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High leverage levels in the altcoin market are persisting, increasing the risk that further price declines could trigger liquidations of long positions, Glassnode said.
The on-chain analytics firm said altcoin prices have corrected since leverage peaked earlier this month, but more than 40% of large-cap altcoins still carry leverage close to their highest levels of the year. If altcoin prices fall sharply again, liquidation pressure could intensify, particularly in leveraged long positions.