ChainCatcher message, on-chain data analysis agency CryptoQuant recently conducted an in-depth analysis of CEX leverage risks during the bull market. Despite a significant increase in open contracts this year, Binance still demonstrated strong reserve capacity among major exchanges, with its reserves of Bitcoin, Ethereum, and USDT far exceeding open contracts.

The Binance report shows that its leverage ratio is the lowest and most stable among major exchanges, slightly rising from 12.8 in December 2023 to 13.5 in December 2024. Meanwhile, Bitcoin open contracts expanded by 2.6 times, demonstrating Binance's exceptional ability to respond to market volatility and chain liquidations. Additionally, OKX also maintained a low leverage ratio, further enhancing market confidence.