隨著市場暴跌，加密貨幣清算創歷史新高

4 月 12 日的重大市場崩盤導致近 30 萬加密貨幣交易者損失約 10 億美元。清算以山寨幣為主，其中 2.4802 億美元來自前 50 名之外的「其他」山寨幣。此次崩盤凸顯了與衍生性商品交易相關的風險，即交易者承諾抵押品，如果標的資產達到預定價格，則可能面臨清算。

Cryptocurrency Liquidations Surge to Record Highs Amidst Market Crash

市場崩盤期間，加密貨幣清算量激增至歷史新高

In a dramatic turn of events, nearly 300,000 cryptocurrency traders have suffered staggering losses exceeding $1 billion in the wake of a significant market crash on April 12th. The unprecedented surge in liquidations has sent shockwaves through the cryptocurrency ecosystem, leaving investors reeling from the financial blow.

4 月 12 日市場大幅崩盤後，事態發生了戲劇性的轉變，近 30 萬加密貨幣交易者遭受了超過 10 億美元的驚人損失。前所未有的清算激增給加密貨幣生態系統帶來了衝擊，讓投資者遭受了財務打擊。

Altcoins Dominate Liquidations

山寨幣主導清算

A striking aspect of the market crash is the unusual dominance of altcoins in the liquidations, surpassing even Bitcoin (BTC), the dominant cryptocurrency. Of the 297,536 derivative trading positions that reached the liquidation threshold, non-top 50 altcoins accounted for a staggering $248.02 million in liquidations. This departure from the norm, where Bitcoin and Ethereum (ETH) typically dominate trading volumes and liquidations, underscores the volatility and unpredictability of the altcoin market.

市場崩盤的一個引人注目的方面是山寨幣在清算中異常主導，甚至超過了主導的加密貨幣比特幣（BTC）。在達到清算門檻的 297,536 個衍生性商品交易部位中，非前 50 名山寨幣的清算金額達到驚人的 2.4802 億美元。這種與比特幣和以太坊（ETH）通常主導交易量和清算的常態的背離，凸顯了山寨幣市場的波動性和不可預測性。

Long Positions Bear Brunt of Losses

多頭部位首當其衝

The vast majority of these liquidations, amounting to $824.45 million, were incurred by long positions, indicating that traders who bet on price increases suffered significant losses. Short positions, which wager on price declines, accounted for a more modest $112.56 million in liquidations, representing 12% of the total losses.

其中絕大多數清算金額為 8.2445 億美元，是由多頭頭寸造成的，這表明押注價格上漲的交易者遭受了重大損失。押注價格下跌的空頭部位在清算中所佔的金額較小，為 1.1256 億美元，佔總損失的 12%。

Crypto Market Valuation Plummets

加密貨幣市場估值暴跌

The market crash has taken a toll on the overall valuation of the cryptocurrency market. As of the time of writing, TradingView's total crypto market cap index reveals a $2.384 trillion valuation, marking a significant $142 billion drop from the $2.526 trillion recorded on April 12th. The 'Total 3' index, which excludes Bitcoin and Ethereum, has fared even worse, losing over $66 billion out of a $730 billion market cap, or 9%.

市場崩盤對加密貨幣市場的整體估值造成了影響。截至本文撰寫時，TradingView 的總加密貨幣市值指數顯示估值為 2.384 兆美元，較 4 月 12 日記錄的 2.526 兆美元大幅下降 1,420 億美元。不包括比特幣和以太坊的「Total 3」指數表現更糟，在 7,300 億美元的市值中損失了超過 660 億美元，即 9%。

Altcoins Bear the Heaviest Burden

山寨幣承受最重的負擔

The impact of the market crash has been particularly severe on altcoins, which now constitute nearly 28% of the cryptocurrency market. Bitcoin, with its dominance of over 55%, has weathered the storm relatively well, while Ethereum remains at around 17%.

市場崩盤對山寨幣的影響尤其嚴重，山寨幣目前佔加密貨幣市場的近 28%。比特幣的主導地位超過 55%，相對較好地經受住了這場風暴，而以太坊則保持在 17% 左右。

Causes of Cryptocurrency Liquidations

加密貨幣清算的原因

Cryptocurrency liquidations occur when traders open derivative trading positions and bet on the future price of cryptocurrencies. To initiate these contracts, traders pledge collateral and agree upon a liquidation price. If the cryptocurrency reaches the agreed price, the exchange closes the contract and seizes the collateral. This mechanism highlights the inherent risks associated with derivatives trading, particularly Futures contracts.

當交易者開設衍生性商品交易部位並押注加密貨幣的未來價格時，就會發生加密貨幣清算。為了啟動這些合約，交易者需要質押抵押品並商定清算價格。如果加密貨幣達到約定價格，交易所將關閉合約並扣押抵押品。這種機制凸顯了與衍生性商品交易（尤其是期貨合約）相關的固有風險。

Conservative Approach to Cryptocurrencies

對加密貨幣的保守態度

In contrast to the high-risk derivatives market, investors can adopt a more conservative approach by purchasing cryptocurrencies in the spot market. This method eliminates the risk of liquidations and is generally considered a more organic and sustainable way to engage with cryptocurrencies.

與高風險的衍生性商品市場相比，投資人可以採取更保守的做法，在現貨市場購買加密貨幣。這種方法消除了清算風險，通常被認為是一種更有機、更永續的加密貨幣參與方式。