◆ 午間鏈上 Midday On-chain｜11-04
24小時強制平倉6,869萬美元、多單4,895萬對空單1,974萬，槓桿擁擠在多頭一側，屬倉位清洗而非趨勢反轉。Fear & Greed 34、BTC 77,018僅跌0.56%，壓力來自槓桿結構；10年期收益率升至4.952%，宏觀不配合。
24h liquidations 68.69M, longs 48.95M vs shorts 19.74M: leverage crowded long, a flush not a reversal. Fear & Greed 34, BTC 77,018 down 0.56%: pressure is leverage, not macro; 10Y at 4.952%.
24小時強制平倉6,869萬美元、多單4,895萬對空單1,974萬，槓桿擁擠在多頭一側，屬倉位清洗而非趨勢反轉。Fear & Greed 34、BTC 77,018僅跌0.56%，壓力來自槓桿結構；10年期收益率升至4.952%，宏觀不配合。
24h liquidations 68.69M, longs 48.95M vs shorts 19.74M: leverage crowded long, a flush not a reversal. Fear & Greed 34, BTC 77,018 down 0.56%: pressure is leverage, not macro; 10Y at 4.952%.
