On-chain data analysis agency CryptoQuant published an analysis of CEX leverage risks in the bull market. Despite a significant increase in open contracts this year, Binance still maintains a strong reserve among major exchanges, with 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, Bitcoin's open contracts expanded by 2.6 times (from $4.45 billion to $11.64 billion), highlighting Binance's ability to cope with market volatility and chain liquidations. Furthermore, OKX also maintained a lower leverage ratio.