以太坊（ETH）价格下跌10％，暴露于3.66亿美元的Defi清算风险

在最近的交易中，以太坊的价格急剧下滑。周一的加密货币下降了约10％，触及1,820美元。

Ethereum price slid further on Monday, losing 10% to touch $1,820. This was ETH’s lowest valuation since December 2023.

以太坊价格在周一进一步下跌，损失10％，达到1,820美元。这是ETH自2023年12月以来的最低估值。

The crypto price action had massive implications for decentralized finance markets, which rely heavily on ETH for various lending operations.

加密价格行动对分散的金融市场具有巨大的影响，这些市场在很大程度上依赖于ETH的各种贷款业务。

One borrower on Sky (previously called Maker) had a $74 million DAI loan backed by ETH. The loan used 65,680 ETH tokens as collateral, which represented about $130 million in value before the recent price drop.

Sky上的一位借款人（以前称为Maker）获得了ETH支持的7400万美元DAI贷款。该贷款将65,680个ETH代币作为抵押品，在最近的价格下跌之前，价值约为1.3亿美元。

The loan’s terms set its liquidation threshold just above the $1,900 mark. When ETH prices broke below this level, liquidation risk became immediate.

贷款的条款将其清算阈值设置在$ 1,900的位置上方。当ETH价格低于此级别时，清算风险就会立即发生。

According to blockchain records, the borrower acted quickly to protect their position. They transferred 2,000 ETH from Bitfinex to bolster their collateral. This emergency action added approximately $4 million in additional backing.

根据区块链记录，借款人迅速采取行动以保护其立场。他们将2,000张ETH从Bitfinex转移到加强其抵押品。这项紧急行动增加了大约400万美元的额外支持。

However, continued price drops forced further defensive measures. The borrower subsequently withdrew $1.6 million in USDT from Binance, converted these funds to DAI, and paid down part of their loan balance.

但是，持续的价格下跌迫使进一步的防御措施。借款人随后从Binance撤回了160万美元的USDT，将这些资金转换为DAI，并偿还了部分贷款余额。

These efforts reduced the total debt to $73.1 million. The new liquidation price now sits at $1,836, still dangerously close to current trading levels.

这些努力将总债务减少到了7310万美元。现在，新的清算价格为1,836美元，仍然危险地接近当前的交易水平。

Liquidation Risk

清算风险

The risk extends beyond this single loan. DefiLlama data indicates $13.6 million in loans face liquidation if ETH hits $1,857. Another $117 million would be liquidated at the $1,780 level.

风险范围超出了这笔贷款。 Defillama数据表明，如果ETH达到1,857美元，则面对清算贷款1360万美元。另外1.17亿美元将以1,780美元的水平清算。

The total exposure grows to $366 million if ETH drops an additional 20%.

如果ETH额外下降20％，总曝光率将增至3.66亿美元。

Liquidations create compounding market pressure. When loans are liquidated, protocols sell the collateral, adding to selling pressure. This pattern can create a downward price spiral. Each liquidation potentially triggers others as prices continue falling.

清算产生更复杂的市场压力。清算贷款时，方案出售抵押品，增加了销售压力。这种模式可以创造出下降的价格螺旋。随着价格继续下跌，每个清算可能会触发其他清算。

Market sentiment metrics from Glassnode show that only half of ETH holders remain in profit positions, highlighting the growing pessimism.

GlassNode的市场情绪指标表明，只有一半的ETH持有人仍处于利润地位，这突出了不断增长的悲观情绪。

This marks a dramatic shift from early 2023, when 82% of holders were profitable. Many investors now face difficult decisions about holding or selling at a loss.

这标志着从2023年初开始的巨大转变，当时82％的持有人有利可图。现在，许多投资者面临关于亏损的持有或出售的艰难决定。

Technical indicators support the bearish view. ETH has traded below the Ichimoku Cloud since January 25, signaling continued downward momentum.

技术指标支持看跌观点。自1月25日以来，ETH一直低于Ichimoku Cloud，信号继续向下势头。

If current support fails, analysts at Chainalysis point to $1,700 as the next critical level. A breach below this could trigger those “catastrophic liquidations” many analysts fear.

如果目前的支持失败，则链分析的分析师将$ 1,700作为下一个临界水平。下面的违规行为可能会触发许多分析师担心的“灾难性清算”。

Some price projections suggest $1,300 as a possible bottom target. This would represent a further 30% decline from current levels.

一些价格预测表明$ 1,300是可能的底部目标。这将代表当前水平下降30％。

Yet some counter-indicators suggest potential stabilization. Last week saw $1.8 billion in ETH move from exchanges to private wallets—the largest such outflow since December 2022. Such movements typically indicate long-term accumulation rather than selling preparation.

然而，一些反调查者提出了潜在的稳定。上周，ETH从交易所转移到私人钱包，这是自2022年12月以来的最大流出。这种运动通常表明长期积累而不是出售准备。

If buyer demand returns, some optimistic analysts, like PlanB, project possible recovery to $4,045—a 120% increase from today’s prices.

如果买方要求回报，那么一些乐观的分析师（例如Planb）可能会恢复到4,045美元，比今天的价格增长120％。

However, near-term prospects remain challenged. Bear market sentiment continues to dominate trading activity for Ethereum and the broader crypto market.

但是，近期前景仍然受到挑战。熊市的情绪继续主导以太坊和更广泛的加密货币市场的交易活动。