4 weeks ago
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The move is important because it is happening after a clear futures-market reset, not during an overheated leverage build-up.
Binance’s estimated leverage ratio for ETH futures has dropped from 0.99 at the start of the year to 0.62, a decline of about 37.4%. Across all exchanges, the same metric sits near 0.75 after briefly spiking close to 1.0 in early June before falling back.
That changes the read on the current breakout attempt. Traders are using less borrowed exposure, which means ETH is less vulnerable to forced liquidation cascades. At the same time, lower leverage also shows weaker speculative appetite, so price still needs real demand to confirm the move.
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