社区成员：10月11日“流动性真空”或因高杠杆清算链式反应所致

GateNews

2025-10-16 03:50:39

ATOM-2,73%

Odaily星球日报讯社区成员 @agintender 发文表示，10 月 11 日市场出现“流动性真空”现象，可能源于多层杠杆清算引发的连锁反应，而非平台机制异常或流动性被抽离。其分析指出，当统一账户触发强平时，系统会进入“僵直状态”，无法挂单或撤单；在极限杠杆使用下，大户与做市商的抵押物价值同步下跌，导致现货与合约仓位同时面临清算压力。清算机器人在标记价格基础上持续发出市价单成交，进一步加剧价格滑坡。当主要做市商账户被强平并自动取消全部订单时，订单簿短暂失去支撑，形成“流动性真空”。据其补充，仅 ATOM 交易对当日的合约保障基金亏损规模就达到约 1.5 亿美元，印证了此次极端行情的连锁清算效应。

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Imranahmedsabbir

· 2025-10-16 11:43

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