So, um, let's talk about some of the recent action first of all, because we've had that a lot of volatility. We had the so-called crash in Bitcoin, a mini crash in Bitcoin, but more so in a lot of the other crypto coins a couple of weeks ago. What does that tell us about kind of where we are in the crypto cycle.>> Yes. Well, of course, uh, you know, 2025, uh, had been and still has been a a fairly positive year to date. Um but that uh episode uh on the 10th, Friday the 10th last week um shone a light I thin ...

市场冲击事件 - 美国宣布对华商品加征100%关税引发加密货币市场闪崩 [1] - 比特币价格在半小时内下跌约10%至105,000美元以下 以太币下跌超过12%至3,500美元 [2] - Solana Hyperliquid和Sui分别下跌17% 45%和70% [2] 杠杆交易与清算 - 市场下跌导致杠杆交易者被迫平仓 清算总额最终超过190亿美元 [1] - 比特币多头头寸在一小时内清算37亿美元 空头头寸清算超过6亿美元 [7] - 价格快速下跌迫使多家交易所采取自动去杠杆措施 关闭盈利空头账户以防止坏账累积 [6] 杠杆交易规模增长 - 以太币未平仓合约从年初约230亿美元增至闪崩前夜的近600亿美元 [4] - 比特币和Solana的未平仓合约在1月1日至10月9日期间分别增长374%和205% [4] - 去中心化交易所协议Hyperliquid因杠杆交易繁荣成为加密领域收入第三高的公司 仅次于Tether和Circle [3] 市场背景与关联 - 价格与未平仓合约同步上升表明对资产的做多押注增加 [5] - 此次崩溃的导火索可能为中国宣布进一步限制用于芯片制造的稀土元素出口 [5] - 主要股市指数下跌超过2% 显示加密货币即使日益融入全球金融体系仍具有特殊波动性 [6]