加密貨幣大屠殺：揭秘 2025 年 10 月的清算和崩盤

2025 年 10 月見證了一場殘酷的加密貨幣崩盤。我們正在深入研究原因、這場大屠殺，以及它對數字資產的未來意味著什麼。係好安全帶，毛茛們！

Crypto Carnage: Unpacking the Liquidations and Crash of October 2025

加密貨幣大屠殺：揭秘 2025 年 10 月的清算和崩盤

October 2025 witnessed a systemic crisis in crypto, with a $19 billion liquidation wave triggered by geopolitical news. This event exposed vulnerabilities and sparked a market-wide reset. Let's break down what happened.

2025 年 10 月，加密貨幣領域爆發了系統性危機，地緣政治新聞引發了 190 億美元的清算浪潮。這一事件暴露了漏洞並引發了整個市場的重置。讓我們來分析一下發生了什麼。

The October Crypto Crash: A Perfect Storm

十月加密貨幣崩盤：一場完美風暴

Friday, October 10th, 2025 will be a date crypto traders won't soon forget. Triggered by President Trump's unexpected tariff announcement on Chinese imports, a massive liquidation cascade wiped out billions. Bitcoin plunged, Ethereum stumbled, and smaller tokens got absolutely wrecked. This wasn't your garden-variety dip; it was a full-blown crypto calamity.

2025 年 10 月 10 日星期五將是加密貨幣交易者不會很快忘記的一天。特朗普總統出人意料地宣布對中國進口商品徵收關稅，引發了大規模的清算，導致數十億美元損失殆盡。比特幣暴跌，以太坊崩潰，較小的代幣徹底崩潰。這不是普通的蘸醬；而是普通的蘸醬。這是一場全面的加密貨幣災難。

Liquidation Cascades: How They Work

級聯清算：它們是如何運作的

Leveraged trading is a double-edged sword. When prices drop, margin calls trigger automatic sell-offs, leading to a liquidation cascade. Liquidity providers pull back, spreads widen, and the market spirals downward. It's a brutal cycle that can wipe out even seasoned traders.

槓桿交易是一把雙刃劍。當價格下跌時，追加保證金通知會引發自動拋售，從而導致一系列清算。流動性提供者撤退，利差擴大，市場螺旋式下跌。這是一個殘酷的循環，甚至可以消滅經驗豐富的交易者。

What Fueled the October Violence?

是什麼助長了十月暴力事件？

According to Coinwatch, major liquidity providers ran for the hills, leaving order books dangerously thin. Exchanges had to activate their automatic liquidation systems (ADL) to stay afloat. When insurance funds run dry, even profitable traders get liquidated to prevent systemic loss. It's every HODLer for themselves!

據 Coinwatch 稱，主要流動性提供者紛紛撤離，導致訂單薄弱到危險的程度。交易所必須啟動自動清算系統（ADL）才能維持運營。當保險資金枯竭時，即使是盈利的交易者也會被清算，以防止系統性損失。每個 HODLer 都是為了自己！

Tech Troubles and De-Pegging Drama

技術問題和脫鉤戲劇

As liquidity vanished, crypto infrastructure crumbled. Centralized and decentralized exchanges reported API failures, latency spikes, and even outright downtime. Several wrapped and synthetic assets, like USDe, lost their peg, adding fuel to the fire. Binance confirmed its pricing relied on internal spot markets rather than external oracles, creating a window for arbitrage exploitation. Sketchy!

隨著流動性消失，加密貨幣基礎設施崩潰了。中心化和去中心化交易所都報告了 API 故障、延遲峰值，甚至徹底停機。 USDe 等多種打包資產和合成資產失去了掛鉤，這無疑火上澆油。幣安證實其定價依賴於內部現貨市場而不是外部預言機，這為套利利用創造了一個窗口。粗略！

The Overleverage Lesson

過度槓桿化的教訓

The October crash was a harsh reminder of the dangers of overleverage. As Charlie Munger famously said, "Smart men go broke 3 ways - liquor, ladies, and leverage." A single spark ignited billions in forced unwinds. The officially reported $19 billion liquidation is likely a gross understatement; real losses could exceed $50 billion.

十月份的崩盤嚴厲地提醒人們過度槓桿化的危險。正如查理·芒格（Charlie Munger）的名言：“聰明人破產的三種方式——酒精、女人和槓桿。”星星之火點燃了數十億人的被迫平倉。官方報告的 190 億美元清算可能是一個嚴重的輕描淡寫；實際損失可能超過 500 億美元。

Altcoins to the Rescue?

山寨幣來拯救？

Despite the carnage, some analysts see a potential for a relief rally. Ethereum, Solana, and Avalanche are emerging as potential rebound candidates. MAGACOIN FINANCE, a presale token, has shown resilience, attracting significant funding even in volatile conditions.

儘管發生了大屠殺，一些分析師仍認為有可能出現緩解性反彈。以太坊、Solana 和 Avalanche 正在成為潛在的反彈候選者。 MAGACOIN FINANCE 是一種預售代幣，表現出了韌性，即使在波動的情況下也能吸引大量資金。

Final Thoughts: Crypto's Wild Ride

最後的想法：加密貨幣的狂野之旅

The October 2025 crypto crash was a wild ride. It exposed vulnerabilities, tested infrastructure, and reminded everyone about the risks of leverage. But hey, that's crypto! It's volatile, unpredictable, and sometimes downright crazy. But if you can stomach the dips, the rewards can be astronomical. So, buckle up, stay informed, and remember: what goes down must come up... eventually.

2025 年 10 月的加密貨幣崩盤是一次瘋狂的經歷。它暴露了漏洞，測試了基礎設施，並提醒大家注意槓桿的風險。但是，嘿，那是加密貨幣！它是不穩定的、不可預測的，有時甚至是徹頭徹尾的瘋狂。但如果你能忍受下跌，回報可能是天文數字。所以，係好安全帶，隨時了解情況，並記住：發生的事情一定會發生……最終。