Risk appetite for Bitcoin BTC is at its highest level in nearly a year. Across all major futures exchanges, the Estimated Leverage Ratio has surged to its highest level since 2025. This indicates a significant jump in risk appetite, as traders increasingly rely on borrowed capital to position for the next move. The ratio has climbed to approximately 0.26, surpassing the October 2025 peak. High leverage is a double-edged sword. While it can accelerate a bullish breakout, it also makes the market highly sensitive to cascading liquidations if the price takes a sudden turn. This buildup suggests that investors are aggressively betting on a continuation of the rally.(Ali Charts)