加密貨幣正在下降，比特幣低於$ 91,000：這只是一個更正還是趨勢逆轉的開始？

加密貨幣正在經歷新的殘酷波動，搖晃一個已經因宏觀經濟不確定性而削弱的市場。

The cryptos are experiencing a new episode of brutal volatility, shaking a market already weakened by macroeconomic uncertainties. Solana collapses by 14 %, XRP and Dogecoin drop by over 8 %, while Bitcoin falls below $91,000. This movement, amplified by massive liquidation, raises questions about the resilience of these assets in the face of global economic pressures. Thus, the question now is whether this drop is a mere correction or the beginning of a trend reversal.

加密貨幣正在經歷新的殘酷波動，搖晃一個已經因宏觀經濟不確定性而削弱的市場。 Solana倒塌了14％，XRP和Dogecoin下降了8％以上，而比特幣低於91,000美元。大規模清算的放大，這一運動引發了有關面對全球經濟壓力的這些資產彈性的疑問。因此，現在的問題是這種下降是僅僅是校正還是趨勢逆轉的開始。

A brutal correction of altcoins and a Bitcoin under pressure

在壓力下對山寨幣和比特幣進行殘酷校正

The crypto market is plagued by violent turbulence. Solana (SOL) drops 14 % in one day, bringing its weekly losses to over 20 %. This plunge is part of a generalized liquidation movement that also affects XRP, Dogecoin, and Ethereum, which are down by over 8 %. Indeed, the CoinDesk 20 index, which tracks the largest market capitalizations in the sector, reflects this trend with a decline of more than 7 % for the day.

加密市場受到暴力動蕩的困擾。 Solana（Sol）一天內下降了14％，每週損失至20％以上。這種暴跌是一種廣泛的清算運動的一部分，它也影響XRP，Dogecoin和以太坊，它們下降了8％以上。的確，跟踪該行業最大的市值的Coindesk 20指數反映了這一趨勢，當天下降了7％以上。

Bitcoin, for its part, has plunged below the $92,000 threshold for the first time since November, threatening a potential bearish breakout after three months of consolidation between $90,000 and $110,000. Such a drop heightens tensions in the market, already weakened by the absence of clear bullish signals. “The current bearish sentiment may be exaggerated,” moderates Jeff Mei, COO of the BTSE exchange, who believes that upcoming macroeconomic decisions could offer a rebound.

就11月以來，比特幣首次低於92,000美元的門檻，威脅到三個月的合併在90,000美元至110,000美元之間的潛在看跌。這樣的下降加劇了市場上的緊張局勢，由於缺乏明顯的看漲信號，已經削弱了。 BTSE Exchange的首席運營官傑夫·梅（Jeff Mei）認為，“目前的看跌情緒可能被誇大了，”他認為即將實現的宏觀經濟決定可能會帶來反彈。

Massive liquidations in cascade

級聯的大量清算

In this climate of panic, liquidations are multiplying. Nearly one billion dollars of positions have been liquidated in 24 hours, according to CoinGlass data. Among them, $277 million concern long positions on Bitcoin, proof of a market caught off guard by the brutality of the movement. Altcoins are not spared either, with chain sales accelerating the correction.

在這種恐慌的氣候下，清算正在繁殖。根據Coinglass數據，在24小時內清算了將近十億美元的職位。其中，2.77億美元關注比特幣的長位職位，證明了該運動的殘酷行為使市場措手不及。 AltCoins也無法倖免，連鎖銷售加速了更正。

This phenomenon is not unprecedented, as in a crypto market often dominated by leverage, such liquidations mechanically amplify downward movements. However, beyond the technical effect, this correction fits into a broader economic context that weighs on risky assets.

這種現像不是前所未有的，因為在通常由槓桿作用的加密貨幣市場中，這種清算機械地放大了向下運動。但是，除了技術效應之外，這種校正還適合更廣泛的經濟背景，這種經濟背景影響了風險的資產。

Indeed, Bitcoin has been trading between $90,000 and $110,000 for nearly three months, struggling to regain a sustainable bullish momentum. The Bitfinex Alpha report from February 24, 2025 highlights that “Bitcoin remains at a critical turning point after nearly 90 days of consolidation”. Furthermore, Bitfinex analysts note that “the momentum needed for a sustainable bullish break has been lacking, leading to a period of contraction and consolidation across almost all major crypto assets”.

的確，近三個月的比特幣在90,000美元至110,000美元之間的交易，努力恢復可持續的看漲勢頭。 Bitfinex Alpha的報告從2025年2月24日起，強調“比特幣在固結近90天后仍然處於關鍵的轉折點”。此外，Bitfinex分析師指出：“缺乏可持續看漲的休息所需的勢頭，導致幾乎所有主要加密資產的收縮和鞏固時期。”

In the last 24 hours, Bitcoin has dropped more than 4.5 %, reaching a low of just under $91,000 since late November, indicates CoinGecko. At the same time, the total market capitalization of crypto has fallen by 8%, from over $3.31 trillion to about $3.09 trillion.

在過去的24小時內，比特幣下降了4.5％以上，自11月下旬以來，比特幣的低點低於91,000美元。同時，加密貨幣的總市值下降了8％，從3.31萬億美元降至約3.09萬億美元。

A correlation with traditional markets and capital flight

與傳統市場和資本飛行的關聯

If cryptos are plunging, it is not solely due to internal factors. The crypto market shows an increasing correlation with stock markets, which have also been declining in recent days. The S&P 500 is down 2.3 % over a week, while the Nasdaq drops by 4 %, indicating a growing risk aversion. This trend slows incoming flows into crypto, already affected by a decline in institutional interest.

如果加密貨幣崩潰，則不僅僅是由於內部因素所致。加密市場顯示與股票市場的相關性越來越高，最近幾天也一直在下降。標準普爾500指數在一周內下降了2.3％，而納斯達克股票下降了4％，表明規避風險的增長。這種趨勢減慢了傳入流入加密貨幣，已經受到機構利益下降的影響。

As evidenced by the figures of Bitcoin ETFs, which recorded net outflows of $552.5 million over the past week. The easing of institutional demand, which drove the market up in 2024, is a critical signal for investors who hoped to see these new products sustainably support prices.

比特幣ETF的數字證明了這一點，在過去一周中，淨流出量為5.525億美元。對於希望看到這些新產品可持續支持價格的投資者而言，機構需求的緩解是在2024年推動了市場的關鍵信號。

Inflation and Economic Uncertainties : A Detrimental Climate for Cryptos

通貨膨脹和經濟不確定性：加密貨幣的有害氣候

While this correction seems brutal, it is not entirely unexpected. Inflationary tensions and the economic slowdown have contributed to a repositioning of capital towards less risky assets. Augustine Fan, head of analysis at SignalPlus, specifies that “the sentiment of economic slowdown dominates the markets, with strengthened correlations between stocks, bonds, and cryptos. This explains why we are observing this synchronized correction across all assets.”

雖然這種糾正似乎是殘酷的，但並不是完全出乎意料的。通貨膨脹張力和經濟放緩已導致資本重新定位到風險較小的資產上。 SignalPlus分析主管Augustine Fan指出：“經濟放緩的觀點在市場上占主導地位，並加強了股票，債券和加密貨幣之間的相關性。這解釋了為什麼我們在所有資產中觀察到這種同步校正。”

In the United States, the latest consumer price index (CPI) figures show sustained inflation, with a 0.5 % increase over the month in January, compared to a forecast of 0.3 %. Such progress complicates the task for the Federal Reserve, which may have to extend its high interest rate policy, thus curbing appetite for speculative assets.

在美國，最新的消費者價格指數（CPI）的數據顯示，持續的通貨膨脹率，一月份比該月增長了0.5％，而預測為0.3％。這種進展使美聯儲的任務變得複雜，美聯儲可能必須擴大其高利率政策，從而遏制對投機資產的需求。

The announcement of new American tariffs on Canadian and Mexican imports, confirmed by Donald Trump during his speech with Emmanuel Macron, adds an extra layer of uncertainty. “This stagnation in traditional markets has echoed in cryptos,” explain analysts from Bitfinex, who emphasize that the American economy is undergoing a period of weakness marked by a decline in consumer confidence and a slowdown in growth.

唐納德·特朗普（Donald Trump）在對伊曼紐爾·馬克龍（Emmanuel Macron）的演講中確認，宣布對加拿大和墨西哥進口的新美國關稅，這增加了額外的不確定性。 Bitfinex的分析師解釋說：“傳統市場的停滯在加密貨幣中呼應。

The massive liquidation

大量清算