衍生性商品交易商主導市場，CRO面臨下行壓力

Cronos（CRO）是克羅諾斯區塊鏈的原生加密貨幣，正在經歷巨大的拋售壓力，這主要是由衍生性商品交易商和鯨魚投資者的興趣減弱所推動的。

The price of Cronos (CRO) is experiencing a steep decline, with losses exceeding 12% in the past 24 hours. This downturn follows a brief rally earlier in the month, where CRO surged by 124.41%. As the digital asset faces increasing selling pressure, several key market indicators are shedding light on the forces driving this trend.

Cronos（CRO）的價格正在經歷急劇下跌，過去24小時內損失超過12%。這次低迷是在本月初短暫反彈之後，CRO 飆升 124.41%。隨著數位資產面臨越來越大的拋售壓力，幾個關鍵市場指標正在揭示推動這一趨勢的力量。

Derivative traders are emerging as a dominant factor behind CRO's decline. A key indicator of this shift is the Open Interest in CRO, which reached its peak at $23.73 million on November 12. Open Interest refers to the total value of outstanding derivative contracts, such as futures, which have not been settled. A high Open Interest suggests strong market engagement, but it also indicates that traders are positioning themselves for large price movements.

衍生性商品交易商正在成為 CRO 下跌背後的主導因素。這項轉變的關鍵指標是 CRO 的未平倉合約，該指數於 11 月 12 日達到高峰 2,373 萬美元。高持倉量表示市場參與度較高，但也表示交易者正在為大幅價格波動做好準備。

However, this bullish sentiment quickly reversed. Over the last 24 hours, the Open Interest for CRO dropped by 13.74%, signaling that the market sentiment has turned bearish. This sharp decline in Open Interest is a reflection of traders increasingly favoring short positions — a move that profits from falling prices.

然而，這種看漲情緒很快就會逆轉。過去24小時，CRO持倉量下降13.74%，顯示市場情緒轉為看跌。未平倉合約的急劇下降反映出交易者越來越傾向於空頭部位——這是從價格下跌中獲利的舉動。

The long-to-short ratio, which measures the balance between long (buy) and short (sell) positions, is another indicator that tells the story of CRO's decline. With a current ratio of 0.9209, it is clear that sell positions now outnumber buy positions, putting additional downward pressure on the price of the coin. Should this trend continue, CRO could face even more losses in the near future.

多空比率衡量多頭（買入）和空頭（賣出）部位之間的平衡，是講述 CRO 下跌故事的另一個指標。目前比率為 0.9209，很明顯，賣出頭寸現在多於買入頭寸，這給代幣的價格帶來了額外的下行壓力。如果這種趨勢持續下去，CRO 在不久的將來可能會面臨更大的損失。

The growing liquidation gap is adding even more selling pressure to CRO's price. Liquidations occur when traders who are holding leveraged positions are forced to close their positions due to unfavorable market conditions. According to the latest liquidation data from Coinglass, $108,410 worth of long CRO positions were forcefully liquidated, compared to just $7.26 worth of short contracts. This stark disparity underscores the market's bearish shift and the strength of the selling momentum.

不斷擴大的清算缺口給 CRO 的價格帶來了更大的拋售壓力。當持有槓桿部位的交易者因不利的市場條件而被迫平倉時，就會發生清算。根據 Coinglass 的最新清算數據，價值 108,410 美元的多頭 CRO 部位被強制清算，而空頭合約的價值僅為 7.26 美元。這種明顯的差異凸顯了市場的看跌轉變和拋售動能的強勁。

When analyzing this data further through the long-to-short liquidation ratio, the numbers are striking. For every dollar of short positions closed, approximately $14,930 worth of long positions were liquidated. This massive imbalance signals heightened volatility, and it suggests that the market could remain heavily skewed toward the bears in the coming days, potentially pushing the price of CRO even lower.

當透過多空清算比率進一步分析這些數據時，數字是驚人的。每平倉 1 美元的空頭頭寸，就會清算價值約 14,930 美元的多頭頭寸。這種巨大的失衡預示著波動性加劇，並表明未來幾天市場可能仍嚴重偏向空頭，從而可能進一步壓低 CRO 的價格。

In addition to the actions of derivative traders, whale activity in CRO has sharply declined. Whales, who are large holders of the cryptocurrency, often have a significant impact on its price. However, in the last 24 hours, only two large transactions were recorded, representing the lowest trading volume seen over the past week. Just 4.80 million CRO was exchanged during this period, signaling that whales are stepping back from the market.

除了衍生性商品交易商的行動外，CRO 的鯨魚活動也急劇下降。鯨魚是加密貨幣的大量持有者，通常對其價格產生重大影響。然而，在過去24小時內，僅記錄了兩筆大筆交易，為過去一周的最低交易量。在此期間僅交換了 480 萬個 CRO，這表明鯨魚正在退出市場。

Historically, whales have played a crucial role in driving the price of CRO, and their diminished activity suggests that they may be liquidating their positions, possibly due to the diminishing market interest. The lack of significant whale transactions combined with the current price drop points to a weakened bullish sentiment and suggests that further declines may be on the horizon.

從歷史上看，鯨魚在推動 CRO 價格方面發揮了至關重要的作用，它們的活動減少表明它們可能正在清算頭寸，這可能是由於市場興趣的減弱。缺乏大量鯨魚交易，加上目前的價格下跌，顯示看漲情緒減弱，並表明可能會進一步下跌。

It's not just whales who are losing interest; spot traders are also playing a role in the decline of CRO's price. Active addresses, which indicate the number of users actively trading the asset, have dropped by 19.38% over the past week. This decline in user engagement further signals that the broader market interest in CRO is weakening.

不只是鯨魚失去了興趣，連鯨魚也失去了興趣。現貨貿易商也在CRO價格下跌中發揮了作用。活躍地址（表明活躍交易該資產的用戶數量）在過去一周下降了 19.38%。用戶參與度的下降進一步表明，更廣泛的市場對 CRO 的興趣正在減弱。

As derivative traders continue to dominate the market and whales step back, spot traders are also taking a more cautious approach, contributing to the overall sell-off. Should these trends persist, CRO may face further downward momentum, potentially setting new lows.

隨著衍生性商品交易商繼續主導市場，鯨魚退出，現貨交易商也採取更謹慎的態度，導致整體拋售。如果這些趨勢持續下去，CRO 可能面臨進一步下行勢頭，並可能創下新低。