以太坊（ETH）價格下跌10％，暴露於3.66億美元的Defi清算風險

在最近的交易中，以太坊的價格急劇下滑。週一的加密貨幣下降了約10％，觸及1,820美元。

Ethereum price slid further on Monday, losing 10% to touch $1,820. This was ETH’s lowest valuation since December 2023.

以太坊價格在周一進一步下跌，損失10％，達到1,820美元。這是ETH自2023年12月以來的最低估值。

The crypto price action had massive implications for decentralized finance markets, which rely heavily on ETH for various lending operations.

加密價格行動對分散的金融市場具有巨大的影響，這些市場在很大程度上依賴於ETH的各種貸款業務。

One borrower on Sky (previously called Maker) had a $74 million DAI loan backed by ETH. The loan used 65,680 ETH tokens as collateral, which represented about $130 million in value before the recent price drop.

Sky上的一位借款人（以前稱為Maker）獲得了ETH支持的7400萬美元DAI貸款。該貸款將65,680個ETH代幣作為抵押品，在最近的價格下跌之前，價值約為1.3億美元。

The loan’s terms set its liquidation threshold just above the $1,900 mark. When ETH prices broke below this level, liquidation risk became immediate.

貸款的條款將其清算閾值設置在$ 1,900的位置上方。當ETH價格低於此級別時，清算風險就會立即發生。

According to blockchain records, the borrower acted quickly to protect their position. They transferred 2,000 ETH from Bitfinex to bolster their collateral. This emergency action added approximately $4 million in additional backing.

根據區塊鏈記錄，借款人迅速採取行動以保護其立場。他們將2,000張ETH從Bitfinex轉移到加強其抵押品。這項緊急行動增加了大約400萬美元的額外支持。

However, continued price drops forced further defensive measures. The borrower subsequently withdrew $1.6 million in USDT from Binance, converted these funds to DAI, and paid down part of their loan balance.

但是，持續的價格下跌迫使進一步的防禦措施。借款人隨後從Binance撤回了160萬美元的USDT，將這些資金轉換為DAI，並償還了部分貸款餘額。

These efforts reduced the total debt to $73.1 million. The new liquidation price now sits at $1,836, still dangerously close to current trading levels.

這些努力將總債務減少到了7310萬美元。現在，新的清算價格為1,836美元，仍然危險地接近當前的交易水平。

Liquidation Risk

清算風險

The risk extends beyond this single loan. DefiLlama data indicates $13.6 million in loans face liquidation if ETH hits $1,857. Another $117 million would be liquidated at the $1,780 level.

風險範圍超出了這筆貸款。 Defillama數據表明，如果ETH達到1,857美元，則面對清算貸款1360萬美元。另外1.17億美元將以1,780美元的水平清算。

The total exposure grows to $366 million if ETH drops an additional 20%.

如果ETH額外下降20％，總曝光率將增至3.66億美元。

Liquidations create compounding market pressure. When loans are liquidated, protocols sell the collateral, adding to selling pressure. This pattern can create a downward price spiral. Each liquidation potentially triggers others as prices continue falling.

清算產生更複雜的市場壓力。清算貸款時，方案出售抵押品，增加了銷售壓力。這種模式可以創造出下降的價格螺旋。隨著價格繼續下跌，每個清算可能會觸發其他清算。

Market sentiment metrics from Glassnode show that only half of ETH holders remain in profit positions, highlighting the growing pessimism.

GlassNode的市場情緒指標表明，只有一半的ETH持有人仍處於利潤地位，這突出了不斷增長的悲觀情緒。

This marks a dramatic shift from early 2023, when 82% of holders were profitable. Many investors now face difficult decisions about holding or selling at a loss.

這標誌著從2023年初開始的巨大轉變，當時82％的持有人有利可圖。現在，許多投資者面臨關於虧損的持有或出售的艱難決定。

Technical indicators support the bearish view. ETH has traded below the Ichimoku Cloud since January 25, signaling continued downward momentum.

技術指標支持看跌觀點。自1月25日以來，ETH一直低於Ichimoku Cloud，信號繼續向下勢頭。

If current support fails, analysts at Chainalysis point to $1,700 as the next critical level. A breach below this could trigger those “catastrophic liquidations” many analysts fear.

如果目前的支持失敗，則鏈分析的分析師將$ 1,700作為下一個臨界水平。下面的違規行為可能會觸發許多分析師擔心的“災難性清算”。

Some price projections suggest $1,300 as a possible bottom target. This would represent a further 30% decline from current levels.

一些價格預測表明$ 1,300是可能的底部目標。這將代表當前水平下降30％。

Yet some counter-indicators suggest potential stabilization. Last week saw $1.8 billion in ETH move from exchanges to private wallets—the largest such outflow since December 2022. Such movements typically indicate long-term accumulation rather than selling preparation.

然而，一些反調查者提出了潛在的穩定。上週，ETH從交易所轉移到私人錢包，這是自2022年12月以來的最大流出。這種運動通常表明長期積累而不是出售準備。

If buyer demand returns, some optimistic analysts, like PlanB, project possible recovery to $4,045—a 120% increase from today’s prices.

如果買方要求回報，那麼一些樂觀的分析師（例如Planb）可能會恢復到4,045美元，比今天的價格增長120％。

However, near-term prospects remain challenged. Bear market sentiment continues to dominate trading activity for Ethereum and the broader crypto market.

但是，近期前景仍然受到挑戰。熊市的情緒繼續主導以太坊和更廣泛的加密貨幣市場的交易活動。