比特币闪崩13% 稳定币脱锚 193亿美元连环爆仓！四次“历史性大跌”暴露加密货币内在缺陷

Core Insights - The cryptocurrency market experienced a significant crash on October 11, with Bitcoin dropping over 13% within 24 hours, reaching a low of approximately $105,930, marking a 20% decline from its recent peak of $126,250 [1][2] - The crash led to over 1.6 million investors being liquidated, resulting in a total liquidation amount of $19.358 billion, the largest single-day deleveraging in cryptocurrency history [2][3] - The volatility and high leverage in the market have raised concerns about Bitcoin's suitability as a reserve asset, as highlighted by experts who noted its instability and liquidity issues [1][13] Market Reaction - The crash was characterized by a rapid sell-off, with Ethereum and other major cryptocurrencies experiencing even steeper declines, with Ethereum dropping over 20% to around $3,380 [2] - Smaller altcoins faced catastrophic losses, with many nearly reaching zero in value within minutes [2] - The event has been compared to previous market crashes, indicating a recurring pattern of high leverage leading to rapid liquidations during downturns [6][7] DeFi Impact - The crash also affected decentralized finance (DeFi), particularly the synthetic stablecoin USDe, which saw its price drop to as low as $0.62, a 38% deviation from the dollar [4][5] - The reasons for USDe's depegging included panic selling, insufficient liquidity, and the collapse of leveraged positions that relied on USDe for borrowing [5] Historical Context - Historical comparisons were made to past crashes, such as the March 2020 crash and the May 2021 downturn, which also involved high leverage and rapid liquidations [6][7] - Each major downturn has shown that high leverage and market panic lead to significant liquidity evaporation and a swift shift in investor sentiment from greed to fear [7] Future Outlook - Despite the recent crash, Bitcoin's price showed signs of recovery, briefly rising above $113,000, but overall market sentiment has shifted to a more cautious stance [8][10] - Analysts suggest that Bitcoin's correlation with risk assets, particularly U.S. tech stocks, undermines its narrative as a safe-haven asset, especially when compared to gold [10][11] - The Deutsche Bank report predicting Bitcoin's potential as a central bank reserve asset by 2030 faces skepticism due to its current volatility and structural weaknesses [11][13]