<p>比特幣在 1 月 25 日星期日跌破 87,000 美元，此前美國總統唐納德·特朗普威脅對加拿大徵收 100% 的關税，並且有消息稱預計將發生政府停擺。</p>
<p>這一下跌引發了一系列的強制平倉。</p>
<p>根據 CoinGlass 的數據，在過去 24 小時內，加密貨幣市場上有價值 6.771 億美元的頭寸被平倉，其中 6.062 億美元為多頭頭寸。</p>
<h2><strong>比特幣正處於空頭的掌控之中</strong></h2>
<p>分析師 Darkfost 在 X 平台上發佈的帖子中強調了比特幣 [BTC] 的未平倉合約（Open Interest）下降。這一下降自 11 月以來一直在持續，未能支持新趨勢的出現。</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>來源：Darkfost 在 X 平台上</p>
<p>1 月的第一週，未平倉合約有所上升，但這只是短暫的反彈。</p>
<p>如果未平倉合約開始上升，這可能表明趨勢反轉向看漲，但目前並非如此。現狀是，隨着比特幣持續下跌，衍生品市場正在去槓桿化。</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>來源：CryptoQuant</p>
<p>買賣比率（Taker Buy/Sell Ratio）衡量哪一方占主導地位以及他們的攻擊性。當比率跌破 1 時，反映出空頭是市場訂單的主要參與者，並推動價格下跌。</p>
<p>該指標的 7 日移動平均值一直低於 1，除了 1 月的第一週。</p>
<h2><strong>鏈上風險指標惡化</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>來源：Axel Adler Jr Insights</p>
<p>另一位分析師 Axel Adler Jr 同意這些發現，表示上週是比特幣的 “加速惡化模式”。淨 UTXO 供應比率在過去一週跌破 0.50，進入了 “高風險區”。</p>
<p>該比率從 1 月 19 日的 0.452 降至 1 月 25 日的 0.319。在更廣泛的下行趨勢中，任何反彈都是微不足道的。</p>
<p>如果沒有實際需求出現，分析師警告，持續疲軟和進一步下跌的可能性仍然很高。</p>
<p>交易者和投資者應記住，整體市場情緒是恐懼的，並應相應地調整本週的交易策略。</p>
<hr/>
<h2>最後思考</h2>
<ul>
<li><em>政府停擺和對美國鄰國的關税威脅在星期日的晚間嚇壞了市場，加劇了空頭情緒。</em></li>
<li><em>鏈上指標一致表明賣方占主導地位，任何短期價格反彈都是過去一週下行趨勢的一部分。</em></li>
</ul>

<p>比特幣經歷了顯著下跌，跌破了 87,000 美元，導致 6.771 億美元的清算，主要是多頭頭寸。分析師指出，自 11 月以來，未平倉合約數量有所下降，顯示出看跌情緒。買賣比率保持在 1 以下，反映出空頭的主導地位。鏈上風險指標惡化，淨未花費交易輸出供應比率降入高風險區間。市場情緒恐慌，受到潛在政府關門和關税的影響，暗示比特幣價格將繼續疲軟</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>比特幣在 1 月 25 日星期日跌破 87,000 美元，此前美國總統唐納德·特朗普威脅對加拿大徵收 100% 的關税，並且有消息稱預計將發生政府停擺。</p>
</div><p>This drop prompted a cascade of liquidations.</p>
<div class="lb-trans"><p>這一下跌引發了一系列的強制平倉。</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>根據 CoinGlass 的數據，在過去 24 小時內，加密貨幣市場上有價值 6.771 億美元的頭寸被平倉，其中 6.062 億美元為多頭頭寸。</p>
</div><h2><strong>Bitcoin is in the grip of the bears</strong></h2>
<div class="lb-trans"><h2><strong>比特幣正處於空頭的掌控之中</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>分析師 Darkfost 在 X 平台上發佈的帖子中強調了比特幣 [BTC] 的未平倉合約（Open Interest）下降。這一下降自 11 月以來一直在持續，未能支持新趨勢的出現。</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>來源：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 月的第一週，未平倉合約有所上升，但這只是短暫的反彈。</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>如果未平倉合約開始上升，這可能表明趨勢反轉向看漲，但目前並非如此。現狀是，隨着比特幣持續下跌，衍生品市場正在去槓桿化。</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>來源：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>買賣比率（Taker Buy/Sell Ratio）衡量哪一方占主導地位以及他們的攻擊性。當比率跌破 1 時，反映出空頭是市場訂單的主要參與者，並推動價格下跌。</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>該指標的 7 日移動平均值一直低於 1，除了 1 月的第一週。</p>
</div><h2><strong>On-chain risk metrics worsened</strong></h2>
<div class="lb-trans"><h2><strong>鏈上風險指標惡化</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>來源：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>另一位分析師 Axel Adler Jr 同意這些發現，表示上週是比特幣的 “加速惡化模式”。淨 UTXO 供應比率在過去一週跌破 0.50，進入了 “高風險區”。</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>該比率從 1 月 19 日的 0.452 降至 1 月 25 日的 0.319。在更廣泛的下行趨勢中，任何反彈都是微不足道的。</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>如果沒有實際需求出現，分析師警告，持續疲軟和進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>交易者和投資者應記住，整體市場情緒是恐懼的，並應相應地調整本週的交易策略。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Final Thoughts</h2>
<div class="lb-trans"><h2>最後思考</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>政府停擺和對美國鄰國的關税威脅在星期日的晚間嚇壞了市場，加劇了空頭情緒。</em></li>
<li><em>鏈上指標一致表明賣方占主導地位，任何短期價格反彈都是過去一週下行趨勢的一部分。</em></li>
</ul>
</div>

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

- 比特幣在 1 月 25 日跌至 87,000 美元以下，因特朗普威脅加徵關税。  
- 24 小時內，加密市場清算金額達 6.77 億美元，主要為多頭。  
- 市場情緒恐慌，風險指標惡化，未來走勢仍可能承壓。

比特幣：6.77 億美元的清算遇到這三個顯示風險的信號