比特幣跌至83,400美元，這是自2024年11月以來的最低水平

加密貨幣場景剛剛經歷了一個新的動盪：比特幣在2025年2月26日跌至83,400美元，其最低水平

The crypto scene has just experienced a new episode of turbulence with Bitcoin falling to $83,400 on February 26, 2025, its lowest level since November 2024. This sudden correction led to over a billion dollars in liquidations in the derivatives market. Such a situation has shaken investors’ confidence.

加密貨幣場景剛剛經歷了新的湍流，比特幣在2025年2月26日降至83,400美元，這是自2024年11月以來的最低水平。這種突然的糾正導致衍生品市場的清算數十億美元。這種情況使投資者的信心震驚了。

A triple threat to Bitcoin

比特幣的三重威脅

The main cause of this decline can be attributed to fears of a global recession, prompting investors to shy away from risky assets. At the same time, American protectionist policies, notably new taxes on imports from Canada and Mexico announced by Donald Trump, have increased tensions in the markets. This unstable economic context has heightened the appeal of U.S. government bonds at the expense of volatile assets like Bitcoin.

這種下降的主要原因可能歸因於對全球衰退的擔心，促使投資者迴避風險資產。同時，美國貿易保護主義政策，特別是唐納德·特朗普（Donald Trump）宣布的加拿大進口和墨西哥進口的新稅，增加了市場緊張局勢。這種不穩定的經濟背景增強了美國政府債券的吸引力，而犧牲了像比特幣這樣的波動資產。

Even gold, historically a safe haven, fell by 2.2 % in just two days, a clear signal of the nervous climate settling over the financial markets.

即使是歷史上的避風港，黃金也在短短兩天內下降了2.2％，這清楚地表明，金融市場上緊張的氣候定居。

At the very moment when the strength of Bitcoin ETFs and the influence of Strategy on the market are being questioned, the cryptocurrency experienced a triple threat. The sudden drop of Bitcoin to $83,400 on February 26, 2025, marked a major turning point for financial markets. In just three days, the crypto lost nearly $13,000. However, the asset has seen a rebound. The current price of Bitcoin stands at $86,300.

在比特幣ETF的強度以及戰略對市場的影響的那一刻，加密貨幣經歷了三重威脅。 2025年2月26日，比特幣突然下降至83,400美元，標誌著金融市場的主要轉折點。在短短三天內，加密貨幣損失了近13,000美元。但是，資產有反彈。當前比特幣的價格為86,300美元。

This loss triggered a massive liquidation of leveraged long positions, according to data from CoinGlass. In total, over $1.1 billion in cryptocurrency derivatives were liquidated in the last 24 hours, the majority of which were on February 24. This brutal correction notably affected the most exposed traders, amplifying the downward spiral and the intensification of volatility in the market.

根據Coinglass的數據，這種損失引發了大量槓桿長位置的清算。在過去的24小時內，總共清算了超過11億美元的加密貨幣衍生品，其中大多數是2月24日。這種殘酷的糾正措施顯著影響了最暴露的商人，從而擴大了市場上的下降螺旋和下降效果。

The macroeconomic context also played a crucial role in this collapse. With fears of a global recession looming large, investors decided to exit their positions in risky assets to seek refuge in safer havens like U.S. government bonds. This shift in preference was triggered by the announcement of increased taxes by Donald Trump on imports from Canada and Mexico, actions that ultimately contributed to the deterioration of the market atmosphere.

宏觀經濟環境在這次崩潰中也起著至關重要的作用。由於擔心全球衰退籠罩著大型衰退，投資者決定退出其風險資產的立場，以尋求像美國政府債券這樣更安全的避難所。唐納德·特朗普（Donald Trump）宣布增加加拿大和墨西哥進口的稅收的宣布提高稅收，這最終導致市場氛圍惡化，這引起了這種偏好的轉變。

Finally, the BTC options market is also expected to generate significant volatility. With $6.9 billion worth of options due to expire on February 28, 2025, the majority of which are buy positions (call options) at prices well above the current level, sellers (bears) have a clear advantage to continue exerting downward pressure and prevent any significant rebound.

最後，預計BTC期權市場還將產生明顯的波動性。 2025年2月28日到期，價值69億美元的期權，其中大多數是以遠高於目前水平的價格買入頭寸（呼叫期權），賣方（熊）明顯地有優勢，可以繼續施加向下壓力並防止任何重大反彈。