Падение цены эфира связано с ликвидациями и не было предвестником краха рынка

cryptonews.ruPublished on 2025-09-26Last updated on 2025-09-27

Криптовалюта Ethereum (ETH) пережила одно из крупнейших обнулений деривативного рынка с 2024 года. По данным CryptoQuant, открытый интерес (OI) к цифровой монете резко снизился на большинстве ведущих бирж. Одновременно были ликвидированы сотни миллионов долларов США в длинных позициях. Несмотря на то что инвесторы за неделю накопили почти 570 тыс. ETH, цена актива упала с $4587 до $3880.

По мнению аналитиков, этот парадокс объясняется устройством индустрии деривативов. Когда длинные позиции достигают чрезмерного уровня, рынок становится нестабильным. Ликвидации запускают цепную реакцию продаж, создавая сильное давление на цену. Движение усиливают маркетмейкеры и потоки.

Графики подтверждают эту динамику. Резкие всплески ликвидаций совпадают с внезапными обвалами цен. При этом показатель открытого интереса демонстрирует, что подобные сбросы происходили в 2021, 2023 и 2025 годах. Каждый раз они приводили к очищению рынка от избыточного кредитного плеча и открывали путь для восстановления.

«Формирование цены в криптовалютах зависит не только от спроса. Краткосрочные колебания часто диктует именно структура рынка и использование заемных средств. В долгосрочной перспективе подобные обнуления играют положительную роль», — пояснили эксперты.

Таким образом коррекция позволяет очистить систему от чрезмерных рисков и сформировать более устойчивую основу для дальнейшего роста. То, что на первый взгляд выглядит слабостью, на деле часто является этапом подготовки к новому ценовому ралли. История подсказывает, что такие обвалы не ведут к длительному падению. Напротив, они становятся началом следующего бычьего цикла. Аналитики считают, что текущая просадка Ethereum может стать отправной точкой нового роста.

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