每经记者｜岳楚鹏 每经编辑｜陈柯名 高涵 向江林 10月11日凌晨，加密货币市场遭遇了一场史诗级大跌。就在德意志银行发布看多报告，预测比特币可能在2030年成为央行储备资产重要组成（与黄金并 肩）的乐观论调传出之际，比特币价格却上演了一场惊心动魄的闪崩行情。 比特币在24小时内重挫逾13%，最低触及约10.59万美元。这一跌幅使其瞬间从本周初创下的历史高点12.625万美元回撤高达两成，成为今年4月以来加密 市场最大规模的抛售潮。一夜之间，超过160万投资者爆仓离场，加密货币市场的剧烈动荡让人不禁联想起此前几轮典型的崩盘事件。 中国人民大学重阳金融研究院国别研究部研究员刘英向《每日经济新闻》记者（以下简称每经记者）指出，储备资产需要的是稳定性，比特币的高杠杆、 高风险、高波动性不支持它成为储备货币。另外，比特币还存在交易结构风险和流动性问题。 这场风暴还波及到了稳定币，在10月11日的加密货币大跌中，Ethena Labs发行的合成稳定币USDe价格一度与美元严重脱锚，在部分去中心化交易所最低 跌至0.62美元，脱锚幅度高达38%。 图片来源：视觉中国 杠杆隐患引发"踩踏"，加密货币市场爆仓193.58亿美元 ...

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]