Analysis: BTC, ETH sell-off driven by spot-market selling

On-chain analytics firm Glassnode reported on X that despite a 3.2% drop in Bitcoin (BTC) and a 6% slide in Ethereum (ETH) over the past 24 hours, forced liquidations totaled only $110 million for BTC and $132 million for ETH, with open interest declining modestly. This suggests the recent downturn was prompted by spot-market sell orders rather than a derivatives-led liquidation cascade, reducing the likelihood of a sustained leverage-driven sell-off.