Cryptocurrency derivatives positions worth more than $600 million were liquidated in the past 24 hours as bitcoin (BTC) price staged a sharp rally past $106,000 in the wee hours of Monday, only to reverse course and dump back to near $103,000, catching both bulls and bears off guard.

在過去的24小時內清算了價值超過6億美元的加密貨幣衍生品職位，因為比特幣（BTC）價格在周一的凌晨進行了一個急劇的集會，以至於超過106,000美元，只是為了倒轉，並傾倒了103,000美元，將公牛和熊隊措手不及。

The move began around 21:00 UTC on Sunday, when bitcoin spiked more than $2,500 in less than an hour – a pattern that can be attributed to thin weekend liquidity and potential algorithmic buying triggered by technical levels.

此舉始於週日21:00 UTC，當時比特幣在不到一個小時的時間內飆升了2500多美元 - 這種模式可以歸因於週末流動性較薄，並且潛在的算法購買是由技術水平觸發的。

Such price action was a textbook short squeeze followed by aggressive profit-taking or stop-run. A short squeeze happens when traders betting against a price (short sellers) are forced to buy the asset as it rises, to cover their losses, which pushes the price even higher and often very quickly.

這樣的價格動作是一本教科書短暫的擠壓，然後是積極的獲利或停止運行。當交易者押注價格（賣空者）時，就會發生短暫的擠壓，被迫隨著資產的增加而購買資產，以彌補損失，這將價格提高，而且通常很快就會提高價格。

The sudden move wiped out over $460 million in long positions and $220 million in shorts, across futures tracking majors like ether (ETH), solana (SOL), and dogecoin (DOGE).

突然的舉動耗盡了超過4.6億美元的長位置和2.2億美元的短褲，跨越了Ether（Eth），Solana（sol）和Dogecoin（Doge）等期貨專業。

The liquidation wave was notable for occurring during traditionally quiet weekend hours, an unusual event that marks forced selling or buying activity by a major player.

清算浪潮是在傳統上安靜的周末時間發生的，這是一個不尋常的事件，標誌著主要參與者的銷售或購買活動。

SOL, DOGE and XRP prices are down more than 4% in the past 24 hours, data shows, with the broad-based CoinDesk (CD20) down more than 2%.

數據顯示，在過去的24小時內，Sol，Doge和XRP的價格下跌了4％以上，基於廣泛的Coindesk（CD20）下跌了2％以上。

The volatility follows a week of macro uncertainty, with Moody’s cutting the U.S. credit rating on Friday and inflation fears resurfacing after mixed economic data. The downgrade also led to U.S. 30-year treasury yields breaching the 5% mark.

波動性是在一周的宏觀不確定性之後進行的，穆迪在周五降低了美國的信用評級，並且通貨膨脹率擔心在混合經濟數據後重新鋪面。降級還導致我們30年的財政部產生了5％的損失。

While crypto has broadly benefited from renewed institutional inflows and spot ETF momentum, traders remain cautious at current price levels, as reported.

據報導，儘管加密貨幣已從機構流入和現貨ETF勢頭中受益匪淺，但交易者在當前價格水平上仍然保持謹慎。

Bitcoin is flat over the past week, but the recent failure to hold above $106,000 – a key psychological and technical level – may signal near-term resistance, FxPro’s Alex Kuptsikevich told CoinDesk last week.

FXPRO的Alex Kuptsikevich上週告訴Coindesk，比特幣在過去一周中是平坦的，但是最近未能持有的$ 106,000（這是一個關鍵的心理和技術水平）可能會表明近期抵抗。

Meanwhile, some traders anticipate higher volatility in the days to come in a warning sign for those looking to leverage their bets.

同時，一些交易者預計，對於那些希望利用賭注的人來說，這幾天的波動性會更高。

“Investors are shifting capital to Bitcoin as concerns grow over a pending US spending bill that could add trillions in debt and push for higher Treasury premiums,” Haiyang Ru, co-CEO of the HashKey Business Group, told CoinDesk in a Telegram message.

“投資者正在將資本轉移到比特幣上，因為人們對我們的收費法案的擔憂不斷增長，該法案可能會增加債務並推動更高的國庫券保費，” Hashkey Business Group的聯合首席執行官Haiyang Ru在Telegram信息中告訴Coindesk。

“But while bitcoin hovers just below new highs, we anticipate more market volatility as traders prepare for new trade deals and a final version of the fiscal policy,” Ru added.

Ru補充說：“但是，儘管比特幣徘徊在新高點以下，但隨著貿易商為新的貿易交易做準備和財政政策的最終版本，我們預計市場波動會有所增加。”

Read more: U.S. 30-Year Treasury Yield Breaches 5% Amid Moody's Rating Downgrade, Fiscal Concerns

閱讀更多：美國30年的美國財政部收益違反5％，因為穆迪的評級降級，財政問題