<p>在 9 月 22 日，加密貨幣市場因大約 15 億美元的頂級加密貨幣（如 <strong>比特幣</strong>（BTC 2.35%）和 <strong>以太坊</strong>（ETH 3.01%））的槓桿多頭頭寸突然被平倉而受到衝擊。這標誌着六個月以來最大的加密貨幣平倉事件。</p>
<p>這次拋售並不是由單一事件引發的，但它仍然讓在過去一年中在加密市場獲得豐厚收益的多頭感到不安。讓我們回顧一下這次突然拋售的可能原因，並看看投資者是否應該擔心更大幅度的下跌。</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>圖片來源：Getty Images。</p>
<h2>加密貨幣平倉的可能原因</h2>
<p>這次大規模平倉可能是由於槓桿多頭頭寸過剩造成的。隨着過去一年加密貨幣價格的上漲，許多投資者使用保證金貸款而不是現金來積累更多的幣種。但隨着這些加密貨幣價格的回落，許多保證金交易者平倉以避免在其虧損頭寸上支付保證金利息。這些連鎖反應的拋售促使更多的保證金交易者匆忙平倉他們的持倉。</p>
<p>較低的利率通常會驅使投資者重新關注加密貨幣和其他風險資產。這就是為什麼美聯儲在 2024 年進行的三次降息推動了市場上頂級加密貨幣的上漲。但美聯儲在 2025 年僅在 9 月 17 日執行了第一次降息（降幅為 25 個基點）。</p>
<p>當這一切終於發生時，一些原本期待美聯儲降息成為今年加密市場主要催化劑的投資者可能選擇了兑現利潤。這種獲利了結被槓桿頭寸的連鎖平倉放大，進而觸發了更多的止損，因為頂級代幣突破了一些關鍵支撐位。例如，比特幣的價格突破了 115,000 美元的關鍵支撐位——截至目前，它仍低於這一備受關注的價格。</p>
<p>這一下跌也可能因美國市場在週日晚上到週一早晨的低流動性水平而加劇。當流動性不足時，價格波動可能會更大，因為沒有足夠的買家或賣家來平滑交易。此外，許多頂級加密貨幣由 “鯨魚” 持有——這些大型匿名投資者持有大量頭寸，能夠通過幾筆大交易輕鬆影響市場價格。因此，這次平倉可能是由少數投資者引發的。</p>
<h2>投資者應該擔心嗎？</h2>
<p>一天內 15 億美元的平倉聽起來令人恐懼，但這僅佔全球加密貨幣總市值 3.8 萬億美元的 0.04%。Coinglass 估計大約有 5 億美元的以太坊被平倉，但這僅佔其 4870 億美元市值的 0.1%。</p>
<p>加密市場通常會迅速從這些劇烈的拋售中恢復過來。根據 Coinglass 的數據，上一次重大加密平倉發生在 3 月 27 日。但在那次拋售（以及最近的平倉）之後，比特幣和以太坊分別上漲了約 30% 和 110%。換句話説，這次最新的平倉事件對長期投資者來説並不意味着太多。它並不會真正影響比特幣的稀缺性、以太坊在日益增長的去中心化應用（dApps）市場中的曝光率，或其潛在催化劑。相反，它只是告訴我們一些短期投資者正在兑現利潤，並觸發了一些短期價格波動。</p>
<p>展望未來，仍然有許多催化劑在加密貨幣的前方。美聯儲預計到 2025 年底將再降息兩次，並在 2026 年至少再降息一次。越來越多的公司和國家正在將比特幣和其他加密貨幣作為儲備資產進行積累，而去中心化金融（DeFi）平台的增長應該會鎖定更多的開發者和用户。如果你期待這些順風因素在未來幾年內發揮作用，那麼對於幾輪恐慌性拋售就沒有理由感到擔憂。</p>

ETHE

<p>在 9 月 22 日，加密貨幣市場經歷了一次重大清算事件，抹去了 15 億美元的槓桿多頭頭寸，主要集中在比特幣和以太坊。這是六個月以來最大的清算，原因是過度槓桿和在美聯儲最近降息後的獲利了結。儘管這一數字令人擔憂，但僅佔總加密市場市值的 0.04%。歷史上，市場往往會迅速從此類拋售中恢復，長期投資者不必過於擔心，因為推動增長的基本因素依然強勁</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，加密貨幣市場因大約 15 億美元的頂級加密貨幣（如 <strong>比特幣</strong>（BTC 2.35%）和 <strong>以太坊</strong>（ETH 3.01%））的槓桿多頭頭寸突然被平倉而受到衝擊。這標誌着六個月以來最大的加密貨幣平倉事件。</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>這次拋售並不是由單一事件引發的，但它仍然讓在過去一年中在加密市場獲得豐厚收益的多頭感到不安。讓我們回顧一下這次突然拋售的可能原因，並看看投資者是否應該擔心更大幅度的下跌。</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>圖片來源：Getty Images。</p>
</div><h2>The possible causes for the crypto liquidation</h2>
<div class="lb-trans"><h2>加密貨幣平倉的可能原因</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>這次大規模平倉可能是由於槓桿多頭頭寸過剩造成的。隨着過去一年加密貨幣價格的上漲，許多投資者使用保證金貸款而不是現金來積累更多的幣種。但隨着這些加密貨幣價格的回落，許多保證金交易者平倉以避免在其虧損頭寸上支付保證金利息。這些連鎖反應的拋售促使更多的保證金交易者匆忙平倉他們的持倉。</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>較低的利率通常會驅使投資者重新關注加密貨幣和其他風險資產。這就是為什麼美聯儲在 2024 年進行的三次降息推動了市場上頂級加密貨幣的上漲。但美聯儲在 2025 年僅在 9 月 17 日執行了第一次降息（降幅為 25 個基點）。</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>當這一切終於發生時，一些原本期待美聯儲降息成為今年加密市場主要催化劑的投資者可能選擇了兑現利潤。這種獲利了結被槓桿頭寸的連鎖平倉放大，進而觸發了更多的止損，因為頂級代幣突破了一些關鍵支撐位。例如，比特幣的價格突破了 115,000 美元的關鍵支撐位——截至目前，它仍低於這一備受關注的價格。</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>這一下跌也可能因美國市場在週日晚上到週一早晨的低流動性水平而加劇。當流動性不足時，價格波動可能會更大，因為沒有足夠的買家或賣家來平滑交易。此外，許多頂級加密貨幣由 “鯨魚” 持有——這些大型匿名投資者持有大量頭寸，能夠通過幾筆大交易輕鬆影響市場價格。因此，這次平倉可能是由少數投資者引發的。</p>
</div><h2>Should investors worry?</h2>
<div class="lb-trans"><h2>投資者應該擔心嗎？</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>一天內 15 億美元的平倉聽起來令人恐懼，但這僅佔全球加密貨幣總市值 3.8 萬億美元的 0.04%。Coinglass 估計大約有 5 億美元的以太坊被平倉，但這僅佔其 4870 億美元市值的 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>加密市場通常會迅速從這些劇烈的拋售中恢復過來。根據 Coinglass 的數據，上一次重大加密平倉發生在 3 月 27 日。但在那次拋售（以及最近的平倉）之後，比特幣和以太坊分別上漲了約 30% 和 110%。換句話説，這次最新的平倉事件對長期投資者來説並不意味着太多。它並不會真正影響比特幣的稀缺性、以太坊在日益增長的去中心化應用（dApps）市場中的曝光率，或其潛在催化劑。相反，它只是告訴我們一些短期投資者正在兑現利潤，並觸發了一些短期價格波動。</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>展望未來，仍然有許多催化劑在加密貨幣的前方。美聯儲預計到 2025 年底將再降息兩次，並在 2026 年至少再降息一次。越來越多的公司和國家正在將比特幣和其他加密貨幣作為儲備資產進行積累，而去中心化金融（DeFi）平台的增長應該會鎖定更多的開發者和用户。如果你期待這些順風因素在未來幾年內發揮作用，那麼對於幾輪恐慌性拋售就沒有理由感到擔憂。</p>
</div>

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

- 9 月 22 日，加密貨幣市場因約 15 億美元的強平事件受到衝擊。  
- 此次強平主要因投資者使用槓桿頭寸，市場流動性低導致價格波動加劇。  
- 儘管短期內出現拋售，但長期投資者不必過於擔憂，市場有望快速恢復。

一場大規模的加密貨幣清算事件剛剛蒸發了 15 億美元的市值。投資者是否應該感到擔憂？