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The fall in BTC and ETH has kept the liquidation volume low, with spot selling pressure dominating the market.
According to data from 【币界】, despite BTC falling by 3.2% and ETH by 6%, the current market liquidation volume is still relatively low, with BTC at 110 million USD and ETH at 132 million USD, and the open interest (OI) has retreated moderately. The data platform indicates that this round of decline is more likely dominated by spot selling pressure rather than leveraged liquidations triggered by derivation, and there are currently no signs of leveraged cascading.