（来源：吴说） 吴说获悉，Jarsy CEO Han Qin 表示，dYdX 被 Hyperliquid 边缘化的关键原因在于流动性责任机制。其 认为，dYdX 坚持"协议不兜底"的 DeFi 设计，在极端行情下做市商撤退即导致深度消失；而 Hyperliquid 更偏中心化，拥有财库并愿意承担流动性责任，更适合高杠杆永续合约市场，因此逐步吸 引用户与做市商迁移。 ...

Market Overview - The cryptocurrency market has experienced a significant decline, with over $140 billion in market value evaporating [1] - Major cryptocurrencies such as Bitcoin and Ethereum have seen substantial drops, with Bitcoin falling below $110,000 and Ethereum dropping below $3,900, marking a seven-week low [1] Liquidation Events - In the past 24 hours, approximately 290,000 traders have been liquidated, with total liquidation amounts exceeding $882 million [2] - Ethereum investors have replaced Bitcoin investors as the largest group facing liquidation, with Ethereum, Solana, and XPL leading in liquidation amounts [2][3] Impact on Public Companies - Several publicly traded companies holding cryptocurrencies have seen their stock prices drop significantly, with MicroStrategy (MSTR.O) and Marathon Digital Holdings (MARA.O) falling approximately 7% and 9% respectively [3] - Despite a brief recovery in stock prices after the market opened, both companies' stocks turned negative again, with declines remaining under 1% [3] Market Sentiment and Economic Indicators - Investors have withdrawn nearly $300 million from U.S.-listed Ethereum ETFs since the beginning of the week, coinciding with a market downturn that forced $1.7 billion in long positions to be liquidated [4] - Strong economic indicators, such as better-than-expected U.S. GDP growth and lower-than-expected jobless claims, have dampened market expectations for future interest rate cuts, contributing to negative sentiment [4] Technical Analysis - The overall market decline is accompanied by increased trading volume, indicating a lack of strength in potential rebounds, suggesting that the adjustment phase is not yet over [4] - Analysts believe that the current market conditions do not support a bullish trend, and the ongoing deleveraging period is likely to continue [4] Ethereum Specifics - Ethereum has drawn more investor attention recently, with a notable price increase from $1,613 to $4,886 since April, but has seen a 15% decline in September [5] - Analysts warn that if Ethereum falls below $3,800, it could trigger further liquidation [5] - The supply of Ethereum on exchanges has dropped to a nine-year low, indicating that long-term holders are accumulating, but selling pressure from holders is counteracting new inflows [5] Derivatives Market - Over $17 billion in Bitcoin and approximately $5.3 billion in Ethereum open contracts are set to expire on Friday [6]

Core Viewpoint - The cryptocurrency market has experienced a significant downturn, with over $140 billion in market value evaporating, as major cryptocurrencies like Bitcoin and Ethereum hit new lows [1][4]. Market Performance - Bitcoin has dropped to approximately $108,880.01, down 2.22%, while Ethereum is at $3,882.97, down 2.99% [2][4]. - The overall market decline has led to nearly 290,000 liquidations in the past 24 hours, totaling over $882 million, with Ethereum investors facing the largest liquidation amounts [2][3]. Company Impact - Several publicly traded companies holding cryptocurrencies, such as MicroStrategy (MSTR.O) and Marathon Digital Holdings (MARA.O), saw their stock prices drop significantly, with declines of about 7% and 9% respectively [3][4]. - Despite a brief recovery in stock prices after the market opened, both companies experienced a decline again, with losses remaining under 1% at the time of reporting [3]. Investor Behavior - Since the beginning of the week, investors have withdrawn nearly $300 million from U.S.-listed Ethereum ETFs, indicating a shift in market sentiment [4]. - The recent downturn has been attributed to a combination of macroeconomic factors, negative news, and technical indicators, leading to a lack of support for price recovery [4][5]. Technical Analysis - Ethereum's price has seen a significant increase from $1,613 to $4,886 since April, but has faced a 15% decline in September [5]. - Analysts warn that if Ethereum falls below $3,800, it could trigger further liquidation, despite a decrease in exchange supply indicating long-term holding behavior [5]. Derivatives Market - Over $17 billion in Bitcoin and approximately $5.3 billion in Ethereum open contracts are set to expire, which could further influence market volatility [6].