轻微下跌就慌了么？牛市多急跌，为什么说要小心杠杆不要上太大？看看上一个牛市中的回调有多大：
⚡ 2021-02-22：期货挤压带来的“日线级闪跌”
周末刚冲上 ~$58 K，当天就被高杠杆挤兑砸到 ~$46.7 K，日内振幅 $11 K 创历史纪录，24 小时最大跌幅约 -19 %。虽然幅度略小于其他回调，但提示了巨额杠杆的脆弱性。
💥 2021-04-14 → 07-20：中期崩盘（全周期最深）
4 月 14 日 Coinbase 上市当天刷出 ~$64.8 K，高位链上拥堵、能源争议与中国监管消息叠加发酵，5 月 19 日单日最大跌逾 -30 %，最终在 7 月 20 日探底 ~$29.8 K，累计跌幅约 -54 %。历时 3 个月后才重返新高。
🌊 2021-09-07：萨尔瓦多法定货币日“瀑布”
比特币在成为萨尔瓦多法币的首日因钱包故障+多头平仓，盘中从 ~$52 K 急挫至 ~$42 K，最大瞬时跌幅约 -17 %，当天收回部分跌幅。
关键观察
1️⃣ 30 – 40 % 的“洗盘”是牛市常态：上一轮真正致命的只出现过一次（-54 % 的 4–7 月），其余快速回调几周内就修复。这里只要有两倍杠杆就会被清掉。
2️⃣ 触发因素：从宏观恐慌（2020）到杠杆过载（1、2 月），再到政策与舆论冲击（5、9 月），几乎每次都伴随链上或衍生品去杠杆。
3️⃣ 恢复速度与深度成正比：跌幅越深，修复用时越长；-30 % 级别通常数周，-50 % 级别则需要数月甚至更长。
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