Altcoingordon发出有关流动性传染的警告

5月17日，加密分析师Altcoingordon（@altcoingordon）发出了明显的市场警告。他强调了加密清算风险在主要交换和衍生品平台上迫在眉睫。

Crypto analyst AltcoinGordon (@AltcoinGordon) has issued a stark market warning on Wednesday.

加密分析师Altcoingordon（@altcoingordon）在周三发布了鲜明的市场警告。

Major exchanges and derivatives platforms are juggling billions in leveraged positions that can be liquidated in minutes, he explained.

他解释说，主要的交流和衍生工具平台正在以杠杆率的位置进行数十亿美元的挑战。

It WILL happen.Many will be sidelinedFew will change their lives.Choose which side you will be on.Easy as pic.twitter.com/6lD94aI7dq

它将发生。

As shared by AltcoinGordon, a heatmap shows clustered leveraged positions on Bitcoin (BTC) and Ethereum (ETH).

正如Altcoingordon共享的那样，热图显示了比特币（BTC）和以太坊（ETH）上的杠杆率。

These clusters are essentially targets that can be “engineered” for forced liquidation by whales.Using shallow liquidity, large actors can trigger a domino effect, crashing prices in seconds.

这些集群本质上是可以“工程”的目标，可以被鲸鱼强迫清算。使用浅流动性，大型参与者可以触发多米诺骨牌效应，并在几秒钟内降价。

Most importantly, traders aren't focused enough on how central the liquidation engines have become. Everyone’s watching price. Few are watching liquidation books.

最重要的是，交易者不足以专注于清算发动机的中心。每个人都在看价。很少有人看清算书。

This post has since gained traction on crypto Twitter, but not yet mainstream exposure.

此后，这篇文章在加密推特上引起了人们的关注，但尚未主流风险。

Centralized Engines Amplify Price Swings, Not Just Mirror Them

集中发动机放大价格波动，而不仅仅是镜像

While liquidations are known risks in leveraged trading, AltcoinGordon suggests deeper issues.

尽管清算是杠杆交易中已知的风险，但Altcoingordon提出了更深入的问题。

Most liquidation mechanisms are run on proprietary algorithms by centralized platforms like Binance, Bitfinex, and major exchanges.

大多数清算机制都是通过二心，Bitfinex和主要交易所等集中式平台上的专有算法运行的。

These engines operate without public transparency or external oversight.

这些发动机在没有公共透明度或外部监督的情况下运行。

When price volatility rises, exchanges liquidate positions to maintain solvency and margin thresholds. But in doing so, they also accelerate downward price momentum with programmed selloffs. Analysts call this "feedback liquidation."

当价格波动率上升时，交换清算头寸以保持偿付能力和保证金阈值。但是这样做，他们也随着编程的抛售而加速了下降价格势头。分析师称此“反馈清算”。

This design flaw creates structural fragility in both bull and bear cycles. Smaller price moves can now trigger mass liquidations, especially at key resistance or support zones.

这种设计缺陷在牛和熊周期中都会产生结构性脆弱性。现在，较小的价格移动可以触发质量清算，尤其是在关键阻力或支撑区域。

As reported by Benzinga earlier this week, BTC's recent resistance at $66K has seen substantial leverage-heavy open interest building up. Similarly, Ethereum's long positions above $3,100 may be vulnerable if a similar cascade starts.

正如本辛加本周早些时候报道的那样，BTC最近的抵抗力为66K美元，已经看到了大量的杠杆率高的开放利息。同样，如果类似的级联开始，以太坊的长位置以上的长度以上$ 3,100。

Traders are advised to use tools like HyblockCapital and CoinGlass to track current and historical liquidation levels. These platforms visualize heat zones where forced liquidation chains are most likely to begin.

建议商人使用诸如HyblockCapital和Coinglass之类的工具来跟踪当前和历史清算水平。这些平台可视化热区，其中强迫清算链最有可能开始。