在周二的加密市场下跌，一个价值超过1.26亿美元的以太（ETH）职位超过1.26亿美元。

ETH现在已经回顾了超过周日集会的全部，在过去48小时内的价值的22％，因为它的交易价格为2,080美元。

An ether (ETH) position worth more than $126 million came within 4% of being liquidated amid a crypto market plunge on Tuesday.

在周二的加密市场下跌，一个价值超过1.26亿美元的以太（ETH）职位超过1.26亿美元。

ETH has now retraced more than the entirety of Sunday's rally, shedding 22% of its value in the past 48 hours as it trades at $2,080.

ETH现在已经回顾了超过周日集会的全部，在过去48小时内的价值的22％，因为它的交易价格为2,080美元。

A fortuitous bounce at $2,000 protected Ethereum's decentralized finance (DeFi) ecosystem from a series of liquidations on collateralized debt platform MakerDAO. The first level sat at $1,929 with another two positions set to be liquidated at $1,844 and $1,796. The combined value of all three positions is $349 million.

偶然反弹以2,000美元受保护的以太坊的分散融资（DEFI）生态系统，从抵押债务平台Makerdao上进行的一系列清算。第一级售价为$ 1,929，另外两个职位定为1,844美元和1,796美元。这三个职位的总价值为3.49亿美元。

Price action is often drawn to liquidations levels as trading firms target areas of supply. When a liquidation is triggered on MakerDAO, the ETH pledged as collateral will be sold, or auctioned off, with a portion of fees going to the protocol. In terms of MakerDAO, the ETH is often purchased at a discount and later sold on the wider market for a profit - which has the potential to cause an additional drawdown in price.

由于贸易公司针对供应领域，价格行动通常被吸引到清算水平。当在Makerdao上触发清算时，将出售或拍卖作为抵押品的承诺，其中一部分费用将用于协议。在Makerdao方面，ETH通常以折扣价购买，后来在更广泛的市场上以利润出售 - 这有可能导致额外的价格降低。

Liquidations in DeFi are more impactful than futures as it involves spot assets and not derivatives, which boast higher levels of liquidity due to high leverage.

Defi中的清算比期货更具影响力，因为它涉及现货资产而不是衍生品，由于高杠杆作用，其流动性水平更高。

In this case, it is advantageous for trading firms to target these levels as a liquidation would provide short term volatility and potentially a cascade, which is when one liquidated position forcibly leads to several others.

在这种情况下，对于贸易公司而言，将这些水平瞄准这些水平是有利的，因为清算将提供短期波动率，并可能是级联，这是一个被强制撤销的职位导致其他几个职位。

Once a cascade is concluded and buyers have absorbed the fresh supply, price typically heads back up, which can tempt the liquidated trader into buying back their long position.

一旦结束了级联并吸收了新鲜供应，价格通常会备份，这可能会吸引被清算交易者回购其长位置。

Data from DefiLlama shows that $1.3 billion worth of ether is liquidatable with $427 million of that being within 20% of the current price.

Defillama的数据表明，价值13亿美元的以太货币可液化，其中4.27亿美元在当前价格的20％以内。

ETH has underperformed against bitcoin (BTC) throughout the recent bull market, slumping to a ratio of 0.0235 compared to previous cycle highs at 0.156 and 0.088. This is partly due to institutional inflows into numerous spot BTC ETFs, but also due to the rise of other blockchains like Solana and Base that have stolen market share.

在最近的整个牛市中，ETH对比特币（BTC）的表现不佳，与先前的周期高点为0.156和0.088相比，跌至0.0235的比率。这部分是由于机构流入众多的BTC ETF，但也是由于其他区块链（如Solana和Base）的崛起，这些区块链的市场份额被盗。