CryptoQuant has analyzed the leverage levels on various centralized crypto exchanges to assess liquidity, default risk, and the extent to which their crypto reserves support perpetual futures trading during the upcoming bull run. Binance has maintained resilient reserves and reported a stable leverage ratio, indicating its ability to handle market liquidity and liquidations. On the other hand, exchanges like Deribit, Bybit, and Gate.io have high leverage ratios that exceed or approach their reserves, raising concerns. CryptoQuant emphasizes the importance of monitoring exchange leverage based on the impact of high leverage in the FTX crash in November 2022.



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