Как «плечо» стало оружием самоуничтожения трейдеров

cryptonews.ruPubblicato 2025-03-04Pubblicato ultima volta 2025-11-05

Криптовалютный рынок переживает крупнейшее снижение за последние месяцы: с 6 октября его совокупная капитализация сократилась более чем на $1 трлн

По оценке аналитиков из The Kobeissi Letter, причины происходящего лежат не в фундаментальных проблемах отрасли, а в технических факторах, усиливающих волатильность.

Топ-11 лучших бирж для трейдеров

Массовое принятие криптовалют сохраняется на рекордных уровнях, а во многих странах продолжается ослабление регулирования: правительства упрощают требования к компаниям и инвесторам, работающим с цифровыми активами. При этом технологии развиваются стремительно, что в целом поддерживает позитивный фундамент для рынка.

Однако уровень заемного плеча достиг исторического максимума, что усиливает любые движения рынка. Например, 10 октября объем ликвидаций превысил $20 млрд. Даже небольшое ослабление импульса или рост неопределенности приводит к резким обвалам.

По данным The Kobeissi Letter, в среднем около 300 тысяч трейдеров ликвидируют ежедневно. Рынок стал чрезвычайно чувствительным к новостям: один пост или заголовок способен вызвать цепную реакцию. Особенно это заметно на фоне сообщений, связанных с Дональдом Трампом и его тарифами.

Долгосрочная перспектива для криптовалют, по мнению аналитиков, остается сильной, но краткосрочные движения становятся все более амплитудными. В ближайшие недели возможны как резкие падения, так и стремительные отскоки.

Индекс волатильности биткоина. Источник: bitbo

Плечо, отмечают эксперты, превратилось в «дикое зелье», способное многократно усиливать любое движение рынка. И если одни обвиняют институциональных игроков в манипуляциях, аналитики The Kobeissi Letter подчеркивают: крупным участникам рынка нет нужды специально давить цены, когда это уже делают трейдеры с избыточным плечом. Так институционалы получают выгодные точки входа практически бесплатно, пока розничные инвесторы продолжают вредить сами себе.

Свой пост аналитики сопроводили мемом, который ярко иллюстрирует проблему:

«Криптотрейдер: торгует Fartcoin с плечом 328451x
Его ликвиднуло.
Криптотрейдер: это институционалы манипулируют ценами!».

Letture associate

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