CryptoQuant analyst Axel Adler Jr. reports that the cryptocurrency market is experiencing ongoing liquidation pressure, with net liquidations near -$40 million. This indicates a continued unwinding of long positions, contributing to downward market pressure. Despite this, the 365-day Z-score for liquidation intensity remains neutral, suggesting no immediate threat of cascading liquidations. Adler assesses the overall market risk as moderate, noting the absence of key factors that could trigger a significant decline.