-src="https://invezz.com/wp-content/uploads/2025/12/Open-Interest-1024x320.jpeg"/></p>
<p>Futures open interest | Source: CoinGlass</p>
<div class="lb-trans"><p>期货未平仓合约 | 来源：CoinGlass</p>
</div><p>Meanwhile, liquidations soared by 109% in the last 24 hours, with nearly 200k traders being liquidated. Ethereum, Bitcoin, Solana, and XRP positions worth over $233 million, $180 million, $37 million, and $15.6 million were liquidated in the last 24 hours.</p>
<div class="lb-trans"><p>与此同时，过去 24 小时内的清算数量飙升了 109%，近 20 万名交易者被清算。以太坊、比特币、索拉纳和 XRP 的头寸在过去 24 小时内分别被清算超过 2.33 亿美元、1.8 亿美元、3700 万美元和 1560 万美元。</p>
</div><p>The post Crypto crash today: why altcoins like Dogecoin, Pi Network, Cardano are falling appeared first on Invezz</p>
<div class="lb-trans"><p>今天的加密崩盘：为什么像狗狗币、Pi Network、卡尔达诺这样的山寨币在下跌，首发于 Invezz</p>
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