<p>比特币在 1 月 25 日星期日跌破 87,000 美元，此前美国总统唐纳德·特朗普威胁对加拿大征收 100% 的关税，并且有消息称预计将发生政府停摆。</p>
<p>这一下跌引发了一系列的强制平仓。</p>
<p>根据 CoinGlass 的数据，在过去 24 小时内，加密货币市场上有价值 6.771 亿美元的头寸被平仓，其中 6.062 亿美元为多头头寸。</p>
<h2><strong>比特币正处于空头的掌控之中</strong></h2>
<p>分析师 Darkfost 在 X 平台上发布的帖子中强调了比特币 [BTC] 的未平仓合约（Open Interest）下降。这一下降自 11 月以来一直在持续，未能支持新趋势的出现。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Bitcoin-Open-Interest.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://ambcrypto.com/wp-content/uploads/2026/01/Bitcoin-Open-Interest.jpg"/></p>
<p>来源：Darkfost 在 X 平台上</p>
<p>1 月的第一周，未平仓合约有所上升，但这只是短暂的反弹。</p>
<p>如果未平仓合约开始上升，这可能表明趋势反转向看涨，但目前并非如此。现状是，随着比特币持续下跌，衍生品市场正在去杠杆化。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Bitcoin-Taker-Buy-Sell-Ratio-scaled.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/Bitcoin-Taker-Buy-Sell-Ratio-scaled.png"/></p>
<p>来源：CryptoQuant</p>
<p>买卖比率（Taker Buy/Sell Ratio）衡量哪一方占主导地位以及他们的攻击性。当比率跌破 1 时，反映出空头是市场订单的主要参与者，并推动价格下跌。</p>
<p>该指标的 7 日移动平均值一直低于 1，除了 1 月的第一周。</p>
<h2><strong>链上风险指标恶化</strong></h2>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Bitcoin-Advanced-Net-UTXO-Supply-Ratio-scaled.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/Bitcoin-Advanced-Net-UTXO-Supply-Ratio-scaled.png"/></p>
<p>来源：Axel Adler Jr Insights</p>
<p>另一位分析师 Axel Adler Jr 同意这些发现，表示上周是比特币的 “加速恶化模式”。净 UTXO 供应比率在过去一周跌破 0.50，进入了 “高风险区”。</p>
<p>该比率从 1 月 19 日的 0.452 降至 1 月 25 日的 0.319。在更广泛的下行趋势中，任何反弹都是微不足道的。</p>
<p>如果没有实际需求出现，分析师警告，持续疲软和进一步下跌的可能性仍然很高。</p>
<p>交易者和投资者应记住，整体市场情绪是恐惧的，并应相应地调整本周的交易策略。</p>
<hr/>
<h2>最后思考</h2>
<ul>
<li><em>政府停摆和对美国邻国的关税威胁在星期日的晚间吓坏了市场，加剧了空头情绪。</em></li>
<li><em>链上指标一致表明卖方占主导地位，任何短期价格反弹都是过去一周下行趋势的一部分。</em></li>
</ul>

<p>比特币经历了显著下跌，跌破了 87,000 美元，导致 6.771 亿美元的清算，主要是多头头寸。分析师指出，自 11 月以来，未平仓合约数量有所下降，显示出看跌情绪。买卖比率保持在 1 以下，反映出空头的主导地位。链上风险指标恶化，净未花费交易输出供应比率降入高风险区间。市场情绪恐慌，受到潜在政府关门和关税的影响，暗示比特币价格将继续疲软</p>

<p>Bitcoin fell below $87k on Sunday, the 25th of January, after U.S. President Donald Trump threatened a 100% tariff on Canada and a U.S. government shutdown, and news came out that a government shutdown was expected.</p>
<div class="lb-trans"><p>比特币在 1 月 25 日星期日跌破 87,000 美元，此前美国总统唐纳德·特朗普威胁对加拿大征收 100% 的关税，并且有消息称预计将发生政府停摆。</p>
</div><p>This drop prompted a cascade of liquidations.</p>
<div class="lb-trans"><p>这一下跌引发了一系列的强制平仓。</p>
</div><p>In the past 24 hours, $677.1 million worth of positions were liquidated in crypto, according to CoinGlass data. Of them, $606.2 million were long positions.</p>
<div class="lb-trans"><p>根据 CoinGlass 的数据，在过去 24 小时内，加密货币市场上有价值 6.771 亿美元的头寸被平仓，其中 6.062 亿美元为多头头寸。</p>
</div><h2><strong>Bitcoin is in the grip of the bears</strong></h2>
<div class="lb-trans"><h2><strong>比特币正处于空头的掌控之中</strong></h2>
</div><p>In a post on X, analyst Darkfost highlighted the falling Open Interest behind Bitcoin [BTC]. This decline has been progressing since November, which did not support the emergence of a new trend.</p>
<div class="lb-trans"><p>分析师 Darkfost 在 X 平台上发布的帖子中强调了比特币 [BTC] 的未平仓合约（Open Interest）下降。这一下降自 11 月以来一直在持续，未能支持新趋势的出现。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Bitcoin-Open-Interest.jpg" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/01/Bitcoin-Open-Interest.jpg"/></p>
<p>Source: Darkfost on X</p>
<div class="lb-trans"><p>来源：Darkfost 在 X 平台上</p>
</div><p>The first week of January saw an uptick in OI, but it was only a brief bounce.</p>
<div class="lb-trans"><p>1 月的第一周，未平仓合约有所上升，但这只是短暂的反弹。</p>
</div><p>If the Open Interest begins to rise, it could be indicative of a trend reversal toward bullish, but this is not the case yet. As things stand, the Derivatives market deleveraged as Bitcoin continued to trend lower.</p>
<div class="lb-trans"><p>如果未平仓合约开始上升，这可能表明趋势反转向看涨，但目前并非如此。现状是，随着比特币持续下跌，衍生品市场正在去杠杆化。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Bitcoin-Taker-Buy-Sell-Ratio-scaled.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/01/Bitcoin-Taker-Buy-Sell-Ratio-scaled.png"/></p>
<p>Source: CryptoQuant</p>
<div class="lb-trans"><p>来源：CryptoQuant</p>
</div><p>The Taker Buy/Sell Ratio measures which side is dominant and how aggressive they are. As the ratio drops below 1, it reflects that bears are the majority of the takers, or market orders, and are responsible for driving the price.</p>
<div class="lb-trans"><p>买卖比率（Taker Buy/Sell Ratio）衡量哪一方占主导地位以及他们的攻击性。当比率跌破 1 时，反映出空头是市场订单的主要参与者，并推动价格下跌。</p>
</div><p>The 7-day moving average of the metric has been under 1, except for the first week of January.</p>
<div class="lb-trans"><p>该指标的 7 日移动平均值一直低于 1，除了 1 月的第一周。</p>
</div><h2><strong>On-chain risk metrics worsened</strong></h2>
<div class="lb-trans"><h2><strong>链上风险指标恶化</strong></h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Bitcoin-Advanced-Net-UTXO-Supply-Ratio-scaled.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/01/Bitcoin-Advanced-Net-UTXO-Supply-Ratio-scaled.png"/></p>
<p>Source: Axel Adler Jr Insights</p>
<div class="lb-trans"><p>来源：Axel Adler Jr Insights</p>
</div><p>Another analyst, Axel Adler Jr, agreed with these findings, stating that the previous week was an “accelerated deterioration mode” for BTC. The Net UTXO Supply Ratio fell below 0.50 over the past week, into an “elevated risk zone”.</p>
<div class="lb-trans"><p>另一位分析师 Axel Adler Jr 同意这些发现，表示上周是比特币的 “加速恶化模式”。净 UTXO 供应比率在过去一周跌破 0.50，进入了 “高风险区”。</p>
</div><p>It degraded from the fairly confident 0.452 value on the 19th of January to 0.319 on the 25th of January. Any bounces in between were insubstantial within the broader downward impulse.</p>
<div class="lb-trans"><p>该比率从 1 月 19 日的 0.452 降至 1 月 25 日的 0.319。在更广泛的下行趋势中，任何反弹都是微不足道的。</p>
</div><p>If real demand does not appear, the analyst warned, the probability of continued weakness and further lows remains high.</p>
<div class="lb-trans"><p>如果没有实际需求出现，分析师警告，持续疲软和进一步下跌的可能性仍然很高。</p>
</div><p>Traders and investors should remember that the broader market sentiment was fearful and should navigate this week’s trading accordingly.</p>
<div class="lb-trans"><p>交易者和投资者应记住，整体市场情绪是恐惧的，并应相应地调整本周的交易策略。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Final Thoughts</h2>
<div class="lb-trans"><h2>最后思考</h2>
</div><ul>
<li><em>Threat of a government shutdown and tariffs on a U.S. neighbor spooked the market in the late hours of Sunday, exacerbating bearish sentiment.</em></li>
<li><em>The onchain metrics agreed that sellers were dominant, and any short-term price bounce was part of the downward impulse of the past week.</em></li>
</ul>
<div class="lb-trans"><ul>
<li><em>政府停摆和对美国邻国的关税威胁在星期日的晚间吓坏了市场，加剧了空头情绪。</em></li>
<li><em>链上指标一致表明卖方占主导地位，任何短期价格反弹都是过去一周下行趋势的一部分。</em></li>
</ul>
</div>

Bitcoin: $677mln liquidations meet THESE 3 signals flashing risk

- 比特币在 1 月 25 日跌至 87,000 美元以下，因特朗普威胁加征关税。  
- 24 小时内，加密市场清算金额达 6.77 亿美元，主要为多头。  
- 市场情绪恐慌，风险指标恶化，未来走势仍可能承压。

比特币：6.77 亿美元的清算遇到这三个显示风险的信号