The crypto market faces serious challenges related to liquidity risk due to high leverage ratios on some exchanges. Recent analysis shows that Binance has managed to maintain strong reserves despite a significant increase in open interest. With a stable leverage ratio of 13.5 in December 2024, Binance shows resilience to market volatility. In contrast, exchanges such as Gate.io, Bybit, and Deribit show high leverage ratios of 106, 86, and 32, respectively, indicating liquidity risk. Strict monitoring of exchange leverage is essential to prevent crises like the FTX collapse in November 2024. Meanwhile, optimism towards Bitcoin remains high, supported by strong reserves on major exchanges.