温馨提示：本站仅提供公开网络链接索引服务，不存储、不篡改任何第三方内容，所有内容版权归原作者所有
AI智能索引来源：http://www.bee.com/ko/65390.html
点击访问原文链接

$2.5 Billion Liquidated: Crypto Market Cursed with ‘Following Drops, Not Rallies’ | Bee Network

进入原网站 导航首页
$2.5 Billion Liquidated: Crypto Market Cursed with ‘Following Drops, Not Rallies’ | Bee Network Login 인기 뉴스 밈 런치패드 AI 에이전트 DeSci 탑체인 익스플로러 뉴비의 경우 100x 코인 꿀벌 게임 필수 웹사이트 필수 앱 암호화폐 유명인 드핀 루키 에센셜 함정 탐지기 기본 도구 고급 웹사이트 교환 NFT 도구 안녕, 로그아웃 웹3 유니버스 계략 DApp 꿀벌 하이브 성장하는 플랫폼 기원 후 찾다 영어 코인 충전 로그인 다운로드 웹3 유니 계략 DApp 꿀벌 하이브 기원 후 집•분석•$2.5 Billion Liquidated: Crypto Market Cursed with ‘Following Drops, Not Rallies’ $2.5 Billion Liquidated: Crypto Market Cursed with ‘Following Drops, Not Rallies’분석4주 전업데이트와이엇 10,604 7 Author | Ding Dang (@XiaMiPP)

A flash crash has happened once again.

On the night of January 31st, Bitcoin briefly fell below $78,000, touching a low of $75,700, with a 24-hour drop of 7.6%. This decline was not only extremely rapid but, more critically, it directly broke through the price range where BTC had been consolidating for nearly three months, retracing to levels not seen since April 2025.

The situation for ETH is even more concerning. Its price fell below the $2,400 mark, with a 24-hour plunge of 12.28%, nearly erasing all gains made since July 2025. Solana also couldn’t escape the downturn, dropping below $100 with a single-day loss of 13.74%, returning to levels last seen in February 2025.

The collective decline of major assets seems to be approaching a new critical point.

In the derivatives market, total liquidations over the past 24 hours reached $2.522 billion, with long positions accounting for $2.411 billion and short positions $115 million. The largest single liquidation order occurred on Hyperliquid – ETH-USD, valued at approximately $222 million. Notably, liquidations in just the past hour alone amounted to a staggering $1.14 billion.

The Starting Point of the Decline Was Not Just Within the Crypto 시장 The first domino in this market movement was not on-chain.

Looking at the timeline, market tension began to noticeably escalate from January 29th. A sudden intensification of geopolitical risk was one of the earliest triggers captured by the market. The US aircraft carrier USS Abraham Lincoln and its strike group entered a “lights-out” status with communications severed, while statements from Iran also clearly shifted towards a posture of preparedness. Odaily had previously provided a detailed analysis in the article “From Geopolitical Tensions to Liquidity Tightening, BTC Dragged into Uncontrolled Market Conditions“.

Even so, the speed of this 암호화폐 market decline far exceeded expectations. What truly caused the risk to spill over rapidly was the simultaneous crash in the precious metals market.

After Gold and Silver Fell, Crypto’s Uncontrolled Decline Accelerated On January 29th, after briefly breaking above $5,600, gold quickly reversed course, falling to a low of around $4,740, a maximum drop of 15.7%. The adjustment in silver was even more severe. After breaking above $120, it plummeted sharply, touching a low of $76.6, a maximum decline of 37%.

Dirk Malak, Managing Director at SLC Management, pointed out that the plunge in gold and silver began with the market’s reaction to reports that Trump would nominate Kevin Warsh as Fed Chair. Warsh’s resume carries distinct hawkish undertones, which somewhat weakened the expectation of a “long-term, broad-based depreciation of the US dollar.” The market is re-anchoring to a more orderly path for monetary policy. Related reading: “‘Estée Lauder Son-in-Law’ Kevin Warsh to Lead the Fed: Is This Hawkish Veteran a Crypto Ally?“

Seth R. Freeman, Senior Managing Director at GlassRatner Advisory & Capital Group, also believes that the “good news” of this nomination is that the market might no longer have to repeatedly deal with the uncertainty and emotional disturbance caused by Trump’s continuous pressure on the Fed. The sharp decline in gold and silver already reflects the market’s repricing for a stronger dollar environment. In his view, it wouldn’t be too surprising if metal prices fail to show a significant rebound in this context. On the contrary, traders heavily positioned in precious metals without effective hedging might face sustained pressure, especially silver bulls. By next Monday, some trading accounts could suffer severe losses.

Furthermore, analysts mentioned that month-end concentrated profit-taking trading behavior, as well as hedging operations by banks to guard against sudden declines, may have amplified the selling pressure in a short period.

Adrian Ash, Head of Research at BullionVault, stated that in his 20 years participating in the precious metals market, he has never seen a similar market move. However, he downplayed the narrative of “retail investors collectively fleeing,” pointing out that abnormal volatility also occurred in base metal markets like copper—for instance, copper futures fell 4.5% on Friday. If it were only gold and silver, it could be attributed to retail sentiment, but the base metals market has almost no retail participation.

Bitcoin Relative to Gold Has Fallen to Historical Lows Data from Bitwise Europe shows that the price ratio of Bitcoin relative to gold has fallen to historical lows. This indicator has appeared multiple times in the past near Bitcoin’s cyclical bottoms.

This implies two coexisting realities: on one hand, Bitcoin is currently in a significantly weak position relative to gold; on the other hand, this extreme weakness leads some analysts to view the current environment as a potential accumulation zone similar to the period before the 2015–2017 bull market launch.

The market widely observes that long-term holders are gradually absorbing the recent selling pressure. As capital rotates between safe-haven assets and risk assets, some traders anticipate that starting in February, there might be a phase of capital rotation from gold back to Bitcoin.

However, more cautious views point out that such capital rotation is not inevitable and requires continuous observation of changes in macro policies, the US dollar’s trajectory, and overall risk appetite.

Risk Transmission and Chip Redistribution The crash in gold and silver ultimately transmitted to the crypto market. It must be said that the crypto market is currently at the bottom of the food chain: when US stocks rise, crypto may not rise; when US stocks fall, crypto often falls deeper; and now, with precious metals falling, crypto has also failed to escape the downturn. The crypto market seems to be caught in a “curse” of following declines but not gains.

In this situation, the “believers” long on crypto assets also seem to be losing their chips in this torrent.

Garrett Bullish (@GarrettBullish), the lucky one who made the biggest profit during the 10/11 flash crash, couldn’t escape this disaster. His position on Hyperliquid was fully liquidated, with a single liquidation exceeding $700 million, leaving his account balance at just $53.68. This was also the largest single liquidation in this event. Data shows his cumulative losses on Hyperliquid over the past two weeks were approximately $270 million.

On-chain records also show that since starting to trade with this account in early October 2025, Garrett Bullish’s historical cumulative PnL has incurred losses exceeding $128 million.

Behind the liquidation lies protocol revenue. After Garrett Bullish’s liquidation was completed, the Hyperliquid ecosystem treasury HLP gained approximately $15 million in revenue. This single event brought HLP depositors a return of about 5.8%, translating to an annualized yield of around 110%. Data shows that HLP currently still holds an ETH long position valued at approximately $230 million.

The high-profile whale heavily long on ETH also seems to be struggling. According to on-chain data monitoring, the secondary fund Trend Research, under Yi Lihua, currently has a total collateral of 175,800 WETH (worth about $445 million) on Aave V3, borrowing approximately 274 million USDT. The liquidation price for the ETH position is $1,558, with a loan health factor of 1.34. During the market decline, Trend Research continued to add margin. Yesterday, it withdrew about 109 million USDT from Binance and deposited it into Aave to reduce the liquidation risk of its Ethereum position.

As of January 29th, Trend Research held approximately 651,300 ETH with an average entry price of around $3,180. At the current price of $2,400, the unrealized loss is close to $500 million.

결론 From the escalation of geopolitical risks to the collapse of precious metals, crypto assets have become the first to be abandoned in this process. Does this indicate that they are not safe-haven assets and have not yet truly gained consensus support as a “value anchor,” only passively bearing pressure amidst the fluctuations of macro sentiment?

This market cycle is forcing the market to re-examine a question: in a deleveraging cycle, what exactly justifies holding crypto assets long-term?

이 글은 인터넷에서 퍼왔습니다: $2.5 Billion Liquidated: Crypto Market Cursed with ‘Following Drops, Not Rallies’

Related: The Battle for Stablecoin Interest: Traditional Banking’s “Encirclement” and the Crypto Industry’s Breakthrough Original Compilation: Saoirse, Foresight News Under the GENIUS Act, stablecoin issuers are prohibited from paying interest to stablecoin holders. However, currently, the Coinbase exchange is offering a 3.35% reward to users holding USDC on its platform. This is possible because the GENIUS Act only prohibits issuers from paying interest and does not impose restrictions on distributors. Yet, before the relevant U.S. Senate committee reviews the Crypto Market Structure Bill (which aims to systematize cryptocurrency regulation) on January 15th, a debate has fully erupted over “whether the stablecoin interest payment ban should be extended to the distribution level.” Strong Opposition from the Banking Industry The American Bankers Association (ABA) is the primary group calling for a comprehensive ban on stablecoin interest payments. In a public letter released on January 5th, the…

# 분석# 비트코인# 암호# 이더리움# 마켓© 版权声명배열 上一篇 The Real Culprit Behind the Crypto Crash: The Warsh Effect 下一篇 One year later, what can the crypto market still trade? 상关文章 Next Week’s Must-Watch: CLARITY Act Begins Senate Review; December CPI Data Set for Release (Jan 12-18) 6086cf14eb90bc67ca4fc62b 11,317 1 Qubic’s $75 million attack on Monero is putting pressure on the privacy coin empire to compete with its hashrate.Recomme 6086cf14eb90bc67ca4fc62b 25,404 3 From Helium to Jupiter: Why Has Token Buyback Become an “Ineffective Remedy”? 6086cf14eb90bc67ca4fc62b 11,992 2 24H Hot Coins and News | FTX expects the first repayment to start on February 25; USD0s market value was overtaken by US 6086cf14eb90bc67ca4fc62b 38,699 2 Lighter’s upcoming TGE: A comprehensive overview of timing window, on-chain signals, and market pricing. 6086cf14eb90bc67ca4fc62b 16,499 1 OKX Pay: Opening a new era of next-generation crypto payments 6086cf14eb90bc67ca4fc62b 41,309 1 댓글 없음 댓글을 남기시려면 로그인이 필요합니다! 즉시 로그인 댓글이 없습니다... 최신 기사 Did Jane Street “Manipulate” BTC? Decoding the AP System, Understanding the Power Struggle Behind ETF Creation and Redemption Pricing 4시간 전 205 Stop Comparing Bitcoin to Gold—It’s Now a High-Volatility Software Stock 4시간 전 258 Matrixport Research: $25 Billion Gamma Unwinding Imminent, Liquidity Yet to Return Behind the Rebound 4시간 전 235 ERC-5564: Ethereum’s Stealth Era Has Arrived, Receiving Addresses No Longer ‘Exposed’ 4시간 전 256 Hong Kong Regulatory Green Light: Asseto Enables DL Holdings to Achieve Compliance for Two RWA Business Implementations 4시간 전 264 인기 있는 웹사이트TempoLighterGAIB글라이더PlanckRaylsBCPokerVooi Bee.com 세계 최대의 Web3 포털 파트너 코인카프 바이낸스 코인마켓캡 코인게코 코인라이브 갑옷 Bee Network 앱을 다운로드하고 web3 여정을 시작하세요 백지 역할 자주하는 질문 © 2021-2026. 모든 권리 보유. 개인 정보 정책 | 서비스 약관 꿀벌 네트워크 앱 다운로드 Web3 여정을 시작해보세요 세계 최대의 Web3 포털 파트너 CoinCarp Binance CoinMarketCap CoinGecko Coinlive Armors 백지 역할 자주하는 질문 © 2021-2026. 모든 권리 보유. 개인 정보 정책 | 서비스 약관 찾다 찾다사이트에온체인사회의소식 熱门推荐 : 에어드롭 헌터 데이터 분석 암호화폐 유명인 함정 탐지기 한국어 English 繁體中文 简体中文 日本語 Tiếng Việt العربية Bahasa Indonesia हिन्दी اردو Русский 한국어

智能索引记录