<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>今天加密貨幣市場發生崩盤，比特幣和頂級山寨幣如狗狗幣（DOGE）、Pi Network（PI）、卡爾達諾（ADA）、Aster（ASTER）和 Ondo（ONDO）均下跌超過 5%。所有代幣的市值在過去 24 小時內下降超過 4%，降至 2.93 萬億美元。本文探討了今天加密市場崩盤的原因。</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>加密市場市值崩盤 | 來源：CMC</p>
<h2>加密崩盤發生在風險規避情緒中</h2>
<p>加密市場崩盤的一個主要原因是投資者在人工智能（AI）緊張情緒持續的情況下，開始採取風險規避的態度。</p>
<p>這些緊張情緒解釋了為什麼道瓊斯、標準普爾 500 和納斯達克 100 等主要指數在週一繼續下跌。道瓊斯下跌了 105 點，而標準普爾 500 和納斯達克 100 分別下跌了 40 和 20 個基點。</p>
<p>頂級 AI 公司如英偉達、博通、CoreWeave 和甲骨文繼續下跌，過去幾周已抹去超過 1.5 萬億美元的市值。</p>
<p>AI 泡沫破裂的風險正在加大，這一舉動將對其他資產類別如加密貨幣和債券產生影響，因為它們之間存在相關性。</p>
<p>上週，隨着甲骨文發佈其財報，AI 行業的緊張情緒加劇。儘管其收入和 RPO 增長持續上升，但其負自由現金流和高債務水平引發了投資者的擔憂。</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>甲骨文的信用狀況持續惡化。該公司的 CDS 利差（違約保險成本）已攀升至 151 個基點，為 2009 年以來的最高水平——這不僅是對甲骨文的警告，也是對更廣泛 AI 行業的警告。市場現在正在定價違約的概率。</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>閲讀 48 條回覆</p>
<h2>美國宏觀數據即將發佈</h2>
<p>加密市場今天崩盤的另一個主要原因是投資者在等待即將發佈的美國宏觀數據。</p>
<p>美國勞工統計局（BLS）將在週二晚些時候發佈 10 月份的非農就業報告（NFP），並將在本週四發佈最新的消費者物價指數（CPI）報告。</p>
<p>經濟學家預計即將發佈的報告將顯示，10 月份經濟新增 55,000 個就業崗位，遠低於上個月的 110,000 個。勞動報告可能會受到在 9 月 30 日啓動的唐納德·特朗普自願退休計劃的影響。</p>
<p>與此同時，Trading Economics 編制的數據預計顯示，11 月份的頭條和消費者物價指數（CPI）將上升至 3%。</p>
<p>這些數據將在美聯儲宣佈 0.25% 的降息並暗示將在 2026 年再次降息一週後發佈。降息的速度將取決於即將發佈的數據。例如，如果通脹顯示出下降的跡象，銀行可能會在 2026 年進行更多降息。</p>
<h2>日本銀行利率決策</h2>
<p>加密市場崩盤的同時，投資者在等待本週五即將發佈的日本銀行利率決策。</p>
<p>路透社和 Polymarket 數據的經濟學家調查顯示，該銀行將把利率提高 0.25%，達到多年來的最高水平 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>日本銀行計劃在 12 月 19 日將利率提高 25 個基點。日本銀行最近三次加息時，比特幣均下跌超過 20%。2024 年 3 月 → -27% 2024 年 7 月 → -30% 2025 年 1 月 → -31%。我們已經看到上週投資者試圖提前拋售，導致比特幣下跌了 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>閲讀 115 條回覆</p>
<p>該銀行加息的目標是應對過去幾個月保持在 3% 的高消費者通脹。隨着由高市民高橋請求的新刺激計劃的影響逐漸顯現，這一通脹可能在未來幾個月繼續上升。</p>
<p>數據顯示，當日本銀行加息時，加密貨幣通常會下跌，因為人們認為日本以低利率借款並投資於資產。隨着利率上升，這些投資者則會反向操作，出售這些資產，作為他們結束套利交易的一部分。</p>
<h2>期貨未平倉合約下降</h2>
<p>加密崩盤發生在投資者繼續減少在加密行業的槓桿的情況下，而今年的牛市期間槓桿曾大幅上升。</p>
<p>CoinGlass 數據顯示，期貨未平倉合約已降至 1290 億美元，在過去 24 小時內下降了 4%。它從 10 月份的高點超過 2550 億美元下降。未平倉合約的下降對加密市場構成風險，因為它減少了需求。</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>期貨未平倉合約 | 來源：CoinGlass</p>
<p>與此同時，過去 24 小時內的清算數量飆升了 109%，近 20 萬名交易者被清算。以太坊、比特幣、索拉納和 XRP 的頭寸在過去 24 小時內分別被清算超過 2.33 億美元、1.8 億美元、3700 萬美元和 1560 萬美元。</p>
<p>今天的加密崩盤：為什麼像狗狗幣、Pi Network、卡爾達諾這樣的山寨幣在下跌，首發於 Invezz</p>

<p>加密市場因對人工智能行業的不安情緒、即將發佈的美國宏觀數據以及預期中的日本銀行加息而出現崩盤。比特幣和狗狗幣、Pi Network、卡爾達諾等山寨幣均下跌超過 5%，市場總市值下降 4%，降至 2.93 萬億美元。投資者正在減少槓桿，這影響了期貨未平倉合約和清算情況</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>今天加密貨幣市場發生崩盤，比特幣和頂級山寨幣如狗狗幣（DOGE）、Pi Network（PI）、卡爾達諾（ADA）、Aster（ASTER）和 Ondo（ONDO）均下跌超過 5%。所有代幣的市值在過去 24 小時內下降超過 4%，降至 2.93 萬億美元。本文探討了今天加密市場崩盤的原因。</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>加密市場市值崩盤 | 來源：CMC</p>
</div><h2>Crypto crash is happening amid risk-off sentiment</h2>
<div class="lb-trans"><h2>加密崩盤發生在風險規避情緒中</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>加密市場崩盤的一個主要原因是投資者在人工智能（AI）緊張情緒持續的情況下，開始採取風險規避的態度。</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>這些緊張情緒解釋了為什麼道瓊斯、標準普爾 500 和納斯達克 100 等主要指數在週一繼續下跌。道瓊斯下跌了 105 點，而標準普爾 500 和納斯達克 100 分別下跌了 40 和 20 個基點。</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>頂級 AI 公司如英偉達、博通、CoreWeave 和甲骨文繼續下跌，過去幾周已抹去超過 1.5 萬億美元的市值。</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 泡沫破裂的風險正在加大，這一舉動將對其他資產類別如加密貨幣和債券產生影響，因為它們之間存在相關性。</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>上週，隨着甲骨文發佈其財報，AI 行業的緊張情緒加劇。儘管其收入和 RPO 增長持續上升，但其負自由現金流和高債務水平引發了投資者的擔憂。</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>甲骨文的信用狀況持續惡化。該公司的 CDS 利差（違約保險成本）已攀升至 151 個基點，為 2009 年以來的最高水平——這不僅是對甲骨文的警告，也是對更廣泛 AI 行業的警告。市場現在正在定價違約的概率。</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>閲讀 48 條回覆</p>
</div><h2>US macro data ahead</h2>
<div class="lb-trans"><h2>美國宏觀數據即將發佈</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>加密市場今天崩盤的另一個主要原因是投資者在等待即將發佈的美國宏觀數據。</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>美國勞工統計局（BLS）將在週二晚些時候發佈 10 月份的非農就業報告（NFP），並將在本週四發佈最新的消費者物價指數（CPI）報告。</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>經濟學家預計即將發佈的報告將顯示，10 月份經濟新增 55,000 個就業崗位，遠低於上個月的 110,000 個。勞動報告可能會受到在 9 月 30 日啓動的唐納德·特朗普自願退休計劃的影響。</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>與此同時，Trading Economics 編制的數據預計顯示，11 月份的頭條和消費者物價指數（CPI）將上升至 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>這些數據將在美聯儲宣佈 0.25% 的降息並暗示將在 2026 年再次降息一週後發佈。降息的速度將取決於即將發佈的數據。例如，如果通脹顯示出下降的跡象，銀行可能會在 2026 年進行更多降息。</p>
</div><h2>Bank of Japan interest rate decision</h2>
<div class="lb-trans"><h2>日本銀行利率決策</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>加密市場崩盤的同時，投資者在等待本週五即將發佈的日本銀行利率決策。</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 數據的經濟學家調查顯示，該銀行將把利率提高 0.25%，達到多年來的最高水平 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>日本銀行計劃在 12 月 19 日將利率提高 25 個基點。日本銀行最近三次加息時，比特幣均下跌超過 20%。2024 年 3 月 → -27% 2024 年 7 月 → -30% 2025 年 1 月 → -31%。我們已經看到上週投資者試圖提前拋售，導致比特幣下跌了 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>閲讀 115 條回覆</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>該銀行加息的目標是應對過去幾個月保持在 3% 的高消費者通脹。隨着由高市民高橋請求的新刺激計劃的影響逐漸顯現，這一通脹可能在未來幾個月繼續上升。</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>數據顯示，當日本銀行加息時，加密貨幣通常會下跌，因為人們認為日本以低利率借款並投資於資產。隨着利率上升，這些投資者則會反向操作，出售這些資產，作為他們結束套利交易的一部分。</p>
</div><h2>Falling futures open interest</h2>
<div class="lb-trans"><h2>期貨未平倉合約下降</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>加密崩盤發生在投資者繼續減少在加密行業的槓桿的情況下，而今年的牛市期間槓桿曾大幅上升。</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 數據顯示，期貨未平倉合約已降至 1290 億美元，在過去 24 小時內下降了 4%。它從 10 月份的高點超過 2550 億美元下降。未平倉合約的下降對加密市場構成風險，因為它減少了需求。</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>期貨未平倉合約 | 來源：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>與此同時，過去 24 小時內的清算數量飆升了 109%，近 20 萬名交易者被清算。以太坊、比特幣、索拉納和 XRP 的頭寸在過去 24 小時內分別被清算超過 2.33 億美元、1.8 億美元、3700 萬美元和 1560 萬美元。</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>今天的加密崩盤：為什麼像狗狗幣、Pi Network、卡爾達諾這樣的山寨幣在下跌，首發於 Invezz</p>
</div>

加密貨幣今日崩盤：為何狗狗幣、Pi Network、Cardano 等山寨幣正在下跌