加密市场面临 BNB 链、比特币现金的挤空风险

交易者等待加密货币市场的方向，而卖空未平仓合约则表明 BNB 链 (BNB) 和比特币现金 (BCH) 可能出现空头挤压。 BNB 高达 56.44% 的融资利率和 BCH 12% 的稳定负利率表明市场失衡。 BCH 的清算热图显示流动性池在 600-650 美元以及 700 美元以上，但建议交易者谨慎行事，并考虑积极情绪触发清算的必要性。

Cryptocurrency Market Poised for Short Squeeze on BNB Chain and Bitcoin Cash

加密货币市场准备对 BNB 链和比特币现金进行空头挤压

The cryptocurrency market has exhibited sideways trading in recent days, leaving investors seeking guidance on its future direction. However, data analysis reveals potential short squeeze risks for two prominent cryptocurrencies: BNB Chain (BNB) and Bitcoin Cash (BCH).

最近几天，加密货币市场呈现横盘交易，投资者寻求其未来方向的指引。然而，数据分析揭示了两种主要加密货币的潜在轧空风险：BNB 链（BNB）和比特币现金（BCH）。

Short Selling and Liquidation Mechanisms

卖空和清算机制

When cryptocurrency traders engage in short selling, they deposit collateral and agree upon a liquidation price higher than the position's opening price. If the asset's index price reaches this threshold, the exchange forcibly closes the position and seizes the collateral.

当加密货币交易者进行卖空时，他们存入抵押品并商定高于头寸开仓价格的清算价格。如果资产的指数价格达到此阈值，交易所将强制平仓并扣押抵押品。

To maintain market equilibrium, derivatives exchanges establish a funding rate based on the long/short ratio. When short positions outnumber long positions, short sellers must pay a funding rate premium to long-position traders. This poses a liquidation risk, as the collateral is gradually depleted during the typically 8-hour interest payment intervals.

为了维持市场平衡，衍生品交易所根据多头/空头比率确定融资利率。当空头头寸数量超过多头头寸时，空头头寸交易者必须向多头头寸交易者支付资金费率溢价。这会带来清算风险，因为抵押品在通常的 8 小时利息支付间隔内逐渐耗尽。

BNB Chain's High Funding Rates

BNB Chain的高资金费率

BNB Chain (BNB) has experienced significant shorting activity in the wake of allegations involving Changpeng Zhao, Binance's former CEO and BNB's creator. This bearish news has created a substantial market imbalance, increasing the likelihood of a short squeeze before any further downward trend.

在币安前首席执行官、BNB 创始人赵长鹏受到指控后，BNB Chain (BNB) 经历了大规模的做空活动。这一利空消息造成了严重的市场失衡，增加了在进一步下跌趋势之前出现轧空的可能性。

BNB currently holds the fifth-highest open interest among all cryptocurrencies and boasts the highest negative funding rate of 56.44%. Historically, such extreme negative funding rates have triggered short squeezes, resulting in short-term upward price movements.

BNB 目前在所有加密货币中持有第五高的未平仓合约，并拥有最高的负融资率，高达 56.44%。从历史上看，这种极端的负资金利率会引发轧空，导致价格短期上涨。

Bitcoin Cash's Short Squeeze Potential

比特币现金的轧空潜力

Bitcoin Cash (BCH) has also been subject to a substantial negative funding rate, which has remained steady this week. At present, BCH short-sellers are paying over 12% interest to long-position traders, the second-highest rate among major cryptocurrencies.

比特币现金（BCH）也受到了大幅负融资利率的影响，本周一直保持稳定。目前，BCH 卖空者正在向多头交易者支付超过 12% 的利息，这是主要加密货币中第二高的利率。

The Bitcoin Cash liquidation heatmap highlights two key liquidity pools that could serve as targets for a short squeeze: the $600-$650 price range and the $700 level.

比特币现金清算热图强调了两个可以作为轧空目标的关键流动性池：600-650 美元的价格范围和 700 美元的水平。

Cautious Optimism Warranted

谨慎乐观是有道理的

While the elevated negative funding rates and accumulated liquidations suggest the possibility of a short squeeze, traders should exercise caution. A price surge is necessary to trigger these liquidations, which hinges on positive market sentiment.

虽然负资金利率上升和累积清算表明可能出现轧空，但交易者应谨慎行事。价格飙升是触发这些清算所必需的，这取决于积极的市场情绪。

Cryptocurrency traders must meticulously consider various factors to make informed decisions. They should maintain vigilance and implement robust risk management strategies.

加密货币交易者必须仔细考虑各种因素才能做出明智的决定。他们应保持警惕并实施稳健的风险管理策略。

Disclaimer

免责声明

The information presented in this article should not be construed as investment advice. Investing in cryptocurrencies carries inherent risks, and the value of your capital is at peril.

本文中提供的信息不应被视为投资建议。投资加密货币存在固有风险，您的资本价值面临风险。