Leverage is fueling Bitcoin’s rally to highest price since January 2018
Cointelegraph
Published Nov 05, 2020 01:54AM ET
Updated Nov 05, 2020 04:00AM ET
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 0.18 for the first time. The spike in ELR came shortly before Bitcoin established a double-bottom at roughly $13,400.
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Written By: Cointelegraph
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