2月26日消息，加密货币市场在过去24小时出现明显回暖，总市值上升约4.29%，主流数字资产普遍走高，市场风险偏好同步修复。伴随价格回升，大规模空头平仓潮迅速扩散，累计清算金额达到约5.76亿美元，其中空头头寸占比超过4.68亿美元，成为本轮上涨的重要推动因素之一。
从涨幅结构来看，主流资产表现突出。DOGE单日上涨约9.1%，STETH上涨8.83%，ETH涨幅约8.75%并重新站上2000美元关口，显示出资金重新回流主流加密资产领域。BTC同样录得约4.7%的涨幅，盘中一度触及7万美元附近，随后小幅回落至6.8万美元区间，体现出短期反弹动能与空头挤压共振的市场特征。
衍生品数据显示，本轮行情中共有超过12万笔仓位被强制平仓，其中BTC清算金额接近总量的40%，约1.94亿美元为空头头寸；ETH清算总额约2.03亿美元，空头占据绝对主导。这种由价格上行触发的连锁平仓效应，典型属于“空头挤压行情”，即杠杆空单被动回补进一步推高价格。
研究机构XWIN Research Japan指出，未平仓合约规模已较此前高点明显下降，市场处于去杠杆阶段。近期波动更多源于衍生品清算与仓位重置，而非现货市场出现大规模抛售，这在一定程度上缓解了系统性下行压力。同时，资金流动比率维持低位，意味着短期抛压有限，但也未显示出强劲的结构性买盘。
分析师Darkfost强调，若现货交易量未持续放大，仅依赖清算驱动的上涨难以形成长期趋势反转。当前加密市场反弹更接近技术性修复阶段，后续走势仍需观察现货需求、机构资金流向以及衍生品杠杆水平变化，才能确认是否进入新一轮牛市周期。
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