On-chain data analysis agency CryptoQuant published an analysis of CEX leverage risks during the bull market. Despite a significant increase in open interest this year, Binance still maintains strong reserves among major exchanges, with its Bitcoin, Ethereum, and USDT reserves far exceeding its open interest. Binance also reported the lowest and most stable leverage ratio among major exchanges, with a leverage ratio of 12.8 in December 2023, slightly rising to 13.5 in December 2024, alongside a 2.6 times increase in Bitcoin open interest (from $4.45 billion to $11.64 billion), highlighting Binance's ability to cope with market fluctuations and chain liquidations. Additionally, OKX also maintained a low leverage ratio.