On December 21, PANews reported that CryptoQuant, a provider of on-chain data analysis, analyzed the leverage risks in centralized exchanges (CEX) during the bull market. Despite a significant increase in open contracts this year, Binance still maintains strong reserves among major exchanges, with its reserves of Bitcoin, Ethereum, and USDT far exceeding its open contracts. 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. Additionally, OKX has also maintained a relatively low leverage ratio. In contrast, exchanges like Bybit and Deribit have the highest leverage ratios at 86 and 32, respectively, indicating that their Bitcoin open contracts exceed or are close to their reserves, with a similar situation for Ethereum.
