PANews reported on December 21 that CryptoQuant, an on-chain data analysis provider, published an article analyzing the leverage risks of CEX in the bull market. Despite the sharp increase in open interest this year, Binance has maintained strong reserves among major exchanges, with its Bitcoin, Ethereum, and USDT reserves far exceeding its open interest. Binance also reported the lowest and most stable leverage ratio among major exchanges, with a leverage ratio of 12.8 in December 2023 and a slight increase to 13.5 in December 2024. In addition, OKX also maintained a low leverage ratio. In contrast, exchanges such as Bybit and Deribit have the highest leverage ratios, at 86 and 32, respectively. These figures indicate that their Bitcoin open interest exceeds or is close to reserves, and the situation is similar for Ethereum.