衍生品交易商主导市场，CRO面临下行压力

Cronos（CRO）是克罗诺斯区块链的原生加密货币，正在经历巨大的抛售压力，这主要是由衍生品交易商和鲸鱼投资者的兴趣减弱推动的。

The price of Cronos (CRO) is experiencing a steep decline, with losses exceeding 12% in the past 24 hours. This downturn follows a brief rally earlier in the month, where CRO surged by 124.41%. As the digital asset faces increasing selling pressure, several key market indicators are shedding light on the forces driving this trend.

Cronos（CRO）的价格正在经历急剧下跌，过去24小时内损失超过12%。这次低迷是在本月初短暂反弹之后，CRO 飙升 124.41%。随着数字资产面临越来越大的抛售压力，几个关键市场指标正在揭示推动这一趋势的力量。

Derivative traders are emerging as a dominant factor behind CRO's decline. A key indicator of this shift is the Open Interest in CRO, which reached its peak at $23.73 million on November 12. Open Interest refers to the total value of outstanding derivative contracts, such as futures, which have not been settled. A high Open Interest suggests strong market engagement, but it also indicates that traders are positioning themselves for large price movements.

衍生品交易商正在成为 CRO 下跌背后的主导因素。这一转变的一个关键指标是 CRO 的未平仓合约，该指数于 11 月 12 日达到峰值 2373 万美元。未平仓合约是指未结算的衍生品合约（例如期货）的总价值。高持仓量表明市场参与度较高，但也表明交易者正在为大幅价格波动做好准备。

However, this bullish sentiment quickly reversed. Over the last 24 hours, the Open Interest for CRO dropped by 13.74%, signaling that the market sentiment has turned bearish. This sharp decline in Open Interest is a reflection of traders increasingly favoring short positions — a move that profits from falling prices.

然而，这种看涨情绪很快发生逆转。过去24小时，CRO持仓量下降13.74%，表明市场情绪转为看跌。未平仓合约的急剧下降反映出交易者越来越倾向于空头头寸——这是从价格下跌中获利的举动。

The long-to-short ratio, which measures the balance between long (buy) and short (sell) positions, is another indicator that tells the story of CRO's decline. With a current ratio of 0.9209, it is clear that sell positions now outnumber buy positions, putting additional downward pressure on the price of the coin. Should this trend continue, CRO could face even more losses in the near future.

多空比率衡量多头（买入）和空头（卖出）头寸之间的平衡，是讲述 CRO 下跌故事的另一个指标。当前比率为 0.9209，很明显，卖出头寸现在多于买入头寸，这给代币的价格带来了额外的下行压力。如果这种趋势继续下去，CRO 在不久的将来可能会面临更大的损失。

The growing liquidation gap is adding even more selling pressure to CRO's price. Liquidations occur when traders who are holding leveraged positions are forced to close their positions due to unfavorable market conditions. According to the latest liquidation data from Coinglass, $108,410 worth of long CRO positions were forcefully liquidated, compared to just $7.26 worth of short contracts. This stark disparity underscores the market's bearish shift and the strength of the selling momentum.

不断扩大的清算缺口给 CRO 的价格带来了更大的抛售压力。当持有杠杆头寸的交易者由于不利的市场条件而被迫平仓时，就会发生清算。根据 Coinglass 的最新清算数据，价值 108,410 美元的多头 CRO 头寸被强制清算，而空头合约的价值仅为 7.26 美元。这种明显的差异凸显了市场的看跌转变和抛售势头的强劲。

When analyzing this data further through the long-to-short liquidation ratio, the numbers are striking. For every dollar of short positions closed, approximately $14,930 worth of long positions were liquidated. This massive imbalance signals heightened volatility, and it suggests that the market could remain heavily skewed toward the bears in the coming days, potentially pushing the price of CRO even lower.

当通过多空清算比率进一步分析这些数据时，数字是惊人的。每平仓 1 美元的空头头寸，就会清算价值约 14,930 美元的多头头寸。这种巨大的失衡预示着波动性加剧，并表明未来几天市场可能仍严重偏向空头，从而可能进一步压低 CRO 的价格。

In addition to the actions of derivative traders, whale activity in CRO has sharply declined. Whales, who are large holders of the cryptocurrency, often have a significant impact on its price. However, in the last 24 hours, only two large transactions were recorded, representing the lowest trading volume seen over the past week. Just 4.80 million CRO was exchanged during this period, signaling that whales are stepping back from the market.

除了衍生品交易商的行动外，CRO 中的鲸鱼活动也急剧下降。鲸鱼是加密货币的大量持有者，通常对其价格产生重大影响。然而，在过去24小时内，仅记录了两笔大额交易，为过去一周的最低交易量。在此期间仅交换了 480 万个 CRO，这表明鲸鱼正在退出市场。

Historically, whales have played a crucial role in driving the price of CRO, and their diminished activity suggests that they may be liquidating their positions, possibly due to the diminishing market interest. The lack of significant whale transactions combined with the current price drop points to a weakened bullish sentiment and suggests that further declines may be on the horizon.

从历史上看，鲸鱼在推动 CRO 价格方面发挥了至关重要的作用，它们的活动减少表明它们可能正在清算头寸，这可能是由于市场兴趣的减弱。缺乏大量鲸鱼交易，加上当前的价格下跌，表明看涨情绪减弱，并表明可能会进一步下跌。

It's not just whales who are losing interest; spot traders are also playing a role in the decline of CRO's price. Active addresses, which indicate the number of users actively trading the asset, have dropped by 19.38% over the past week. This decline in user engagement further signals that the broader market interest in CRO is weakening.

不仅仅是鲸鱼失去了兴趣，连鲸鱼也失去了兴趣。现货贸易商也在CRO价格下跌中发挥了作用。活跃地址（表明活跃交易该资产的用户数量）在过去一周下降了 19.38%。用户参与度的下降进一步表明，更广泛的市场对 CRO 的兴趣正在减弱。

As derivative traders continue to dominate the market and whales step back, spot traders are also taking a more cautious approach, contributing to the overall sell-off. Should these trends persist, CRO may face further downward momentum, potentially setting new lows.

随着衍生品交易商继续主导市场，鲸鱼退出，现货交易商也采取更加谨慎的态度，导致整体抛售。如果这些趋势持续下去，CRO 可能面临进一步下行势头，并可能创下新低。