{"id":551264,"date":"2023-09-14T17:00:42","date_gmt":"2023-09-14T17:00:42","guid":{"rendered":"https:\/\/www.wncen.com\/?p=551264"},"modified":"2023-09-14T13:31:11","modified_gmt":"2023-09-14T13:31:11","slug":"ethereum-leverage-ratio-rising-what-it-mean","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/news\/ethereum\/ethereum-leverage-ratio-rising-what-it-mean\/","title":{"rendered":"Ethereum Leverage Ratio Is Rising, What Does It Mean?"},"content":{"rendered":"

Data shows the Ethereum leverage ratio has been going up recently, something that may lead to higher volatility for the asset’s price.<\/p>\n

Ethereum Estimated Leverage Ratio Has Risen To 23% Now<\/h2>\n

As explained by an analyst in a CryptoQuant Quicktake post<\/a>, the Ethereum leverage ratio is pointing at increased risk in the market. The “estimated leverage ratio<\/a>” (ELR) refers to the ratio between the Ethereum open interest and derivative exchange reserve.<\/p>\n

The former of these, the “open interest<\/a>,” keeps track of the total amount of positions that are currently open in the ETH futures market, while the latter metric, the derivative exchange reserve, simply measures the number of tokens sitting in the wallets of all centralized derivative exchanges.<\/p>\n

The ELR basically tells us about how much leverage the average user on the futures market is currently opting for. When this indicator has a high value, it means that the open interest has a significant value compared to the exchange reserve, and so, the average contract is going for a high amount of leverage.<\/p>\n

Related Reading: Bitcoin Net Taker Volume Turns Highly Positive, Bullish Sign?<\/a><\/div>\n

On the other hand, low values imply that the futures market users aren’t willing to take risks at the moment as they haven’t taken any significant amount of leverage.<\/p>\n

Now, here is a chart that shows the trend in the Ethereum ELR over the last few years:<\/p>\n

\"Ethereum<\/p>\n

The value of the metric seems to have been heading up in recent days | Source: CryptoQuant<\/a><\/pre>\n
Historically, whenever the ELR has gone up, the price of the cryptocurrency has become more likely to show volatility. This is due to the fact that a higher amount of leverage means that the average contract becomes more likely to get liquidated.<\/p>\n
A large amount of liquidations happening at once can lead to chaos in the market, and since this is more likely to happen when the ELR is high, the price can naturally have a greater chance of turning volatile.<\/p>\n
As displayed in the above graph, the Ethereum ELR had risen to some high values in August. As it usually plays out, this overleveraged market condition resulted in sharp price action for the asset, which, in this case, occurred in the form of a steep crash<\/a> from the $1,800 level to the $1,600 level.<\/p>\n
The ELR quickly cooled down to relatively low values with the crash, as the positions with the most leverage were weeded out. For a while, the metric moved sideways at these lows, but recently, the indicator has once again started to rise.<\/p>\n
At present, the metric has a value of 23%, which isn’t as high as the pre-August crash value, but is still notable nonetheless. Huobi, Derbit, and OKX appear to have a disproportionate amount of leverage as compared to the wider sector, as the ELR for the platforms is currently 88%, 73%, and 43%, respectively.<\/p>\n
Related Reading: Bitcoin Wallet Activity Touches 5-Month High, Will BTC Price Follow?<\/a><\/div>\n
“When ELR increases, volatility tends to follow the same path,” notes the quant. “In this sense, Ethereum may be heading towards a period of increased turbulence.”<\/p>\n
ETH Price<\/h2>\n
Ethereum had declined towards $1,500 at the start of the week but has since made recovery back above the $1,600 mark.<\/p>\n
\"Ethereum<\/p>\n
ETH has returned back to its consolidation level | Source: ETHUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Data shows the Ethereum leverage ratio has been going up recently, something that may lead to higher volatility for the asset’s price. Ethereum Estimated Leverage Ratio Has Risen To 23% Now As explained by an analyst in a CryptoQuant Quicktake post, the Ethereum leverage ratio is pointing at increased risk in the market. The “estimated leverage ratio” (ELR) refers to the ratio between the Ethereum open interest and derivative exchange reserve. The former of these, the “open interest,” keeps track of the total amount of positions that are currently open in the ETH futures market, while the latter metric, the derivative exchange reserve, simply measures the number of tokens sitting in the wallets of all centralized derivative exchanges. The ELR basically tells us about how much leverage the average user on the futures market is currently opting for. When this indicator has a high value, it means that the open interest has a significant value compared to the exchange reserve, and so, the average contract is going for a high amount of leverage. Related Reading: Bitcoin Net Taker Volume Turns Highly Positive, Bullish Sign? On the other hand, low values imply that the futures market users aren’t willing to take risks at the moment as they haven’t taken any significant amount of leverage. Now, here is a chart that shows the trend in the Ethereum ELR over the last few years: The value of the metric seems to have been heading up in recent days | Source: CryptoQuant Historically, whenever the ELR has gone up, the price of the cryptocurrency has become more likely to show volatility. This is due to the fact that a higher amount of leverage means that the average contract becomes more likely to get liquidated. A large amount of liquidations happening at once can lead to chaos in the market, and since this is more likely to happen when the ELR is high, the price can naturally have a greater chance of turning volatile. As displayed in the above graph, the Ethereum ELR had risen to some high values in August. As it usually plays out, this overleveraged market condition resulted in sharp price action for the asset, which, in this case, occurred in the form of a steep crash from the $1,800 level to the $1,600 level. The ELR quickly cooled down to relatively low values with the crash, as the positions with the most leverage were weeded out. For a while, the metric moved sideways at these lows, but recently, the indicator has once again started to rise. At present, the metric has a value of 23%, which isn’t as high as the pre-August crash value, but is still notable nonetheless. Huobi, Derbit, and OKX appear to have a disproportionate amount of leverage as compared to the wider sector, as the ELR for the platforms is currently 88%, 73%, and 43%, respectively. Related Reading: Bitcoin Wallet Activity Touches 5-Month High, Will BTC Price Follow? “When ELR increases, volatility tends to follow the same path,” notes the quant. “In this sense, Ethereum may be heading towards a period of increased turbulence.” ETH Price Ethereum had declined towards $1,500 at the start of the week but has since made recovery back above the $1,600 mark. ETH has returned back to its consolidation level | Source: ETHUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":551302,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,1946,14990,86600,89382,8686],"class_list":["post-551264","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-ethereum","tag-ethereum-futures","tag-ethereum-leverage","tag-ethereum-leverage-ratio","tag-ethusd"],"acf":[],"yoast_head":"\nEthereum Leverage Ratio Is Rising, What Does It Mean?<\/title>\n<meta name=\"description\" content=\"Data shows the Ethereum leverage ratio has been going up recently, something that may lead to higher volatility for the asset's 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Verma","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.wncen.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g","caption":"Keshav Verma"},"description":"Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021. 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":"Ethereum Leverage Ratio Is Rising, What Does It Mean?","url":"http:\/\/www.wncen.com\/news\/ethereum\/ethereum-leverage-ratio-rising-what-it-mean\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.wncen.com\/news\/ethereum\/ethereum-leverage-ratio-rising-what-it-mean\/"},"thumbnailUrl":"https:\/\/www.wncen.com\/wp-content\/uploads\/2023\/09\/kanchanara-O0r-l9cqeu8-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2023\/09\/kanchanara-O0r-l9cqeu8-unsplash.jpg?fit=6048%2C4024"},"articleSection":"Ethereum","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":["eth","ethereum","ethereum futures","ethereum leverage","ethereum leverage ratio","ethusd"],"dateCreated":"2023-09-14T17:00:42Z","datePublished":"2023-09-14T17:00:42Z","dateModified":"2023-09-14T17:00:42Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum Leverage Ratio Is Rising, What Does It Mean?\",\"url\":\"http:\\\/\\\/www.wncen.com\\\/news\\\/ethereum\\\/ethereum-leverage-ratio-rising-what-it-mean\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.wncen.com\\\/news\\\/ethereum\\\/ethereum-leverage-ratio-rising-what-it-mean\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/kanchanara-O0r-l9cqeu8-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/kanchanara-O0r-l9cqeu8-unsplash.jpg?fit=6048%2C4024\"},\"articleSection\":\"Ethereum\",\"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\":[\"eth\",\"ethereum\",\"ethereum futures\",\"ethereum leverage\",\"ethereum leverage ratio\",\"ethusd\"],\"dateCreated\":\"2023-09-14T17:00:42Z\",\"datePublished\":\"2023-09-14T17:00:42Z\",\"dateModified\":\"2023-09-14T17:00:42Z\"}<\/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\/09\/kanchanara-O0r-l9cqeu8-unsplash.jpg?fit=6048%2C4024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts\/551264"}],"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=551264"}],"version-history":[{"count":0,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts\/551264\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/media\/551302"}],"wp:attachment":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/media?parent=551264"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/categories?post=551264"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/tags?post=551264"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}