CryptoQuant: BTC Exchange Leverage Ratio Hits Historical Extreme, Deleveraging Risk Alert Triggered

According to CryptoQuant analyst Crazzyblockk, the current BTC exchange leverage ratio has breached the top 5% range of historical extremes, far exceeding the historical average, while exchange stablecoin reserves continue to shrink, spot liquidity is severely insufficient, and the scale of borrowed margin has significantly surpassed the spot buy orders that can be absorbed. The analyst noted that this rally is built on borrowed margin lacking underlying support, the market structure is extremely fragile, and deleveraging events are not a matter of probability, but a mathematical inevitability of mean reversion. Once market makers trigger liquidation, prices will face severe downward shock. Investors are advised to reduce leverage exposure, protect spot positions, and consider opening new positions only after leverage indicators decline.