According to @glassnode, despite Bitcoin (BTC) falling 3.2% and Ethereum (ETH) declining 6%, overall liquidations remain relatively low at $110 million for BTC and $132 million for ETH. Open interest drawdowns are described as modest, suggesting the current market move is primarily driven by spot market selling rather than a derivatives-led flush. There are no signs of a leverage cascade at this stage, providing traders with insight that systemic risk from aggressive leverage unwinding remains limited. Source: @glassnode.