ChainCatcher Message, on-chain data analysis agency CryptoQuant published an analysis of CEX leverage risk during the bull market. Despite a significant increase in open contracts this year, Binance still maintains strong reserves among major exchanges, with its Bitcoin, Ethereum, and USDT reserves 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, Bitcoin open contracts expanded by 2.6 times (increasing from $4.45 billion to $11.64 billion), highlighting Binance's ability to respond to market volatility and chain liquidations. Furthermore, OKX also maintained a low leverage ratio.