Analysts: BTC has risen approximately 30% since early July, with market capitalization climbing to $24.9 billion and the leverage ratio declining.

According to a post by CryptoQuant analyst Woominkyu, since early July, BTC’s price has climbed from approximately $60,000 to $78,000, marking an increase of roughly 30%. Over the same period, overall market funding grew from $20.6 billion to $24.9 billion, nearing a high for this phase. He noted that, contrary to the price appreciation, the share of borrowed funds did not rise correspondingly. This indicator peaked on August 14 and has trended downward since, with the leverage ratio failing to recover significantly despite BTC accelerating its gains after August 19. He views the current capital structure as healthier than rallies driven by borrowed capital; however, should BTC prices stagnate while the borrowing ratio climbs again, it could emerge as a risk signal requiring close monitoring.