Main takeaway: Liquidations are key to crypto leverage, occurring via exchange forced closes or DeFi auctions. About $410M of leveraged positions were liquidated in 24 hours this week, mostly longs; over $150B were liquidated in exchanges in 2025. Liquidations seize collateral to repay debt and work differently in derivatives exchanges (margin) versus DeFi lending (open-market liquidators). Understanding both systems explains crypto credit mechanics.
币界网消息，Cryptonews报道，清算是加密货币杠杆机制的关键环节，主要通过两种方式发生：交易所强制平仓和去中心化金融（DeFi）借贷协议拍卖借款人的抵押品。近期数据显示，本周内约有4.1亿美元的杠杆加密头寸在24小时内被清算，其中大部分为多头。2025年，超过1500亿美元的头寸在各大交易所被清算。清算机制确保债务得到偿还，若借款人无法偿还，其抵押品将被没收。清算在衍生品交易所和DeFi借贷协议中有不同的执行方式，前者依赖于保证金，而后者则通过开放市场的清算者来实现。了解这两种系统的运作方式，对于理解加密货币的信用机制至关重要。