2月12日消息，2026年，Berachain（BERA）因永续合约市场出现极端资金费率失衡，触发大规模空头回补，价格在24小时内飙升82%。截至发稿，BERA 报 0.937 美元，日内振幅在 0.5117 美元至 1.43 美元之间，盘中一度拉升超 150% 后快速回落。本轮异动也带动其7日涨幅达120%，30日累计上涨约70%。
成交数据同步放大。现货24小时成交量达到 10.5 亿美元，激增 465%。衍生品更为剧烈，期货成交量飙升 632% 至 29.4 亿美元，未平仓合约增长 102% 至 1.428 亿美元，显示市场正经历集中换仓与清算，而非单纯的现货追涨。
本次行情的核心在于极端资金费率。市场监测显示，Berachain 永续合约年化费率一度在 -5,900% 至 +3,000% 间剧烈波动，远超常态。永续价格长期低于现货，形成明显基差，意味着空头高度拥挤。当价格上行时，空头被迫平仓，进一步推高行情，形成连锁挤压。
2月6日，BERA 解锁约 6375 万枚代币，占流通量 41.7%。原本被视为利空的事件并未引发抛售，反而被市场吸收，随后价格反弹加速，成为空头踩踏的导火索。
技术结构上，BERA 仍处于中期下降通道内，但近期强反弹使其重新站上20日均线，并测试50日均线附近。RSI 回升至约67，动能改善。多头需守住 0.87–0.90 美元区间，若放量突破 1.50 美元，上方目标或指向 1.80–2.00 美元；若跌破 0.90 美元并失守 0.57 美元，则本轮拉升可能只是资金面驱动的短期反弹。
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