比特币跌至83,400美元，这是自2024年11月以来的最低水平

加密货币场景刚刚经历了一个新的动荡：比特币在2025年2月26日跌至83,400美元，其最低水平

The crypto scene has just experienced a new episode of turbulence with Bitcoin falling to $83,400 on February 26, 2025, its lowest level since November 2024. This sudden correction led to over a billion dollars in liquidations in the derivatives market. Such a situation has shaken investors’ confidence.

加密货币场景刚刚经历了新的湍流，比特币在2025年2月26日降至83,400美元，这是自2024年11月以来的最低水平。这种突然的纠正导致衍生品市场的清算数十亿美元。这种情况使投资者的信心震惊了。

A triple threat to Bitcoin

比特币的三重威胁

The main cause of this decline can be attributed to fears of a global recession, prompting investors to shy away from risky assets. At the same time, American protectionist policies, notably new taxes on imports from Canada and Mexico announced by Donald Trump, have increased tensions in the markets. This unstable economic context has heightened the appeal of U.S. government bonds at the expense of volatile assets like Bitcoin.

这种下降的主要原因可能归因于对全球衰退的担心，促使投资者回避风险资产。同时，美国贸易保护主义政策，特别是唐纳德·特朗普（Donald Trump）宣布的加拿大进口和墨西哥进口的新税，增加了市场紧张局势。这种不稳定的经济背景增强了美国政府债券的吸引力，而牺牲了像比特币这样的波动资产。

Even gold, historically a safe haven, fell by 2.2 % in just two days, a clear signal of the nervous climate settling over the financial markets.

即使是历史上的避风港，黄金也在短短两天内下降了2.2％，这清楚地表明，金融市场上紧张的气候定居。

At the very moment when the strength of Bitcoin ETFs and the influence of Strategy on the market are being questioned, the cryptocurrency experienced a triple threat. The sudden drop of Bitcoin to $83,400 on February 26, 2025, marked a major turning point for financial markets. In just three days, the crypto lost nearly $13,000. However, the asset has seen a rebound. The current price of Bitcoin stands at $86,300.

在比特币ETF的强度以及战略对市场的影响的那一刻，加密货币经历了三重威胁。 2025年2月26日，比特币突然下降至83,400美元，标志着金融市场的主要转折点。在短短三天内，加密货币损失了近13,000美元。但是，资产有反弹。当前比特币的价格为86,300美元。

This loss triggered a massive liquidation of leveraged long positions, according to data from CoinGlass. In total, over $1.1 billion in cryptocurrency derivatives were liquidated in the last 24 hours, the majority of which were on February 24. This brutal correction notably affected the most exposed traders, amplifying the downward spiral and the intensification of volatility in the market.

根据Coinglass的数据，这种损失引发了大量杠杆长位置的清算。在过去的24小时内，总共清算了超过11亿美元的加密货币衍生品，其中大多数是2月24日。这种残酷的纠正措施显着影响了最暴露的商人，从而扩大了市场上的下降螺旋和下降效果。

The macroeconomic context also played a crucial role in this collapse. With fears of a global recession looming large, investors decided to exit their positions in risky assets to seek refuge in safer havens like U.S. government bonds. This shift in preference was triggered by the announcement of increased taxes by Donald Trump on imports from Canada and Mexico, actions that ultimately contributed to the deterioration of the market atmosphere.

宏观经济环境在这次崩溃中也起着至关重要的作用。由于担心全球衰退笼罩着大型衰退，投资者决定退出其风险资产的立场，以寻求像美国政府债券这样更安全的避难所。唐纳德·特朗普（Donald Trump）宣布增加加拿大和墨西哥进口的税收的宣布提高税收，这最终导致市场氛围恶化，这引起了这种偏好的转变。

Finally, the BTC options market is also expected to generate significant volatility. With $6.9 billion worth of options due to expire on February 28, 2025, the majority of which are buy positions (call options) at prices well above the current level, sellers (bears) have a clear advantage to continue exerting downward pressure and prevent any significant rebound.

最后，预计BTC期权市场还将产生明显的波动性。 2025年2月28日到期，价值69亿美元的期权，其中大多数是以远高于目前水平的价格买入头寸（呼叫期权），卖方（熊）明显地有优势，可以继续施加向下压力并防止任何重大反弹。