随着市场暴跌，加密货币清算创历史新高

4 月 12 日的重大市场崩盘导致近 30 万加密货币交易者损失约 10 亿美元。清算以山寨币为主，其中 2.4802 亿美元来自前 50 名之外的“其他”山寨币。多头头寸构成了大部分损失，达 8.2445 亿美元。此次崩盘凸显了与衍生品交易相关的风险，即交易者承诺抵押品，如果标的资产达到预定价格，则可能面临清算。

Cryptocurrency Liquidations Surge to Record Highs Amidst Market Crash

市场崩盘期间，加密货币清算量激增至历史新高

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 日市场大幅崩盘后，事态发生了戏剧性的转变，近 30 万加密货币交易者遭受了超过 10 亿美元的惊人损失。前所未有的清算激增给加密货币生态系统带来了冲击，让投资者遭受了财务打击。

Altcoins Dominate Liquidations

山寨币主导清算

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.

市场崩盘的一个引人注目的方面是山寨币在清算中异常主导，甚至超过了占主导地位的加密货币比特币（BTC）。在达到清算门槛的 297,536 个衍生品交易头寸中，非前 50 名山寨币的清算金额达到惊人的 2.4802 亿美元。这种与比特币和以太坊（ETH）通常主导交易量和清算的常态的背离，凸显了山寨币市场的波动性和不可预测性。

Long Positions Bear Brunt of Losses

多头头寸首当其冲

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.

其中绝大多数清算金额为 8.2445 亿美元，是由多头头寸造成的，这表明押注价格上涨的交易者遭受了重大损失。押注价格下跌的空头头寸在清算中所占的金额较小，为 1.1256 亿美元，占总损失的 12%。

Crypto Market Valuation Plummets

加密货币市场估值暴跌

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%.

市场崩盘对加密货币市场的整体估值造成了影响。截至撰写本文时，TradingView 的总加密货币市值指数显示估值为 2.384 万亿美元，较 4 月 12 日记录的 2.526 万亿美元大幅下降 1420 亿美元。不包括比特币和以太坊的“Total 3”指数表现更糟，在 7300 亿美元的市值中损失了超过 660 亿美元，即 9%。

Altcoins Bear the Heaviest Burden

山寨币承受着最重的负担

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%.

市场崩盘对山寨币的影响尤其严重，山寨币目前占加密货币市场的近 28%。比特币的主导地位超过 55%，相对较好地经受住了这场风暴，而以太坊则保持在 17% 左右。

Causes of Cryptocurrency Liquidations

加密货币清算的原因

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.

当交易者开设衍生品交易头寸并押注加密货币的未来价格时，就会发生加密货币清算。为了启动这些合约，交易者需要质押抵押品并商定清算价格。如果加密货币达到约定价格，交易所将关闭合约并扣押抵押品。这种机制凸显了与衍生品交易（尤其是期货合约）相关的固有风险。

Conservative Approach to Cryptocurrencies

对加密货币的保守态度

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.

与高风险的衍生品市场相比，投资者可以采取更为保守的做法，在现货市场购买加密货币。这种方法消除了清算风险，通常被认为是一种更有机、更可持续的加密货币参与方式。