大家好，我是雷米，一家五百多人技术开发公司的企业老板
凌晨3点，无数人的手机被一条短信炸醒——“您的加密货币合约已爆仓，保证金全部亏光，还倒欠平台钱”。
此时的加密货币市场一片哀嚎，20来天亏掉了一万亿美金
这不是夸张，而是真实发生在加密货币市场的“血色凌晨”：
一夜之间，42万人集体爆仓，有人亏光百万本金，有人背上巨额负债，甚至有人熬夜盯盘，眼睁睁看着自己的资产在几分钟内归零，崩溃到彻夜难眠。
更恐怖的是，这场暴跌不是偶然，而是一场持续22天的“崩盘惨案”
From January 14th to February 6th, the total market value of cryptocurrencies directly shrank by $1 trillion, with an average daily decrease of $45 billion!
可能有人对“1万亿美元”没概念，咱们通俗点说：
As of February 6, the total market value of Kweichow Moutai is about $280.6 billion, which is equivalent to the combined market value of 3.5 Moutais.
It's like a large tech company disappearing from the face of the earth every day, losing all its assets in just 22 days, a level of severity unprecedented in history.
先捋清楚：22天，1万亿美元怎么没的？
这场崩盘，不是单一币种下跌，而是整个加密货币市场的“集体翻车”，堪称“无差别收割”。
一开始，市场还只是缓慢下行，但从1月30日开始，直接开启“自由落体”模式：
Bitcoin fell from $95,000 on January 14th to $63,000 on February 6th, a decline of over 32%, setting a new 16-month low.
Ethereum is even worse, falling from $3800 to below $2400, a decline of over 36%, and has nearly returned 60% back to its peak in 2025.
Even the previously highly speculated SOL and Dogecoin have seen their prices fall by an average of more than 14%, with some niche coins plummeting to the point where they are worthless.
The most deadly was on February 1st in the early hours of the morning, Bitcoin plummeted by more than 7% within 3 hours, and Ethereum fell by more than 11%, directly triggering a wave of margin calls across the network.
42.35万人一夜之间被强制平仓，爆仓总金额达25.66亿美元（约178亿人民币），平均每分钟就有300人亏光本金，其中94%都是看涨的投资者，相当于“抄底的全被埋，看涨的全翻车”。
As of February 6th, the 22-day crash continues, with the total number of people who have been wiped out across the network exceeding 1 million. The total amount of positions liquidated exceeds $5.2 billion. The total market value of cryptocurrencies has shrunk from $3.2 trillion to below $2.2 trillion, with $1 trillion vanishing into thin air. Investors are left with endless regret and losses.
通俗易懂讲原因：为啥跌得这么狠？4个核心真相，一看就懂
很多人疑惑，加密货币之前涨得好好的，怎么突然就崩了？
其实不是突然，而是4个利空因素凑到一起，形成了“致命暴击”，咱们用大白话讲清楚，不搞专业术语：
1. 美国“放狠话”，钱袋子要收紧（最根本原因）：
美国总统提名了一个“鹰派大佬”凯文·沃什当美联储主席，这个人特别不看好加密货币，还主张“收紧钱袋子”
Simply put, it was because there were many 'cheap money' (loose monetary policy) in the market, and people used these funds to speculate in cryptocurrency, which drove up prices.
Now we need to tighten our belts, the 'cheap money' is gone, and the funds for crypto trading are dwindling. As a result, prices naturally fall. Moreover, the market fears that he will further suppress cryptocurrency after taking office, leading to panic selling by everyone. The more people sell, the lower prices become.
2. 高杠杆“惹的祸”，一跌就爆仓，越爆越跌（加速器）：
很多人炒币都喜欢“借鸡生蛋”，比如自己有1万块，借50倍、100倍的钱，变成50万、100万去炒，想着赚了翻倍，亏了就彻底归零。
之前市场上涨，这些高杠杆投资者赚得盆满钵满；
Even if it falls by just 2%, a forced stop-out will be triggered, which is equivalent to being sold directly by the platform, with your principal wiped out and you end up owing money.
而大量的强制平仓，又会导致加密货币价格进一步下跌，形成“下跌→爆仓→再下跌”的死亡循环，这也是2月1日凌晨42万人集体爆仓的核心原因。
3. 没人接盘，流动性枯竭（火上浇油）：
The cryptocurrency market is currently characterized by a high number of sellers and a low number of buyers, indicating poor liquidity.
Simply put, before, if you want to sell coins, you can quickly find people who will buy them.
现在你想卖币，哪怕降价很多，也没人接盘，少量卖单就能让价格暴跌。数据显示，比特币市场的“承接力”较去年10月下降了32%，相当于市场没了“缓冲垫”，一跌就停不下来。
4. 机构“跑路”，大家没信心了（压垮骆驼的最后一根稻草）：
之前很多大机构（比如灰度、贝莱德）都在大量买加密货币，带动市场上涨；
After Bitcoin rose to its historical peak in October last year, these major institutions began quietly 'withdrawing' and leaving the market, taking their profits with them.
机构一跑路，散户就慌了，觉得“大资金都走了，肯定还会跌”，于是跟着抛售，进一步压低价格，市场信心彻底崩塌。
血亏三大巨头浮出水面：谁亏得最惨？全是高杠杆惹的祸
在这场崩盘惨案中，不仅散户亏得惨，就连一些“大佬”“大平台”也没能幸免，其中亏得最狠的三大巨头，每一个都亏得让人心惊，咱们一一说清楚：
巨头一：Hyperliquid平台（爆仓总额第一）
As the 'heavy hitter' of this crash wave, this platform experienced a total overnight liquidation amounting to $1.09 billion, accounting for more than 40% of the total liquidations on February 1st across the network. This is equivalent to nearly half of the market's liquidations being concentrated in this platform.
为啥亏这么多？因为这个平台上，大家都在炒以太坊合约，而且几乎全是50-100倍的高杠杆多单（看涨）。
2月1日凌晨以太坊暴跌11%，这个平台上的高杠杆仓位集体爆仓，其中最大的一笔单笔爆仓就达2.22亿美元，创2026年单笔爆仓纪录，这笔爆仓直接引发了全网的连锁反应，让更多人被平仓。
Leading 2: Bybit platform (second largest margin call)
The total margin collapse amount of this platform reached 574.8 million USD, accounting for 22% of the total margin collapse amount on the network, second only to Hyperliquid.
和前者不同，这个平台上的投资者，大多在炒SOL、狗狗币等“山寨币”，而且高杠杆交易更活跃，多单爆仓占比超95%。
These 'counterfeit coins' have inherently large fluctuations, lacking core value and relying solely on speculation. Once the market falls, their decline is even more severe than that of Bitcoin or Ethereum. Therefore, investors on this platform suffer from a deeper loss—many people have invested all their savings in counterfeit coins, losing it overnight without even the chance to turn things around.
巨头三：匿名“内幕大佬”+Binance平台（爆仓总额第三）
On one hand, there is an anonymous 'insider', whose portfolio on multiple platforms was liquidated, with a total loss of more than 200 million USD. This was mainly due to high leverage long positions in Bitcoin and Ethereum, as the market liquidity was too poor for them to close their positions, resulting in a forced liquidation.
另一方面，全球最大的加密货币交易所Binance（币安），爆仓总额达2.58亿美元，爆仓订单超80万笔，创历史新高。
Among them, there is an address called 'Binance CEO's opponent', which has been liquidated in one go exceeding 60 million US dollars. This person has long been betting with Binance market makers, and this time the market crash directly led to a loss of all his money.
总结一下：这三大巨头，亏得惨的核心原因只有一个——高杠杆。
不管是平台上的投资者，还是匿名大佬，全都用了50倍以上的高杠杆，在市场暴跌时，没有任何缓冲空间，只能被“无情收割”。
还会继续跌吗？普通人该怎么办？
现在最受关注的问题：加密货币还会继续跌吗？
普通人手里还有币，该割肉还是抄底？咱们不唱多、不唱空，客观说3点，句句实用，普通人一定要看完：
1. 短期（1-3个月）：
大概率还会震荡下跌，别抄底！目前比特币已经跌破7万美元的关键关口，技术面呈现“空头排列”，而且市场恐慌情绪还在蔓延，恐惧与贪婪指数已跌至12
处于“极度恐惧”区间，加上高杠杆还在持续去化，短期内很可能会继续下跌，甚至可能跌到6万美元以下。
普通人千万别想着“抄底捡漏”，大概率会越抄越亏，把本金彻底亏光。
2. 中期（4-12个月）：
会出现“分化”，主流币或有反弹，山寨币必被淘汰。随着市场去杠杆完成，加上全球监管政策逐步明确，比特币、以太坊等主流加密货币，可能会迎来小幅反弹，但很难回到之前的高点；
Those coins without core values and relying solely on hype will likely continue to decline, potentially even completely vanish.
After this crash, many people have realized the risks of altcoins, and no one dares to speculate.
3. 长期（1-3年）：
合规是关键，波动会变小，但风险仍在。
Currently, the global cryptocurrency market is being strengthened with stricter regulations. The future of the cryptocurrency market will become more standardized, and institutional funds will gradually return. Market volatility will be smaller than now, but this does not mean there are no risks.
注明：小编不参与任何分析的项目运营，也不投资参与任何项目，也不收费推广项目，不做项目私下评估，玩家勿扰。（以上分析不构成任何投资建议） 雷米是一家软件开发公司企业老板，只开发互联网软件，不会参与任何运营项目，以上数据通过互联网公开信息进行分析的商业模式和数据，小编不承担任何数据真实性责任。 玩项目的玩家勿扰，玩家勿扰，玩家勿扰，玩家勿扰，玩家勿扰，玩家勿扰 文章编辑：leimi9988了解更多 了解更多互联网资讯。 需要 DAPP，小程序,app，分销模式，商城系统软件等开发，关注小编领取
Note: The editor does not participate in any analysis of project operations, nor does it invest in any projects, nor does it charge for promoting projects. It does not conduct private evaluations of projects, and players are advised not to contact. (The above analysis does not constitute any investment advice)
雷米是一家软件开发公司企业老板，只开发互联网软件，不会参与任何运营项目，以上数据通过互联网公开信息进行分析的商业模式和数据，小编不承担任何数据真实性责任。
玩项目的玩家勿扰，玩家勿扰，玩家勿扰，玩家勿扰，玩家勿扰，玩家勿扰
了解更多互联网资讯。
需要 DAPP，小程序,app，分销模式，商城系统软件等开发，关注小编领取
