{"id":523439,"date":"2023-03-16T19:38:58","date_gmt":"2023-03-16T19:38:58","guid":{"rendered":"https:\/\/www.wncen.com\/?p=523439"},"modified":"2024-06-11T08:03:12","modified_gmt":"2024-06-11T08:03:12","slug":"bitcoin-leverage-ratio-plunges-what-means","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/news\/bitcoin-leverage-ratio-plunges-what-means\/","title":{"rendered":"Bitcoin Leverage Ratio Plunges, Here’s What This Means"},"content":{"rendered":"

On-chain data shows the Bitcoin estimated leverage ratio has taken a plunge recently; here’s what this could mean for the market.<\/p>\n

Bitcoin’s Estimated Leverage Ratio Has Sharply Declined Recently<\/h2>\n

As an analyst in a CryptoQuant post<\/a> pointed out, the leverage has dropped in the market despite the rally. The relevant indicator here is the “estimated leverage ratio<\/a>,” which measures the ratio between the Bitcoin open interest and the total amount of BTC stored in all derivative exchanges’ wallets.<\/p>\n

The “open interest<\/a>” refers to the total BTC margined futures contracts currently open on all derivative exchanges. This metric accounts for both short and long contracts.<\/p>\n

The estimated leverage ratio tells us the average amount of leverage used by futures market users right now. When the value of this metric is high, it means the average contract holder is taking on high leverage currently.<\/p>\n

Such a trend suggests that market participants are getting bold and willing to take on a high risk. Generally, high leverage can cause the market to become unstable. Thus, the price experiences high volatility when these conditions form.<\/p>\n

On the other hand, low ratio values imply users need to use more leverage currently. Naturally, the price is usually calmer when this trend is observed.<\/p>\n

Now, here is a chart that shows the trend in the Bitcoin estimated leverage ratio over the last few years:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the value of the metric has sharply gone down in recent days | Source: CryptoQuant<\/a><\/pre>\n
As displayed in the above graph, the Bitcoin estimated leverage ratio had a pretty high value when the rally started in January of this year but has since been only going down.<\/p>\n
Related Reading: Bitcoin Coinbase Premium Declines, But Still At Green Values, Bullish Signal?<\/a><\/div>\n
There have been two significant plunges in the metric so far; the first occurred just as the rally began. This sharp decline was because the sudden sharp rally liquidated the high amount of short contracts that had piled up during the bear market lows, thus wiping out a lot of leverage.<\/p>\n
This event was an example of a “liquidation squeeze<\/a>.” During a squeeze, a sudden price move triggers mass liquidations that only end up feeding said price to move further, and thus, cause even more liquidations in the process.<\/p>\n
When leverage piles up in the market, squeezes become more probable. This is the reason why the market can get more volatile when the leverage is at elevated levels.<\/p>\n
The chart shows that the other plunge has come just during the last few days, where BTC has witnessed a high degree of volatility, with the price fluctuating wildly both up and down.<\/p>\n
Related Reading: Bitcoin (BTC) Dominance Reclaims June 2022 Levels As Altcoins Plummet<\/a><\/div>\n
This trend of the leverage ratio only going down with the rally is somewhat unusual. Past rallies have generally accompanied the indicator following an overall upwards trend because of investors FOMOing in and opening up high-leverage positions.<\/p>\n
As for what this strange trend in the metric may say about the current Bitcoin market, the quant thinks, “latecomers who get greedy and use crazy leverages are not here yet.”<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $25,100, up 20% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC displays volatility | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Maxim Hopman on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows the Bitcoin estimated leverage ratio has taken a plunge recently; here’s what this could mean for the market. Bitcoin’s Estimated Leverage Ratio Has Sharply Declined Recently As an analyst in a CryptoQuant post pointed out, the leverage has dropped in the market despite the rally. The relevant indicator here is the “estimated leverage ratio,” which measures the ratio between the Bitcoin open interest and the total amount of BTC stored in all derivative exchanges’ wallets. The “open interest” refers to the total BTC margined futures contracts currently open on all derivative exchanges. This metric accounts for both short and long contracts. The estimated leverage ratio tells us the average amount of leverage used by futures market users right now. When the value of this metric is high, it means the average contract holder is taking on high leverage currently. Such a trend suggests that market participants are getting bold and willing to take on a high risk. Generally, high leverage can cause the market to become unstable. Thus, the price experiences high volatility when these conditions form. On the other hand, low ratio values imply users need to use more leverage currently. Naturally, the price is usually calmer when this trend is observed. Now, here is a chart that shows the trend in the Bitcoin estimated leverage ratio over the last few years: Looks like the value of the metric has sharply gone down in recent days | Source: CryptoQuant As displayed in the above graph, the Bitcoin estimated leverage ratio had a pretty high value when the rally started in January of this year but has since been only going down. Related Reading: Bitcoin Coinbase Premium Declines, But Still At Green Values, Bullish Signal? There have been two significant plunges in the metric so far; the first occurred just as the rally began. This sharp decline was because the sudden sharp rally liquidated the high amount of short contracts that had piled up during the bear market lows, thus wiping out a lot of leverage. This event was an example of a “liquidation squeeze.” During a squeeze, a sudden price move triggers mass liquidations that only end up feeding said price to move further, and thus, cause even more liquidations in the process. When leverage piles up in the market, squeezes become more probable. This is the reason why the market can get more volatile when the leverage is at elevated levels. The chart shows that the other plunge has come just during the last few days, where BTC has witnessed a high degree of volatility, with the price fluctuating wildly both up and down. Related Reading: Bitcoin (BTC) Dominance Reclaims June 2022 Levels As Altcoins Plummet This trend of the leverage ratio only going down with the rally is somewhat unusual. Past rallies have generally accompanied the indicator following an overall upwards trend because of investors FOMOing in and opening up high-leverage positions. As for what this strange trend in the metric may say about the current Bitcoin market, the quant thinks, “latecomers who get greedy and use crazy leverages are not here yet.” BTC Price At the time of writing, Bitcoin is trading around $25,100, up 20% in the last week. BTC displays volatility | Source: BTCUSD on TradingView Featured image from Maxim Hopman on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":523442,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,621,85011,1119,1144],"class_list":["post-523439","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-leverage","tag-bitcoin-leverage-ratio","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Leverage Ratio Plunges, Here's What This Means<\/title>\n<meta name=\"description\" content=\"On-chain data shows the Bitcoin estimated leverage ratio has taken a plunge recently, here's what this could mean for the market.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/www.wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Leverage Ratio Plunges, Here’s What This Means","url":"http:\/\/www.wncen.com\/news\/bitcoin-leverage-ratio-plunges-what-means\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.wncen.com\/news\/bitcoin-leverage-ratio-plunges-what-means\/"},"thumbnailUrl":"https:\/\/www.wncen.com\/wp-content\/uploads\/2023\/03\/maxim-hopman-fiXLQXAhCfk-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2023\/03\/maxim-hopman-fiXLQXAhCfk-unsplash-scaled.jpg?fit=2560%2C1707"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/www.wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin leverage","bitcoin leverage ratio","btc","btcusd"],"dateCreated":"2023-03-16T19:38:58Z","datePublished":"2023-03-16T19:38:58Z","dateModified":"2024-06-11T08:03:12Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Leverage Ratio Plunges, Here’s What This Means\",\"url\":\"http:\\\/\\\/www.wncen.com\\\/news\\\/bitcoin-leverage-ratio-plunges-what-means\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.wncen.com\\\/news\\\/bitcoin-leverage-ratio-plunges-what-means\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/maxim-hopman-fiXLQXAhCfk-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/maxim-hopman-fiXLQXAhCfk-unsplash-scaled.jpg?fit=2560%2C1707\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin leverage\",\"bitcoin leverage ratio\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-03-16T19:38:58Z\",\"datePublished\":\"2023-03-16T19:38:58Z\",\"dateModified\":\"2024-06-11T08:03:12Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2023\/03\/maxim-hopman-fiXLQXAhCfk-unsplash-scaled.jpg?fit=2560%2C1707","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts\/523439"}],"collection":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/comments?post=523439"}],"version-history":[{"count":0,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts\/523439\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/media\/523442"}],"wp:attachment":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/media?parent=523439"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/categories?post=523439"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/tags?post=523439"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}