加密货币大屠杀：揭秘 2025 年 10 月的清算和崩盘

2025 年 10 月见证了一场残酷的加密货币崩盘。我们正在深入研究原因、这场大屠杀，以及它对数字资产的未来意味着什么。系好安全带，毛茛们！

Crypto Carnage: Unpacking the Liquidations and Crash of October 2025

加密货币大屠杀：揭秘 2025 年 10 月的清算和崩盘

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，加密货币领域爆发了系统性危机，地缘政治新闻引发了 190 亿美元的清算浪潮。这一事件暴露了漏洞并引发了整个市场的重置。让我们来分析一下发生了什么。

The October Crypto Crash: A Perfect Storm

十月加密货币崩盘：一场完美风暴

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 日星期五将是加密货币交易者不会很快忘记的一天。特朗普总统出人意料地宣布对中国进口商品征收关税，引发了大规模的清算，导致数十亿美元损失殆尽。比特币暴跌，以太坊崩溃，较小的代币彻底崩溃。这不是普通的蘸酱；而是普通的蘸酱。这是一场全面的加密货币灾难。

Liquidation Cascades: How They Work

级联清算：它们是如何运作的

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.

杠杆交易是一把双刃剑。当价格下跌时，追加保证金通知会引发自动抛售，从而导致一系列清算。流动性提供者撤退，利差扩大，市场螺旋式下跌。这是一个残酷的循环，甚至可以消灭经验丰富的交易者。

What Fueled the October Violence?

是什么助长了十月暴力事件？

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!

据 Coinwatch 称，主要流动性提供者纷纷撤离，导致订单薄弱到危险的程度。交易所必须启动自动清算系统（ADL）才能维持运营。当保险资金枯竭时，即使是盈利的交易者也会被清算，以防止系统性损失。每个 HODLer 都是为了自己！

Tech Troubles and De-Pegging Drama

技术问题和脱钩戏剧

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!

随着流动性消失，加密货币基础设施崩溃了。中心化和去中心化交易所都报告了 API 故障、延迟峰值，甚至彻底停机。 USDe 等多种打包资产和合成资产失去了挂钩，这无疑火上浇油。币安证实其定价依赖于内部现货市场而不是外部预言机，这为套利利用创造了一个窗口。粗略！

The Overleverage Lesson

过度杠杆化的教训

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.

十月份的崩盘严厉地提醒人们过度杠杆化的危险。正如查理·芒格（Charlie Munger）的名言：“聪明人破产的三种方式——酒精、女人和杠杆。”星星之火点燃了数十亿人的被迫平仓。官方报告的 190 亿美元清算可能是一个严重的轻描淡写；实际损失可能超过 500 亿美元。

Altcoins to the Rescue?

山寨币来拯救？

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.

尽管发生了大屠杀，一些分析师仍认为有可能出现缓解性反弹。以太坊、Solana 和 Avalanche 正在成为潜在的反弹候选者。 MAGACOIN FINANCE 是一种预售代币，表现出了韧性，即使在波动的情况下也能吸引大量资金。

Final Thoughts: Crypto's Wild Ride

最后的想法：加密货币的狂野之旅

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 月的加密货币崩盘是一次疯狂的经历。它暴露了漏洞，测试了基础设施，并提醒大家注意杠杆的风险。但是，嘿，那是加密货币！它是不稳定的、不可预测的，有时甚至是彻头彻尾的疯狂。但如果你能忍受下跌，回报可能是天文数字。所以，系好安全带，随时了解情况，并记住：发生的事情一定会发生……最终。