2025年3月29日的以太坊清算事件：驗屍後

加密貨幣的數字領域通常被稱為分散的金融和技術創新的堡壘，在2025年3月29日星期五經歷了地震震顫。

The digital realm of cryptocurrency, often lauded for its decentralized brilliance and technological prowess, was rocked on Friday, March 29, 2025, by a seismic tremor that began at the second-largest cryptocurrency - Ethereum.

加密貨幣的數字領域經常因其去中心的光彩和技術才能而受到稱讚，於2025年3月29日星期五因地震震顫而震撼，該地震震顫始於第二大加密貨幣 - 以太坊。

Its price fall below the $1,890 threshold sparked a staggering $450 million liquidation event across the crypto sphere. This dramatic downturn, triggered by a confluence of factors including newly announced tariffs, served as a stark reminder of the inherent volatility and susceptibility to macroeconomic forces that characterize the cryptocurrency market.

它的價格低於1,890美元的門檻，在加密貨幣領域引發了一場驚人的4.5億美元清算活動。這種巨大的衰退是由包括新宣布的關稅在內的各種因素引發的，這引起了人們對宏觀經濟力量的固有波動和易感性的明顯提醒，這些力量是加密貨幣市場的特徵。

A Swift Descent from Bullish Heights:

來自看漲高度的迅速下降：

Just days prior, Ethereum had been scaling bullish heights of $2,100, buoyed by optimistic market sentiment and tangible developments within its ecosystem. The announcement by WLFI, a venture backed by the individual who formerly occupied the oval office, of its intention to launch a stablecoin on both the Ethereum and BNB chains, served as a catalyst, infusing the market with renewed vigor.

就在幾天前，以太坊一直將看漲的高度擴大到2,100美元，並受到樂觀的市場情緒和生態系統中有形的發展的鼓舞。 WLFI的宣布是由以前佔領橢圓形辦公室的個人支持的一家企業，其意圖在以太坊和BNB連鎖店上發射穩定的股份，並用作催化劑，並為市場注入了新的活力。

Similarly, the successful deployment of the Pectra upgrade, a significant enhancement to the Ethereum network, further fueled positive expectations.

同樣，pectra升級的成功部署是對以太坊網絡的重大增強，進一步加劇了積極的期望。

However, the tide turned abruptly. The announcement of new tariffs acted as a sledgehammer against investor confidence. The broader financial markets reacted with palpable anxiety, and the cryptocurrency sector, known for its heightened sensitivity to external cues, was not spared.

但是，潮流突然轉向。新關稅的宣布是反對投資者信心的大錘。更廣泛的金融市場對明顯的焦慮產生了反應，而以對外部提示的敏感性提高而聞名的加密貨幣行業並沒有倖免。

Ethereum, in particular, suffered a precipitous decline, losing 6% of its value in a matter of hours, and testing lows of $1,870 before a slight recovery to $1,895.

尤其是以太坊急劇下降，在幾個小時內損失了其價值的6％，並在略微恢復至1,895美元之前，測試了1,870美元的低點。

The Anatomy of a Liquidation:

清算的解剖結構：

The statistics from Coinglass, a platform that tracks cryptocurrency liquidations, presented a stark picture - a total of $449.89 million was liquidated in 24 hours.

跟踪加密貨幣清算的平台Coinglass的統計數據顯示了一幅鮮明的情況 - 在24小時內清算了4.4989億美元。

Ethereum bore the brunt of these liquidations, with $136.21 million liquidated from the token in the 24 hours to 06:00 CET. This staggering figure underscored the aggressive leverage that many traders employ, and the swiftness with which fortunes can be reversed in the volatile crypto arena.

以太坊首當其衝，在24小時內從令牌上清算了1.3621億美元，至CET 06:00。這個驚人的人物強調了許多交易者所採用的積極槓桿作用，以及在揮發性的加密競技場中逆轉命運的迅速。

Among other major cryptocurrencies, Bitcoin faced significant liquidations to the tune of $116.56 million, while XRP saw $24.86 million liquidated. Solana, another prominent layer-1 altcoin, also faced a substantial $17.28 million in liquidations.

在其他主要的加密貨幣中，比特幣面臨著大量清算，達到1.165億美元，而XRP則銷售了2486萬美元。另一位著名的1層Altcoin Solana也面臨著1728萬美元的清算。

These synchronized declines across major cryptocurrencies highlighted the interconnectedness of the market and its susceptibility to external pressures.

這些同步的主要加密貨幣下降強調了市場的相互聯繫及其對外部壓力的敏感性。

The Role of Tariffs and Macroeconomic Uncertainty:

關稅和宏觀經濟不確定性的作用：

The announcement of new tariffs played a primary role in driving the market downturn. The specific details of these tariffs, the sectors they targeted, and the anticipated impact on global trade dynamics contributed to a climate of uncertainty. This, in turn, prompted investors to reduce their exposure to riskier assets, such as those in the cryptocurrency market.

新關稅的宣佈在推動市場低迷方面發揮了主要作用。這些關稅的具體細節，他們針對的部門以及對全球貿易動態的預期影響導致了不確定性的氣氛。反過來，這促使投資者減少其風險較高的資產，例如加密貨幣市場的資產。

The cryptocurrency sector is often viewed as a high-risk, high-reward investment class. While it has attracted significant interest from both institutional and retail investors in recent years, it remains highly sensitive to shifts in macroeconomic sentiment. This sensitivity is amplified by the inherent volatility of digital assets and the speculative nature of much of the trading activity.

加密貨幣部門通常被視為高風險，高回報的投資類別。儘管近年來，它引起了機構和散戶投資者的重大興趣，但它仍然對宏觀經濟情緒的轉變仍然很敏感。數字資產的固有波動和大部分交易活動的投機性質可以放大這種敏感性。

In addition to the tariffs, the broader macroeconomic picture also contributed to the market’s unease. Concerns about inflation, interest rate hikes, and potential economic slowdowns created a backdrop of uncertainty that further eroded investor confidence. The cryptocurrency market, which is largely driven by risk appetite, reacted accordingly.

除了關稅外，更廣泛的宏觀經濟情況也導致了市場的不安。對通貨膨脹，利率上升和潛在經濟放緩的擔憂產生了不確定性的背景，進一步侵蝕了投資者的信心。加密貨幣市場在很大程度上是由風險食慾驅動的，對此做出了相應的反應。

The Fallout and Implications:

影響和含義：

The liquidation event had several implications for the cryptocurrency market. It served as a stark reminder of the importance of risk management, especially for traders who employ leverage. The swiftness and magnitude of the losses highlighted the dangers of over-leveraging and the potential for rapid market reversals.

清算事件對加密貨幣市場有幾個影響。它醒目地提醒了風險管理的重要性，尤其是對於使用槓桿的交易者而言。損失的迅速和幅度強調了過度槓桿作用的危險以及快速市場逆轉的潛力。

It also underscored the interconnectedness of the cryptocurrency market with broader financial markets. The response to the tariff announcement demonstrated how external factors can quickly impact the digital asset space, challenging the notion of cryptocurrency as an isolated, independent entity.

它還強調了加密貨幣市場與更廣泛的金融市場的相互聯繫。對關稅公告的反應表明，外部因素如何迅速影響數字資產空間，從而挑戰了加密貨幣作為一個孤立的獨立實體的概念。

Furthermore, it served as a reality check for the Ethereum community. While the network has made significant strides in terms of technological development and adoption, it remains vulnerable to market forces and investor sentiment. The plunge below $1,900 raised questions about the sustainability of Ethereum’s recent gains and the potential for further downside risk.

此外，它是以太坊社區的現實檢查。儘管該網絡在技術發展和採用方面取得了長足的進步，但它仍然容易受到市場力量和投資者情緒的影響。低於$ 1,900的跌幅提出了有關以太坊最近收益的可持續性以及進一步下行風險的潛力的問題。

Ethereum’s Resilience Tested:

以太坊的彈性測試了：

Despite the dramatic downturn, Ethereum demonstrated a degree of resilience, recovering slightly to trade around $1,895 by 07:05 CET, showing resilience in the face of selling pressure. However, the accompanying rise in trading volume suggested that the market was still on edge, with the potential for further selling in the coming sessions.

儘管下滑了巨大的衰退，但以太坊表現出了一定程度的韌性，在07:05 CET到1,895美元的交易略微恢復了，面對銷售壓力，表現出彈性。但是，隨附的交易量增加表明，市場仍處於邊緣狀態，並有可能在即將到來的會議上進一步銷售。

The long-term outlook for Ethereum remained uncertain. The network’s fundamental strengths, including its robust ecosystem, active developer community, and the ongoing transition to a more scalable and sustainable architecture, continued to

以太坊的長期前景仍然不確定。該網絡的基本優勢，包括其強大的生態系統，活躍的開發人員社區以及持續過渡到更可擴展和可持續的建築的持續過渡