Crypto prices moved lower this week, but the drawdown remains modest by historical standards. It does not yet resemble a leverage-driven unwind. Bitcoin is down roughly 4.6% from its weekly high, while Ethereum and Solana have each slipped just over 5%. XRP has seen the largest pullback among majors with a 12% drop from recent highs following a sharp run-up.

Across the board, the price action looks more like controlled de-risking than forced selling.

Liquidations remain contained

That view is reinforced by liquidation data. Long liquidations picked up over January 6 and 7, but totals are small relative to prior stress events.

Bitcoin saw $108m in long liquidations on 6 Jan, followed by $65.9m the next day. Ethereum liquidations were split between $49.1m and $77.0m across the same two sessions. Solana and XRP liquidations remained comparatively minor.

In context, these figures are low. They sit well below levels typically associated with broader deleveraging cycles or cascading margin events. There is no evidence yet of systematic leverage flushing through the market.

Funding rates signal limited leverage stress

Perpetual funding rates further support this interpretation. Bitcoin funding sits at 9.6% annualized, while Ethereum an#BTC d Solana funding remain lower at 7% and 2.6%, respectively. These levels suggest positioning is still modestly long but far from crowded.