2025.11.10 本文字数：2360，阅读时长大约4分钟 作者 |第一财经 后歆桐 在上个月刚经历过美元稳定币脱锚，多个加密货币被集体抛售的动荡后，近期，币圈再陷新一轮动荡。 一方面，又一稳定币脱锚，跌破1美元。另一方面，比特币在10月录得多年来首个10月下跌后，近几个 月交易日又跌破10万美元大关。 稳定币脱锚、比特币大跌共振 上周，由Stable Labs发行的合成稳定币USDX严重偏离其1美元挂钩，一度暴跌至0.113美元。这引发了 一系列连锁反应，多个借贷平台紧急清算，借款利率一度飙升至惊人的800%。市场对相关去中心化金 融（DeFi）协议产生连锁反应的担忧加剧。 公开资料显示，USDX的发行方Stable Labs自称为"符合欧盟MiCA法规的稳定币和代币化资产发行商"。 该公司曾在2024年宣布，以2.75亿美元的估值完成了4500万美元的融资。但在USDX严重脱锚后，Stable Labs至今未作出任何公开回应，越发加剧了市场不确定性。 不过，多个主流DeFi协议已迅速采取行动。借贷协议Lista DAO与币安支持的去中心化交易所 PancakeSwap相继发布声明，表示正在密切监控局势。 ...

Core Insights - The cryptocurrency market is experiencing significant turmoil due to the de-pegging of stablecoins and a notable decline in Bitcoin prices, marking a continuation of recent volatility [1][2][4]. Stablecoin De-pegging - The synthetic stablecoin USDX, issued by Stable Labs, has severely deviated from its $1 peg, dropping to as low as $0.113, triggering a series of liquidations across lending platforms with borrowing rates soaring to 800% [2][3]. - Stable Labs, which claims compliance with EU MiCA regulations, has not publicly addressed the USDX crisis, increasing market uncertainty [2][3]. - Major DeFi protocols like Lista DAO and PancakeSwap are actively monitoring the situation, with Lista DAO initiating emergency governance votes to authorize asset liquidations [3][5]. Bitcoin Market Dynamics - Bitcoin fell below the $100,000 mark on November 7, following a nearly 5% decline in October, ending a streak of October gains since 2018 [4][5]. - The market has seen significant outflows, with Bitcoin and Ethereum ETFs experiencing a net outflow of $797 million on November 4, contributing to a structural outflow trend since the large-scale liquidation on October 10 [3][5]. - Bitcoin's implied volatility has increased, reaching 47%, while Ethereum's has risen to 70%, indicating heightened market uncertainty [3][5]. Macro Economic Factors - Global capital markets are experiencing a downturn, with rising caution among investors due to signals from the Federal Reserve regarding interest rates and ongoing geopolitical uncertainties [5][6]. - The USDX de-pegging is viewed as a secondary crisis within the broader market volatility, exacerbated by losses in similar yield-bearing stablecoins [5][6]. Future Outlook for Stablecoins - The market is expected to see a clearer differentiation among stablecoins, with traditional fiat-backed stablecoins like USDT and USDC facing relatively lower risks compared to algorithmic and yield-bearing stablecoins [6][7]. - The importance of risk management mechanisms is emphasized, as instability in stablecoins can lead to liquidity crises and broader market volatility [7][8].