Binance leverage hits 75%; Ethereum remains under 200-day moving average
CryptoQuant: Binance ETH leverage hits new high; price holds above $2,150
Ethereum (ETH) trades above $2,150 after a pullback from ~$2,380 earlier this week. Binance leverage in ETH has surpassed pre–Oct 10 levels, shifting price discovery toward derivatives.
Leverage is leading the move. Spot demand lags, per NewsBTC.
- Over 75% of ETH exposure on Binance is leveraged, based on Estimated Leverage Ratio
- Binance is the only major exchange where leverage metrics exceeded prior peaks
- Binance holds ~3% of ETH supply, about 3.4 million ETH
All three points from CryptoQuant.
The re-expansion in leverage signals traders adding risk via derivatives. NewsBTC notes Binance remains the primary venue for ETH positioning. The analysis adds that leverage-driven markets can extend trends but turn fragile as positioning crowds, raising liquidation and volatility risk, per CryptoQuant.
Structure remains weak on the daily chart. Price sits in a $1,900–$2,200 base after losing the 200‑day moving average in early February, per NewsBTC.
The bounce toward ~$2,300 lacked follow-through. ETH remains below declining major moving averages. The selloff showed high volume. The recovery shows lighter participation. A sustained reclaim of $2,300–$2,500 is flagged as needed to restore momentum, per NewsBTC.
