加密市場面臨 BNB 鏈、比特幣現金的擠空風險

交易者等待加密貨幣市場的方向，而賣空未平倉合約則表明 BNB 鏈 (BNB) 和比特幣現金 (BCH) 可能出現空頭擠壓。 BNB 高達 56.44% 的融資利率和 BCH 12% 的穩定負利率表示市場失衡。 BCH 的清算熱圖顯示流動性池在 600-650 美元以及 700 美元以上，但建議交易者謹慎行事，並考慮積極情緒觸發清算的必要性。

Cryptocurrency Market Poised for Short Squeeze on BNB Chain and Bitcoin Cash

加密貨幣市場準備對 BNB 鍊和比特幣現金進行空頭擠壓

The cryptocurrency market has exhibited sideways trading in recent days, leaving investors seeking guidance on its future direction. However, data analysis reveals potential short squeeze risks for two prominent cryptocurrencies: BNB Chain (BNB) and Bitcoin Cash (BCH).

最近幾天，加密貨幣市場呈現橫盤交易，投資者尋求其未來方向的指引。然而，數據分析揭示了兩種主要加密貨幣的潛在軋空風險：BNB 鏈（BNB）和比特幣現金（BCH）。

Short Selling and Liquidation Mechanisms

賣空和清算機制

When cryptocurrency traders engage in short selling, they deposit collateral and agree upon a liquidation price higher than the position's opening price. If the asset's index price reaches this threshold, the exchange forcibly closes the position and seizes the collateral.

當加密貨幣交易者進行賣空時，他們存入抵押品並商定高於頭寸開倉價格的清算價格。如果資產的指數價格達到此閾值，交易所將強制平倉並扣押抵押品。

To maintain market equilibrium, derivatives exchanges establish a funding rate based on the long/short ratio. When short positions outnumber long positions, short sellers must pay a funding rate premium to long-position traders. This poses a liquidation risk, as the collateral is gradually depleted during the typically 8-hour interest payment intervals.

為了維持市場平衡，衍生性商品交易所根據多頭/空頭比率確定融資利率。當空頭部位數量超過多頭部位時，空頭部位交易者必須向多頭部位交易者支付資金費率溢價。這會帶來清算風險，因為抵押品在通常的 8 小時利息支付間隔內逐漸耗盡。

BNB Chain's High Funding Rates

BNB Chain的高資金費率

BNB Chain (BNB) has experienced significant shorting activity in the wake of allegations involving Changpeng Zhao, Binance's former CEO and BNB's creator. This bearish news has created a substantial market imbalance, increasing the likelihood of a short squeeze before any further downward trend.

在幣安前執行長、BNB 創始人趙長鵬受到指控後，BNB Chain (BNB) 經歷了大規模的做空活動。這項利空消息造成了嚴重的市場失衡，增加了在進一步下跌趨勢之前出現軋空的可能性。

BNB currently holds the fifth-highest open interest among all cryptocurrencies and boasts the highest negative funding rate of 56.44%. Historically, such extreme negative funding rates have triggered short squeezes, resulting in short-term upward price movements.

BNB 目前在所有加密貨幣中持有第五高的未平倉合約，並擁有最高的負融資率，高達 56.44%。從歷史上看，這種極端的負資金利率會引發軋空，導致價格短期上漲。

Bitcoin Cash's Short Squeeze Potential

比特幣現金的軋空潛力

Bitcoin Cash (BCH) has also been subject to a substantial negative funding rate, which has remained steady this week. At present, BCH short-sellers are paying over 12% interest to long-position traders, the second-highest rate among major cryptocurrencies.

比特幣現金（BCH）也受到了大幅負融資利率的影響，本週一直保持穩定。目前，BCH 賣空者正在向多頭交易者支付超過 12% 的利息，這是主要加密貨幣中第二高的利率。

The Bitcoin Cash liquidation heatmap highlights two key liquidity pools that could serve as targets for a short squeeze: the $600-$650 price range and the $700 level.

比特幣現金清算熱圖強調了兩個可以作為軋空目標的關鍵流動性池：600-650 美元的價格範圍和 700 美元的水平。

Cautious Optimism Warranted

謹慎樂觀是有道理的

While the elevated negative funding rates and accumulated liquidations suggest the possibility of a short squeeze, traders should exercise caution. A price surge is necessary to trigger these liquidations, which hinges on positive market sentiment.

雖然負資金利率上升和累積清算表示可能出現軋空，但交易者應謹慎行事。價格飆升是觸發這些清算所必需的，這取決於積極的市場情緒。

Cryptocurrency traders must meticulously consider various factors to make informed decisions. They should maintain vigilance and implement robust risk management strategies.

加密貨幣交易者必須仔細考慮各種因素才能做出明智的決定。他們應保持警惕並實施穩健的風險管理策略。

Disclaimer

免責聲明

The information presented in this article should not be construed as investment advice. Investing in cryptocurrencies carries inherent risks, and the value of your capital is at peril.

本文提供的資訊不應被視為投資建議。投資加密貨幣存在固有風險，您的資本價值面臨風險。