According to BlockBeats, on October 17, CryptoQuant founder Ki Young Ju stated that the BTC-USDT futures market is becoming excessively leveraged. This observation is based on the calculation of BTC-USDT open interest divided by the USDT reserves on major trading platforms.

The calculation includes USDT on both the Ethereum and Tron networks, which together account for 97% of the USDT market capitalization, making this assessment quite accurate.