📊 The on-chain data analysis firm CryptoQuant points out that despite the surge in open contracts during the bull market, Binance still maintains a strong reserve among major exchanges, with its Bitcoin, Ethereum, and USDT reserves far exceeding open contracts. In December 2023, Binance's leverage ratio was 12.8, slightly rising to 13.5 in December 2024, demonstrating its ability to cope with market volatility. OKX also maintains a low leverage ratio. What do you think about the risk management strategies of these exchanges? Feel free to discuss in the comments!