According to the data, despite BTC falling by 3.2% and ETH falling by 6%, the current market liquidation volume remains low, with BTC at 110 million USD and ETH at 132 million USD, and the open interest (OI) pullback is moderate. Data analysis indicates that this round of decline is more likely to be dominated by spot selling pressure rather than leverage liquidation triggered by derivation, and there are currently no signs of leveraged cascading.

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