According to TechFlow, on October 17, CryptoQuant.com founder and CEO Ki Young Ju posted on social media that the Bitcoin-Tether futures market is becoming over-leveraged.

He explained that the calculation method is to divide the BTC-USDT open interest by the $USDT reserves of major exchanges. Including ETH and TRON-based USDT, they together account for 97% of the USDT market value, so it is quite accurate.