ChainCatcher message, the latest monitoring data from on-chain analyst Ali shows that the estimated leverage ratio of cryptocurrency exchanges has reached 0.26, hitting a two-year high. Firstly, this data indicates that market participants have an increased expectation of future price fluctuations, which may suggest that investors are seeking higher returns. Secondly, the rise in leverage may also increase market volatility and risk, as high leverage is often associated with potential liquidation risks. Finally, investors need to closely monitor market dynamics and reasonably assess risks in order to make informed decisions in this vibrant market.