在2025年4月1日UTC的18:30 UTC，二元币的价格突然突然并发生了巨大变化。

在2025年4月1日UTC的18:30 UTC，二元币的价格突然突然并发生了巨大变化。 ACT/USDT的价格

The cryptocurrency market is known for its volatility, but recent price changes in several altcoins on Binance have attracted unusual attention and criticism.

加密货币市场以其波动性而闻名，但最近几个Altcoins的价格变化引起了异常的关注和批评。

At 18:30 UTC on April 1, the prices of ACT/USDT, DEXE/USDT, and DF/USDT all dropped dramatically. ACT dropped by over 49%, DEXE by over 23%, and DF by over 16% during the same time frame.

在4月1日UTC的18:30，ACT/USDT，DEXE/USDT和DF/USDT的价格急剧下降。 ACT下降了49％以上，DEXE下降了23％以上，在同一时间范围内DF下降了16％以上。

For context, the price of Bitcoin (BTC) dropped by about 7% and then stabilized at that level. The price changes of many altcoins tend to be affected by changes in the price of Bitcoin.

在上下文中，比特币（BTC）的价格下降了约7％，然后在该水平上稳定下来。许多AltCoins的价格变化往往会受到比特币价格变化的影响。

The large drops in the prices of these three altcoins and the time frame of the drops are what made the price changes noteworthy.

这三个山寨币的价格大幅下降，而下降的时间范围使价格变化值得注意。

On Monday evening, multiple altcoins on Binance experienced sharp declines. ACT/USDT dropped over 49% within 30 minutes, while DEXE/USDT fell more than 23% and DF/USDT declined over 16% in the same period.

周一晚上，有关托管的多个Altcoins经历了急剧下降。 ACT/USDT在30分钟内下降了49％以上，而Dexe/USDT下降了23％以上，同期DF/USDT下降了16％以上。

The sudden dips were triggered by large sell orders executed in a short time frame, leading to significant price drops for the respective altcoins.

突然的下降是由在短时间内执行的大型卖出订单引发的，导致相应的Altcoins的价格下降。

This might be related to Binance adjusting its margin and leverage tiers on Monday, offering traders more room to utilize those tools. Notably, the updated tiers now allow for a maximum leverage of 5x for BTC and ETH, while other tokens like ADA, BNB, and LTC have a 3x maximum leverage. Previously, the maximum leverage tiers varied based on the tokens, with some tokens like APT and DEXE having a 5x maximum leverage, while others like ACT and ABNB had a 3x maximum leverage.

这可能与周一调整其利润率并利用层次的义务有关，为贸易商提供了更多利用这些工具的空间。值得注意的是，更新的层现在允许BTC和ETH的最大杠杆作用，而ADA，BNB和LTC等其他令牌则具有3倍的最大杠杆作用。以前，最大杠杆层根据令牌而变化，有些令牌（例如APT和DEXE）具有最大杠杆作用，而ACT和ABNB（ACT和ABNB）的最大杠杆作用最大为3倍。

However, it seems that traders were mostly using these tools to short the market.

但是，看来交易者主要使用这些工具来缩短市场。

A dramatic drop in price was immediately caused by a large number of sell orders that came in all at once and overwhelmed the market. On Binance, the price of $ACT was just about to fall when the exchange adjusted its margin and leverage tiers to give traders more room to use those tools.

价格急剧下降是由大量卖出订单立即引起的，这些卖出订单立即产生并不堪重负的市场。在binance上，当交易所调整其利润并利用层次以使交易者有更多使用这些工具的空间时，$ ACT的价格即将下跌。

These weren’t traders who were just using margin to double-down on their long positions, either. When they were using these tools, they were mostly using them to short the market.

这些也不是仅仅在长位置上使用保证金两倍的交易者。当他们使用这些工具时，他们主要是在使用它们来缩短市场。

One of the most important happenings that worked to bring about the crash was the liquidation of a position held by a whale, which was valued at $3.79 million. This position was liquidated at a price of $0.1877, and the event sent shockwaves through the market, which was already struggling from a lack of sufficient buy support due to the volume of sell orders. The whale’s liquidation drove the price of $ACT down by over 50% from its recent highs, compounding the price decline that was already in motion.

造成撞车事故的最重要的事情之一是清算了鲸鱼持有的职位，该职位的价值为379万美元。该职位以0.1877美元的价格清算，该活动在市场上引发了冲击波，由于卖出订单的数量，这已经因缺乏足够的买入而苦苦挣扎。鲸鱼的清算使$ ACT的价格从最近的高点下降了50％以上，这加剧了已经在运动中的价格下跌。

Binance updated leverage & margin tiers on tokens like $ACT — and a whale got liquidated for $3.79M at $0.1877.

Binance更新了诸如$ ACT等令牌上的杠杆和保证金层 - 一条鲸鱼以379万美元的价格清算为0.1877美元。

Since then, the price of $ACT has plunged more than 50%.https://t.co/MT0EgNW8ib pic.twitter.com/CRuTR9bwSh— Lookonchain (@lookonchain) April 1, 2025

从那时起，$ ACT的价格下跌了50％以上。

The liquidation of whales and the intensifying sell orders caused $ACT to drop like a rock from a price point that had been much higher just prior. Few traders, in fact, seemed to see the plummet coming or were prepared for it. The immediate price action that sent the token lower was triggered by a fast-paced group of sellers, but those sellers were liquidating from large positions. And in crypto, large position liquidators tend to be market makers in some way.

鲸鱼的清算和加剧的卖出订单导致$ ACT从先前要高得多的价格点下降。实际上，很少有交易员似乎看到这种情况下降或为此做好了准备。派出令牌较低的立即价格行动是由一群快节奏的卖方触发的，但这些卖方正在从大职位上清算。在加密货币中，清算人在某种程度上倾向于成为做市商。

At the same time, other altcoins on Binance suffered severe drops. $ACT wasn’t the only one affected. Tokens like DEXE and DF were also hit hard and fell significantly. DEXE dropped over 23%, and DF was down 16%. My guess is that as long as large sell orders are hitting the market, other tokens are also at risk.

同时，其他唯一的Altcoins遭受了严重的降低。 $ ACT并不是唯一受影响的人。像Dexe和DF这样的令牌也受到了严重的打击。 Dexe下降了23％以上，DF下降了16％。我的猜测是，只要大型卖出订单正在市场上市，其他代币也有风险。

This was also accompanied by a surge in spot trading volume, which was something of a counterintuitive reaction to the price declines. As traders reacted to these sudden price moves, either trying to profit from the volatility or protect themselves from further losses, we saw an increase in spot trading volume. Prices were declining, but a large number of traders had decided to bet against the price declines. This in turn added even more pressure to the prices, causing prices to fall even further.

这也伴随着现货交易量的激增，这是对价格下跌的反应反应。随着交易者对这些突然的价格变动做出反应，试图从波动性中获利或保护自己免受进一步的损失，我们看到现货交易量的增加。价格正在下降，但是大量交易者决定押注价格下降。反过来，这给价格增加了更大的压力，导致价格进一步下跌。

For a lot of people, the recent steep and sudden drops have led to queries regarding the overall strength of the market, particularly when it comes to the smaller altcoins that are much more likely to be hit hard by a sell-off. While Bitcoin and Ethereum remain more stable, altcoins such as $ACT, $DEXE, and $DF are still primed to take

对于许多人来说，最近的陡峭和突然的下降导致了有关市场总体强度的疑问，尤其是当涉及到较小的山寨币时，这些山羊更有可能被抛售而严重打击。尽管比特币和以太坊保持稳定，但诸如$ ACT，$ DEXE和$ DF之类的Altcoins仍在准备服用