BTC This is starting to get concerning. Bitcoin’s Estimated Leverage Ratio is now pushing back toward cycle highs, despite price still trading far below the all time high. This suggests that the current move is becoming increasingly driven by leverage rather than spot demand. Historically, heavily leveraged market conditions like these tend to create fragile price action and increase the risk of violent liquidation events once momentum starts slowing down. And considering how much downside liquidity has already built up below, this is something worth paying attention to.(Max Trades)