🚨 INSIGHT: If Bitcoin hits $113K, over $5 billion in short positions could be liquidated. https://t.co/4Iwnujbbxg ...

$280 Million in Crypto Shorts Liquidated as Bitcoin Tops $110K► https://t.co/q5tE8QkAWL https://t.co/q5tE8QkAWL ...

🚨UPDATE: Over $6 billion worth of Bitcoin shorts could be liquidated if $BTC breaks $115K. https://t.co/2egPzzybNo ...

LIQUIDATION ALERT$7,100,000,000 WORTH OF BTC SHORTS WILL GET LIQUIDATED AT $120,000.BEARS SHOULD BE REALLY AFRAID NOW. https://t.co/FefByttPjc ...

Gambler @qwatio just got liquidated for 282.8 $BTC($30.65M) and 8,282.8 $ETH($20.6M) again.He always shorts with the highest leverage when the price falls, and then gets liquidated when the price soars.He has been liquidated 15 times on $BTC and 8 times on $ETH!https://t.co/nOrVX5wf6X ...

Did you forget about your $BTC long on Hyperliquid, or have you already abandoned it? @JamesWynnRealIt's been liquidated 4 times — only $10.6K left in the account. 💀https://t.co/d2oHm7dQJthttps://t.co/IUTpCuzWI9 https://t.co/cuFRBu2UgP ...

A portfolio of valuable California properties, including a hotel in the exclusive enclave of Laguna Beach, may be forced into liquidation at fire-sale prices because of a bitter court fight between the owners. https://t.co/mLwSjvZyvi ...

A court-appointed liquidator in India expects to recover $58.2 million from the sale of precious metals, gemstones and real estate of diamond tycoon Nirav Modi, sources say https://t.co/FKHyV86mY4 ...

🐳 THE HYPERLIQUID WHALE IS BACK WITH A 40X LEVERAGED BITCOIN SHORT WORTH $1.49M, LIQUIDATION AT $108,630IF BTC PUMPS 1.20%, HE WILL GET REKT! https://t.co/D2QtK0rgU6 ...

Crypto Leverage Overview - 加密货币市场中的杠杆使用会放大价格波动，对市场产生重大影响 [1] - 投资者主要通过两种方式获得杠杆：抵押贷款和通过期货或永续合约进行杠杆交易 [1] - 强制平仓会加剧市场崩盘，而杠杆空头挤压会导致价格意外上涨 [1] Collateralized Lending - 2021 年第四季度，加密货币抵押贷款市场达到近 650 亿美元的峰值 [1] - 截至 2025 年第一季度，中心化金融 (CFI) 平台的未偿借款约为 135 亿美元，环比增长约 9% [1] - Tether 在 CFI 借贷市场中占据主导地位，持有 65% 的份额，透明度不足是 CFI 借贷的一个主要问题 [1] - 截至 2025 年第一季度末，去中心化金融 (DeFi) 借贷的未偿借款约为 177 亿美元，环比下降超过 21% [1] - Pendle 代币被引入到 Aave 中，由于其高贷款价值比率，显著提升了 DeFi 借贷活动 [1] Borrowing Trends - 稳定币借款利率大幅下降，从 1 月份的约 12% 降至 5 月下旬的约 5%，降幅达 57% [2] - 链上比特币借款保持相对较低和稳定，而链下比特币借款利率仍然较高 [2] - 以太坊借款利率始终高于质押以太坊 (ST ETH) 的利率，机构投资者通常在链下借入 ETH 以做空以太坊或将其用作现金贷款的抵押品 [2] Debt Issuance by Crypto Treasury Companies - 截至 2025 年 5 月下旬，比特币国库公司总共持有高达 1227 亿美元的未偿债务，其中 MicroStrategy 占近 65% [2] - 这些公司面临着双重风险：如果比特币价格在债务到期时显著降低，可能会被迫出售大量 BTC；如果股票价格上涨，投资者可以将债务转换为公司股份，这可能会稀释现有股东的权益 [2] Crypto Futures Market - 2025 年初，加密货币期货市场交易活动和投资者参与度显著下降，但 4 月初市场信心开始恢复，5 月下旬未平仓合约大幅反弹，从约 680 亿美元增至 1160 亿美元 [3] - 机构投资者越来越倾向于在芝加哥商品交易所 (CME) 等受监管的交易所进行交易，截至 5 月，CME 约占加密货币期货市场总额的 25% [3] - 永续期货 (Perp) 在零售交易者中越来越受欢迎，截至 5 月下旬，Perp 约占期货未平仓合约总额的 72%，达到约 840 亿美元 [3] - Hyperliquid 作为一个去中心化交易所，由于其无需 KYC 的特点，正在蚕食币安等传统中心化交易所的市场份额 [3] Market Implications and Risks - 随着牛市的进行，加密货币借贷市场正在强劲复苏，并可能显著增长 [3] - 随着越来越多的个人交易者和杠杆公司实体进行杠杆交易和借贷，下一次熊市可能会特别残酷 [3] - 如果加密货币国库公司没有足够的现金流或股价下跌，可能会被迫在最糟糕的时刻清算其加密货币持有量，从而引发广泛的强制抛售 [3]