Dogecoin (DOGE) and ether (ETH) cratered 9% in the past 24 hours as bitcoin (BTC) tumbled 4.5%, dipping below $80,000 and leading a brutal sell-off that wiped out $700 million in long positions.

在過去的24小時內，比特幣（BTC）下跌了4.5％，下降到80,000美元以下，並導致殘酷的拋售率降低了7億美元的長位置。

Leveraged traders betting on a rally got torched with $420 million in BTC longs and $150 million in ETH longs being liquidated, alongside $30 million in DOGE long losses. Solana (SOL) shed 8%, and XRP slipped 7%, with the broader CoinDesk 20 (CD20) falling more than 6.5%.

槓桿交易者下注的集會上有4.2億美元的BTC渴望和1.5億美元的Eth Longs被清算，以及3,000萬美元的Doge Long Most。 Solana（Sol）降低了8％，XRP下跌了7％，較寬的Coindesk 20（CD20）下降了6.5％以上。

Open interest in BTC futures dropped 7% to $45 billion, signaling forced exits as margin calls hit.

BTC期貨的開放興趣下降了7％至450億美元，隨著保證金的打擊，強迫退出。

“Investors are taking a risk-off approach as the chances for a Federal Reserve interest rate cut diminished after a stable jobs report and anticipation that February's CPI report will follow similarly to January's reading,” Nick Ruck, director at LVRG Research, told CoinDesk in a Telegram message.

LVRG Research的董事尼克·魯克（Nick Ruck）在一份電報消息中告訴Coindesk。

“Traders may sideline and offset risk in their portfolios until the US economic situation becomes clearer and the need for a rate cut becomes stronger, which may not happen until later this year,” Ruck added.

Ruck補充說：“交易者可能會局限於其投資組合中的風險，直到美國的經濟狀況變得更加清晰，並且對降低稅率的需求變得更強大，這可能要到今年晚些時候才會發生。”

Monday’s losses extended a two-week downward spiral exacerbated by shaky global sentiment, with the S&P 500 down 2% and the Nasdaq off 3% at the start of the week. The sell-off was driven by renewed fears of the impact of U.S. trade tariffs that are set to kick in next month and renewed fears of a recession after a Donald Trump interview on Sunday.

週一的損失擴大了兩週的螺旋式向下，由於搖搖欲墜的全球情緒加劇了，標準普爾500指數下跌了2％，而納斯達克股票則在本周初期下降了3％。拋售是由於對美國貿易關稅的影響的重新擔心，這些關稅將在下個月開始，並在周日的唐納德·特朗普（Donald Trump）採訪後，對衰退的擔憂更加擔心。

That was the biggest one-day drop in U.S. equities since September 2022, with the so-called ‘Magnificent 7’ cohort losing $830 billion in market capitalization.

這是自2022年9月以來美國股票中最大的一日股票下降，所謂的“宏偉的7”同夥損失了8300億美元的市值。

Besides, a stronger U.S. dollar, and a hawkish Federal Reserve signal in late February — with plans of fewer rate cuts in 2025 — and a flight to safe-haven assets gold and Japanese yen have further dented hopes of a recovery in the short term.

此外，2月下旬的一美元和鷹隊的美聯儲信號（2025年降低稅率較少）以及飛往避風付款資產黃金和日元日元的航班進一步掩蓋了短期恢復的希望。

One contrarian sentiment indicator, however, presents limited hope for bulls looking for short-term relief. The Crypto Fear & Greed Index is hovering at 15 — deep in “extreme fear” territory — suggesting that capitulation could set the stage for a relief rally.

然而，一個逆勢情緒指標給希望短期救濟的公牛帶來了有限的希望。加密恐懼和貪婪指數正徘徊在15點，深處是“極端恐懼”領域 - 表明投降可以為救濟集會奠定基礎。

Singapore-based QCP Capital said watching Treasury yields and dollar strength present cues for further positioning.

總部位於新加坡的QCP Capital表示，觀看財政部收益率和美元實力提示進一步定位。

“Despite the market turmoil, not all signals are bearish. This wave of risk-off sentiment has driven 10-year Treasury yields down by around 60 bps and weakened the U.S. dollar — a historically positive factor for USD-denominated risk assets like U.S. equities and crypto,” QCP said in its Tuesday market broadcast.

“儘管市場動盪，但並非所有信號都是看跌。 QCP在周二的市場廣播中說：“這一風險的情感使10年的財政部收益下降了約60個基點，並削弱了美元 - 歷史上以美國股票和加密貨幣（如美國股票和加密貨幣）為基礎的積極因素。”

“Lower yields also provide a reprieve for the U.S. government, easing borrowing costs at a time when refinancing needs are massive. This comes at a critical moment as Trump's policy roadmap, particularly proposed tax cuts and a more expansionary fiscal stance, takes shape,” the firm added.

“較低的收益率還為美國政府提供了緩刑，在巨大的再融資需求時減輕了借貸費用。當特朗普的政策路線圖，尤其是提議減稅和更擴展的財政立場時，這處於關鍵時刻，”該公司補充說。