Data: Binance Ethereum leverage hits a new high, price divergence triggers risk warning

According to on-chain data from CryptoQuant, Binance's Ethereum leverage ratio recently soared to a historic high of 0.562, rebounding strongly from a drop to 0.41 in mid-October from 0.53. However, as the leverage ratio continues to climb, the price of ETH has fallen from around $4200 to $2800, creating a clear bearish divergence.

This indicates that traders have not reduced their risk during the price decline; instead, they aggressively opened leveraged long positions to buy the dip. This high-leverage environment is extremely fragile, and even a slight decline could trigger a large-scale liquidation chain reaction. The market is like a ticking time bomb, and traders need to be highly vigilant about the current extreme risk state.