Crypto markets saw a sharp pullback late Monday, triggering over $500 million in long liquidations and erasing earlier gains as bitcoin (BTC) slipped from weekend highs and traders reacted to de-escalating U.S.-China trade tensions.

加密货币市场周一晚些时候出现了急剧的回调，随着比特币（BTC）从周末高点滑倒，贸易商对消除美国 - 中国贸易紧张局势的反应后，触发了超过5亿美元的长期清算，并消除了早期的收益。

Coinglass data shows more than $530 million worth of long positions were liquidated in the past 24 hours — with nearly $200 million coming from bitcoin-tracked futures and $170 million from ether (ETH) products.

Coinglass数据显示，在过去的24小时内清算了价值超过5.3亿美元的长头寸，其中近2亿美元来自比特币跟踪的期货，1.7亿美元来自Ether（ETH）产品。

Liquidations occur when an exchange forcibly closes a trader’s leveraged position due to insufficient margin. It happens when a trader cannot meet the margin requirements for a leveraged position, that is, when they don't have sufficient funds to keep the trade open.

由于利润率不足，交换被强行关闭交易者的杠杆位置时，就会进行清算。当交易者无法满足杠杆头寸的保证金要求时，即当他们没有足够的资金来保持交易开放时。

Major cryptocurrencies lost a portion of last week’s triple-digit percentage gains on Monday, with dogecoin (DOGE) and cardano (ADA) each falling as much as 7%, and solana (SOL), xrp (XRP) and BNB Chain’s BNB losing between 5%–6%.

周一，主要加密货币失去了上周三位数的一部分，而Dogecoin（Doge）和Cardano（ADA）分别下降了多达7％，而Solana（Sol），XRP（XRP）和BNB Chain的BNB的BNB损失5％ - 6％。

The liquidations marked a reversal from last week’s euphoric rally, which had seen ETH gain 40% and major altcoins push double-digit percentage gains in a wave of short squeezes. That move had triggered over $1 billion in short liquidations — the highest since 2021 — and sent bitcoin briefly past $104,000 before momentum faded.

清算标志着上周的欣快集会的逆转，该集会在短暂的挤压浪潮中获得了40％的ETH上涨40％，而主要的Altcoins则提高了双位数的增长。这一举动在短暂的清算中触发了超过10亿美元（自2021年以来最高），并在动量消失之前短暂地发送了比特币。

Markets turned lower during U.S. trading hours Monday after reports of a temporary tariff truce between the U.S. and China, with the removal of several mutual levies and both pledging renewed trade cooperation.

在美国和中国之间有暂时的关税休战报告后，市场在美国交易时段越来越少，并取消了几项相互征税，并且都承诺了新的贸易合作。

While easing tensions supported equities, the development may have tempered the risk-on narrative that had fueled crypto’s breakout over the past week.

尽管缓解紧张局势支持股票，但该发展可能抑制了过去一周加密货币突破的风险叙事。

Futures open interest across major exchanges also fell by more than $1.2 billion, suggesting a sharp deleveraging as long traders were forced to exit positions, Coinglass data showed.

Coinglass数据显示，跨大型交易所的期货开放利息也下降了超过12亿美元，这表明，随着长期交易者被迫退出职位，急剧的去杠杆化。

Analysts caution that while the near-term flush may reset frothy sentiment, deeper macro moves will still be key for crypto’s next leg up, with eyes on the next Fed meeting in June.

分析人士警告说，尽管近期冲洗可能会重置泡沫的情绪，但更深层的宏观动作仍然是Crypto下一条腿的关键，目光投向了6月的下一次美联储会议。

“Right now macro concerns are driving the market and the next Fed decision and outlook remarks in June will likely be the key factor in driving Bitcoin past its previous all-time high,” Jeff Mei, COO at crypto exchange BTSE, told CoinDesk in a Telegram message.

“目前，宏观担忧正在推动市场，下一个联邦政府的决定和6月的前景言论可能是使比特币以前有史以来高高的关键因素。” Crypto Exchange BTSE的COO杰夫·梅（Jeff Mei）在一份Telegram信息中告诉Coindesk。

The reported plan to pause the U.S. economy and cut spending to balance the budget will likely put more pressure on the crypto market in the coming months, the BTSE executive added.

BTSE高管补充说，报告的计划暂停美国经济和削减支出以平衡预算的计划可能会在未来几个月对加密货币市场造成更大的压力。

“This would stimulate lending and investment in the US economy and hopefully drive growth, avoiding the recession investors are apprehensive about,” Mei added.

梅补充说：“这将刺激美国经济的贷款和投资，并希望推动增长，避免经济衰退投资者感到担忧。”