according to on-chain data, the recent decline in Bitcoin prices is mainly driven by forced liquidations in the derivatives market, rather than sell-offs in the spot market. The root cause lies in the accumulation of highly leveraged long positions in the futures market. When the price falls below a key level, these positions hit the maintenance margin requirements and are forcibly liquidated. Liquidations are executed as market sell orders, increasing sudden selling pressure and further pushing prices down.

The key point is that liquidations are not only a result of price declines but also an "amplifier." Even a slight initial drop can trigger a chain of forced sell-offs, with one liquidation causing the next. Therefore, this round of decline should be seen as a structural deleveraging event rather than a collapse in fundamental demand.