Cryptocurrencies and the derivatives market have evolved into a complex maze, with structural vulnerabilities and regulatory loopholes intertwined, providing a breeding ground for market manipulation, trading disruptions, and price distortions. As this industry matures, the interactions between decentralized finance (DeFi), stablecoins, and leveraged derivatives have exacerbated systemic risks, threatening not only participants in the cryptocurrency space but also the traditional financial system. This article analyzes the mechanisms leading to these risks and emphasizes the urgent need for coordinated regulatory action.
结构性脆弱性：摇摇欲坠的纸牌屋
2025年10月的清算浪潮——涉及160万个交易账户、总额达1930亿美元的杠杆头寸消失——凸显了加密货币衍生品市场的脆弱性。这一事件是由……引发的。流动性质押这种做法将合成代币重复计入抵押品，人为地抬高了杠杆率。当市场崩盘时，永续交易模式（全天候可用）和自动去杠杆机制加剧了损失，形成了一种自我实现的恶性循环。
研究显示.永续合约旨在模仿传统期货，但缺乏熔断机制等自然的防火措施。这使得资产泡沫能够迅速膨胀和破裂。
正如2025年崩溃所显示的那样雪上加霜的是，Oracle漏洞这使得大型“鲸鱼”能够通过在币安等中心化交易所抛售代币来操纵价格，引发连锁清算，并从中牟利。这些结构性缺陷——高杠杆、定价不透明以及对中心化基础设施的依赖——凸显了该系统应对压力的能力不足。