由於清算、美元走強、獲利了結和 ETF 困境，比特幣暴跌至 66,000 美元以下

比特幣市場經歷了大幅下跌，跌破 66,000 美元，原因有四個主要因素：重大多頭清算事件、美元指數走強、投資者獲利了結以及比特幣 ETF 資金流出。在高槓桿和樂觀情緒的推動下，多頭清算引發了回調，而美元指數的上漲則將投資者的偏好轉向了更安全的資產。週期高點的獲利回吐進一步導致價格下跌，而 ETF 資金流出，尤其是來自 Grayscale 的 GBTC 的資金流出，加劇了經濟低迷。

Bitcoin Plunges Below $66,000, Driven by Liquidations, DXY Strength, Profit-Taking, and ETF Outflows

在清算、DXY 走強、獲利了結和 ETF 流出的推動下，比特幣跌破 66,000 美元

The cryptocurrency market has experienced a significant downturn, with Bitcoin (BTC) prices tumbling below the $66,000 mark. This abrupt price correction, representing a sudden 5.6% decline, can be attributed to a combination of four major factors: a long liquidation event, a rising US Dollar Index (DXY), profit-taking by investors, and spot Bitcoin ETF outflows.

加密貨幣市場經歷了嚴重的低迷，比特幣（BTC）價格跌破 66,000 美元大關。這次價格突然調整（突然下跌 5.6%）可歸因於四個主要因素：多頭清算事件、美元指數（DXY）上漲、投資者獲利了結以及比特幣 ETF 現貨流出。

1. Long Liquidations: A Market Correction

1. 多頭清算：市場調整

The primary catalyst behind today's Bitcoin price drop was a substantial deleveraging event, characterized by an unusually high level of long liquidations. Prior to the downturn, the Bitcoin Open Interest (OI) Weighted Funding Rate had reached exceptionally elevated levels, indicating that leveraged traders were paying premiums to maintain long positions in anticipation of future price increases. However, this excessive optimism rendered the market vulnerable to sudden corrections.

今天比特幣價格下跌背後的主要催化劑是大規模的去槓桿化事件，其特徵是多頭清算水準異常高。在經濟低迷之前，比特幣未平倉合約（OI）加權融資利率已達到異常高的水平，這表明槓桿交易者在預期未來價格上漲的情況下支付溢價以維持多頭部位。然而，這種過度樂觀使得市場容易受到突然調整的影響。

As crypto analyst Ted (@tedtalksmacro) on X (formerly Twitter) remarked, "Today was the largest long liquidation event since the 19th March." Elaborating on the implications of this correction, he added, "Nice reset in overall positioning today, even on just a 5% drop lower for Bitcoin... Next leg higher is loading I think." This statement underscores the severity of the liquidations and suggests the potential for a market rebound or restructuring as stability returns.

正如 X（前 Twitter）上的加密貨幣分析師 Ted (@tedtalksmacro) 所說，“今天是自 3 月 19 日以來最大的多頭清算事件。”在詳細闡述此次調整的影響時，他補充道，“今天的整體倉位重置不錯，即使比特幣僅下跌 5%……我認為下一輪上漲正在加載。”該聲明強調了清算的嚴重性，並表明隨著穩定的恢復，市場有可能反彈或重組。

Data from Coinglass reveals that over the past 24 hours, 120,569 traders were liquidated, amounting to a total of $395.53 million in liquidations, with $311.97 million being long positions. Bitcoin-specific long liquidations stood at $87.42 million.

Coinglass的數據顯示，過去24小時內，有120,569名交易者被平倉，平倉總額為3.9553億美元，其中多頭倉位為3.1197億美元。比特幣多頭清算額為 8,742 萬美元。

2. DXY Strength Weighs on Bitcoin

2. DXY 走強令比特幣承壓

The US Dollar Index (DXY), which measures the value of the US dollar against a basket of foreign currencies, closed yesterday at 105.037, its highest level since November. This indicates a strengthening US dollar, which has an inverse correlation with Bitcoin's price. The stronger dollar may have diverted investor preference towards safer assets, leading to a reduction in demand for Bitcoin and other riskier investments.

衡量美元兌一籃子外幣價值的美元指數（DXY）昨天收在105.037，為去年11月以來的最高水準。這顯示美元走強，與比特幣的價格成反比。美元走強可能已將投資者的偏好轉向更安全的資產，導致對比特幣和其他風險較高投資的需求減少。

However, analyst Coosh Alemzadeh provided an alternative perspective, suggesting through a Wyckoff redistribution schema that despite the DXY's recent uptick, the next move could favor risk assets, potentially including Bitcoin.

然而，分析師 Coosh Alemzadeh 提供了另一種觀點，透過威科夫再分配模式表明，儘管 DXY 最近上漲，但下一步可能有利於風險資產，其中可能包括比特幣。

3. Investor Profit-Taking: Realizing Gains

3. 投資者獲利了結：實現收益

Profit-taking by investors has also significantly contributed to the recent price adjustments. Bitcoin on-chain analysis platform Checkonchain reported a spike in profit-taking activities.

投資者的獲利了結也對近期價格調整做出了重大貢獻。比特幣鏈上分析平台 Checkonchain 報告稱，獲利了結活動激增。

Glassnode's lead on-chain analyst, Checkmatey, provided insights via X, stating, "The classic Bitcoin MVRV Ratio hits conditions we characterize as 'heated, but not yet overcooked'. MVRV = above +0.5sd but below +1sd. This indicates that the average BTC holder is sitting on a significant unrealized profit, prompting an uptick in spending."

Glassnode 的首席鏈上分析師Checkmatey 透過X 提供了見解，指出：「經典的比特幣MVRV 比率符合我們所描述的'過熱，但尚未過度'的條件。MVRV = 高於+0.5sd 但低於+1sd 。這表明比特幣持有者平均持有大量未實現利潤，從而促使支出增加。”

This profit-taking coincided with Bitcoin reaching a peak of $73,000, marking a cycle high in profit realization with over 352,000 BTC sold for profit. Such selling behavior is typical in bull markets but plays a key role in creating resistance levels at local price tops.

此次獲利回吐恰逢比特幣達到 73,000 美元的峰值，標誌著利潤實現週期的新高，出售了超過 352,000 比特幣以獲取利潤。這種拋售行為在多頭市場中很常見，但在當地價格頂部形成阻力位方面發揮關鍵作用。

4. Bitcoin ETF Outflows: A Reversal in Sentiment

4. 比特幣 ETF 資金流出：市場情緒逆轉

The market has witnessed notable outflows from Bitcoin ETFs, signaling a reversal from last week's substantial inflows. The total outflows amounted to $85.7 million in a single day, with Grayscale's GBTC experiencing the most significant withdrawal of $302 million.

市場見證了比特幣 ETF 的顯著流出，這標誌著上周大量資金流入的逆轉。單日流出總額達 8,570 萬美元，其中灰階的 GBTC 流出量最大，達 3.02 億美元。

Meanwhile, Blackrock's IBIT and Fidelity's FBTC reported positive inflows, totaling $165.9 million and $44 million, respectively. Commenting on this, WhalePanda remarked, "Overall negative day but not as negative as the price implied. Closing of Q1 so taking profit here makes sense. Some fuckery around [the] new quarter and halving is to be expected."

同時，貝萊德 (Blackrock) 的 IBIT 和富達 (Fidelity) 的 FBTC 報告稱資金正流入，總額分別為 1.659 億美元和 4,400 萬美元。對此，WhalePanda 評論道：「總體來說是負面的一天，但並不像價格所暗示的那麼負面。第一季結束，因此在這裡獲利了結是有道理的。新季度和減半的一些混亂是可以預料的。”

Conclusion

結論

The combination of long liquidations, a strengthening US dollar, investor profit-taking, and spot Bitcoin ETF outflows has resulted in a significant downturn in the Bitcoin market, with prices falling below the $66,000 mark. As the market stabilizes, it remains to be seen whether the correction will lead to a prolonged downward trend or if Bitcoin can regain its upward momentum.

多頭清算、美元走強、投資者獲利回吐以及現貨比特幣 ETF 流出等因素綜合作用，導致比特幣市場大幅下滑，價格跌破 66,000 美元大關。隨著市場穩定，此次調整是否會導致長期下跌趨勢，或者比特幣能否重獲上漲動力，仍有待觀察。