在周二的加密市場下跌，一個價值超過1.26億美元的以太（ETH）職位超過1.26億美元。

ETH現在已經回顧了超過週日集會的全部，在過去48小時內的價值的22％，因為它的交易價格為2,080美元。

An ether (ETH) position worth more than $126 million came within 4% of being liquidated amid a crypto market plunge on Tuesday.

在周二的加密市場下跌，一個價值超過1.26億美元的以太（ETH）職位超過1.26億美元。

ETH has now retraced more than the entirety of Sunday's rally, shedding 22% of its value in the past 48 hours as it trades at $2,080.

ETH現在已經回顧了超過週日集會的全部，在過去48小時內的價值的22％，因為它的交易價格為2,080美元。

A fortuitous bounce at $2,000 protected Ethereum's decentralized finance (DeFi) ecosystem from a series of liquidations on collateralized debt platform MakerDAO. The first level sat at $1,929 with another two positions set to be liquidated at $1,844 and $1,796. The combined value of all three positions is $349 million.

偶然反彈以2,000美元受保護的以太坊的分散融資（DEFI）生態系統，從抵押債務平台Makerdao上進行的一系列清算。第一級售價為$ 1,929，另外兩個職位定為1,844美元和1,796美元。這三個職位的總價值為3.49億美元。

Price action is often drawn to liquidations levels as trading firms target areas of supply. When a liquidation is triggered on MakerDAO, the ETH pledged as collateral will be sold, or auctioned off, with a portion of fees going to the protocol. In terms of MakerDAO, the ETH is often purchased at a discount and later sold on the wider market for a profit - which has the potential to cause an additional drawdown in price.

由於貿易公司針對供應領域，價格行動通常被吸引到清算水平。當在Makerdao上觸發清算時，將出售或拍賣作為抵押品的承諾，其中一部分費用將用於協議。在Makerdao方面，ETH通常以折扣價購買，後來在更廣泛的市場上以利潤出售 - 這有可能導致額外的價格降低。

Liquidations in DeFi are more impactful than futures as it involves spot assets and not derivatives, which boast higher levels of liquidity due to high leverage.

Defi中的清算比期貨更具影響力，因為它涉及現貨資產而不是衍生品，由於高槓桿作用，其流動性水平更高。

In this case, it is advantageous for trading firms to target these levels as a liquidation would provide short term volatility and potentially a cascade, which is when one liquidated position forcibly leads to several others.

在這種情況下，對於貿易公司而言，將這些水平瞄準這些水平是有利的，因為清算將提供短期波動率，並可能是級聯，這是一個被強制撤銷的職位導致其他幾個職位。

Once a cascade is concluded and buyers have absorbed the fresh supply, price typically heads back up, which can tempt the liquidated trader into buying back their long position.

一旦結束了級聯並吸收了新鮮供應，價格通常會備份，這可能會吸引被清算交易者回購其長位置。

Data from DefiLlama shows that $1.3 billion worth of ether is liquidatable with $427 million of that being within 20% of the current price.

Defillama的數據表明，價值13億美元的以太貨幣可液化，其中4.27億美元在當前價格的20％以內。

ETH has underperformed against bitcoin (BTC) throughout the recent bull market, slumping to a ratio of 0.0235 compared to previous cycle highs at 0.156 and 0.088. This is partly due to institutional inflows into numerous spot BTC ETFs, but also due to the rise of other blockchains like Solana and Base that have stolen market share.

在最近的整個牛市中，ETH對比特幣（BTC）的表現不佳，與先前的周期高點為0.156和0.088相比，跌至0.0235的比率。這部分是由於機構流入眾多的BTC ETF，也是由於其他區塊鏈（如Solana和Base）的崛起，這些區塊鏈的市場份額被盜。