CryptoQuant: Binance Bitcoin, Ethereum and USDT reserves are much higher than its open interest

CryptoQuant, an on-chain data analysis agency, published an article analyzing CEX leverage risks in the bull market. Despite the sharp increase in open interest this year, Binance has maintained strong reserves among major exchanges, with its Bitcoin, Ethereum, and USDT reserves far exceeding its open interest. Binance also reported the lowest and most stable leverage ratio among major exchanges, with a leverage ratio of 12.8 in December 2023 and a slight increase to 13.5 in December 2024, coupled with a 2.6-fold increase in Bitcoin open interest (from $4.45 billion to $11.64 billion), highlighting Binance's ability to cope with market volatility and chain liquidations. In addition, OKX also maintained a low leverage ratio.