Recent analysis suggests that the downturn in Bitcoin (BTC) and Ethereum (ETH) prices is largely attributable to increased selling pressure within the spot market. Glassnode's data highlights that while BTC experienced a 3.2% decrease and ETH a 6% drop in a 24-hour period, the forced liquidations were relatively contained, reaching $110 million for BTC and $132 million for ETH. Crucially, the Open Interest (OI) figures did not reflect a significant decrease proportional to the price decline. This indicates that the derivatives market played a less significant role in the correction. Consequently, the likelihood of a cascading liquidation event seems limited. This suggests that investors were directly selling their holdings on exchanges, influencing the price action. ```

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