Leverage is fueling Bitcoin’s rally to highest price since January 2018

On Nov. 4, crypto data market aggregator CryptoQuant published a chart indicating Binance’s Estimated Leverage Ratio — open interest divided by Bitcoin (BTC) reserves — has pushed into new all-time highs.
The record was set on Nov. 3 after a spike in open interest pushed Binance’s ELR above 0.

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