<p>在过去 24 小时内，加密市场市值下降了 1.97%，在撰写时为 3.05 万亿美元。自 1 月 14 日以来，市值下降了 6.95%。</p>
<p>比特币 [BTC] 在 1 月 19 日跌破 94,500 美元，导致市场普遍抛售。</p>
<p>美国总统唐纳德·特朗普对欧洲发出了关税行动的信号，这一最新的关税驱动的不确定性帮助解释了今天加密货币下跌的原因。Kobeissi Letter 在 X 平台上指出，美国股市期货也延续了其跌势。</p>
<p>纳斯达克 100 指数因贸易战担忧下跌了 1.6%。在 1 月 19 日，700.5 百万美元的头寸被平仓，撰写时第二天又有 301.7 百万美元的头寸被平仓。</p>
<h2><strong>机构需求与现货和衍生品卖方主导的对比</strong></h2>
<p>比特币通常是加密市场情绪的良好指标。山寨币有时像杠杆比特币合约一样，朝着与比特币相同的方向放大波动。</p>
<p>它们的反应通常比比特币更为悲观，这解释了为什么比特币的市场主导地位在过去六周略有上升。虽然比特币可以看到持续的现货 ETF 流入的火花，例如上周，但这并不保证稳定的牛市趋势。</p>
<p>机构需求也在强劲增长。CoinGecko 的比特币财政数据表明，Strategy [MSTR] 和 Metaplanet 的持有量中增加了大量比特币。AMBCrypto 报道，Saylor 暗示将进行另一笔收购，在 1 月 12 日将 13,627 BTC 添加到其储备中。</p>
<p>再一次，这还不足以维持上升趋势。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Taker-Buy-Sell-Aggression.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://ambcrypto.com/wp-content/uploads/2026/01/Taker-Buy-Sell-Aggression.png"/></p>
<p>来源：Axel Adler Jr</p>
<p>加密分析师 Axel Adler Jr 透露，卖方在经过几周的看涨压力后重新掌控了衍生品市场。Taker 买卖比率显示，90 天的 Taker 攻击 Z-score 为-1.81，表明卖方主导的市场状态。</p>
<p>该指标向中性水平的恢复将是市场卖出订单减少的一个令人鼓舞的迹象。目前，未来几天可能会有进一步的下行空间。</p>
<hr/>
<h2>最终思考</h2>
<ul>
<li><em>由于多种原因，今天加密货币下跌，主要是由于美欧贸易战导致的风险规避市场情绪。</em></li>
<li><em>自周一抛售以来，比特币的卖出压力不断增加，未来几天可能会有更多损失。</em></li>
</ul>

<p>加密市场市值下降 1.97%，降至 3.05 万亿美元，比特币价格跌破 94,500 美元，主要受到美国总统关税担忧的影响。机构需求依然强劲，但衍生品市场的卖方主导地位有所增加，导致进一步的潜在损失。由于贸易战的担忧，市场情绪趋于谨慎，近期发生了大量清算。比特币的市场主导地位略有上升，但整体看跌趋势依然存在，预计未来几天可能会有更多下行空间</p>

<p>The crypto market capitalization was down 1.97% in the past 24 hours and was at $3.05 trillion at the time of writing. It was down 6.95% since the 14th of January.</p>
<div class="lb-trans"><p>在过去 24 小时内，加密市场市值下降了 1.97%，在撰写时为 3.05 万亿美元。自 1 月 14 日以来，市值下降了 6.95%。</p>
</div><p>Bitcoin [BTC] fell below the $94.5k level on the 19th of January, forcing market-wide selloffs.</p>
<div class="lb-trans"><p>比特币 [BTC] 在 1 月 19 日跌破 94,500 美元，导致市场普遍抛售。</p>
</div><p>U.S. President Donald Trump signaled tariff action against Europe, and this latest tariff-driven uncertainty helped explain why crypto is down today. Kobeissi Letter noted in a post on X that the U.S. stock market futures extended their session losses, too.</p>
<div class="lb-trans"><p>美国总统唐纳德·特朗普对欧洲发出了关税行动的信号，这一最新的关税驱动的不确定性帮助解释了今天加密货币下跌的原因。Kobeissi Letter 在 X 平台上指出，美国股市期货也延续了其跌势。</p>
</div><p>The Nasdaq 100 fell 1.6% amid trade war concerns. On the 19th of January, $700.5 million in positions were liquidated, followed by $301.7 million the next day at the time of writing.</p>
<div class="lb-trans"><p>纳斯达克 100 指数因贸易战担忧下跌了 1.6%。在 1 月 19 日，700.5 百万美元的头寸被平仓，撰写时第二天又有 301.7 百万美元的头寸被平仓。</p>
</div><h2><strong>Institutional demand vs. spot and derivatives seller dominance</strong></h2>
<div class="lb-trans"><h2><strong>机构需求与现货和衍生品卖方主导的对比</strong></h2>
</div><p>Bitcoin is usually a good indicator of the crypto market sentiment. Altcoins sometimes act like leveraged BTC contracts and witness amplified moves in the same direction as Bitcoin.</p>
<div class="lb-trans"><p>比特币通常是加密市场情绪的良好指标。山寨币有时像杠杆比特币合约一样，朝着与比特币相同的方向放大波动。</p>
</div><p>They have generally reacted much more bearishly than Bitcoin, which explained why the Bitcoin Dominance has climbed slightly higher in the past six weeks. While Bitcoin can see sparks of sustained spot ETF inflows, such as last week, it does not guarantee a steady bullish trend.</p>
<div class="lb-trans"><p>它们的反应通常比比特币更为悲观，这解释了为什么比特币的市场主导地位在过去六周略有上升。虽然比特币可以看到持续的现货 ETF 流入的火花，例如上周，但这并不保证稳定的牛市趋势。</p>
</div><p>Institutional demand was also going strong. CoinGecko Bitcoin Treasury data showed sizeable Bitcoin additions to holdings from Strategy [MSTR] and Metaplanet. AMBCrypto reported that Saylor hinted at another acquisition, having added 13,627 BTC to its reserves on the 12th of January.</p>
<div class="lb-trans"><p>机构需求也在强劲增长。CoinGecko 的比特币财政数据表明，Strategy [MSTR] 和 Metaplanet 的持有量中增加了大量比特币。AMBCrypto 报道，Saylor 暗示将进行另一笔收购，在 1 月 12 日将 13,627 BTC 添加到其储备中。</p>
</div><p>Once more, this is not enough to sustain an uptrend.</p>
<div class="lb-trans"><p>再一次，这还不足以维持上升趋势。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Taker-Buy-Sell-Aggression.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/01/Taker-Buy-Sell-Aggression.png"/></p>
<p>Source: Axel Adler Jr</p>
<div class="lb-trans"><p>来源：Axel Adler Jr</p>
</div><p>Crypto analyst Axel Adler Jr revealed that sellers had regained control of the derivatives after weeks of bullish pressure. The Taker Buy/Sell Ratio showed that the 90-day taker aggression Z-score of -1.81 corresponded to a seller-dominant regime.</p>
<div class="lb-trans"><p>加密分析师 Axel Adler Jr 透露，卖方在经过几周的看涨压力后重新掌控了衍生品市场。Taker 买卖比率显示，90 天的 Taker 攻击 Z-score 为-1.81，表明卖方主导的市场状态。</p>
</div><p>The metric’s recovery toward neutral levels would be an encouraging sign that the market sell orders were decreasing. For now, further downside is possible in the coming days.</p>
<div class="lb-trans"><p>该指标向中性水平的恢复将是市场卖出订单减少的一个令人鼓舞的迹象。目前，未来几天可能会有进一步的下行空间。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Final Thoughts</h2>
<div class="lb-trans"><h2>最终思考</h2>
</div><ul>
<li><em>Crypto is down today due to a combination of reasons, primarily the US-EU trade war that has led to a risk-off market sentiment.</em></li>
<li><em>Bitcoin taker sell pressure has mounted since Monday’s sell-off, and more losses are possible in the coming days.</em></li>
</ul>
<div class="lb-trans"><ul>
<li><em>由于多种原因，今天加密货币下跌，主要是由于美欧贸易战导致的风险规避市场情绪。</em></li>
<li><em>自周一抛售以来，比特币的卖出压力不断增加，未来几天可能会有更多损失。</em></li>
</ul>
</div>

Why is crypto down today? Tariff jitters, seller dominance explained

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为什么今天加密货币价格下跌？关税引发的紧张情绪以及卖方主导地位的原因解析