【BTCのレバレッジが急激に縮小】
BTC-USDTの無期限先物におけるレバレッジは、現在クールダウンしつつあります。
過去2年間は、MSTRやETFからの資金流入によって、取引所に溜まった過剰なロング・レバレッジがなかなか清算されずに維持されてきました。しかし、その構図は今、弱まりつつあります。
推定レバレッジは、ETF承認前（2024年1月頃）とほぼ同水準まで戻っています。

BTC-USDT perp leverage is now cooling off.
For the past two years, inflows from MSTR and ETFs kept excessive long leverage on exchanges from getting flushed. That dynamic is fading now.
Estimated leverage is back to roughly pre-ETF approval levels (Jan 2024).  x.com/ki_young_ju/st…

Ki Young Ju

Twitter

[BTC Leverage is Rapidly Decreasing]
Leverage on BTC-USDT perpetual futures is currently cooling down.
Over the past two years, inflows from MSTR and ETFs have prevented exchanges from liquidating excessive long leverage, allowing it to be maintained. However, this situation is now weakening.
Estimated leverage has returned to roughly the same level as before ETF approval (around January 2024).

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