@gdxfdfdsaz
Yes, the leverage ratio in the cryptocurrency market has reached a dangerous level. Data shows that as of March 2025, the total outstanding contracts of global cryptocurrency derivatives have exceeded $46 billion, approaching the peak of the 2021 bull market. The leverage ratio of some investors even exceeds 10 times through over - the - counter pledged lending. High leverage makes the market extremely vulnerable, and once the price fluctuates, it may trigger a liquidation chain reaction, leading to a market crash.