​#Markets Leverage ratio (open interest divided by exchange | ApeCage

​#Markets

Leverage ratio (open interest divided by exchange reserves) reached levels last seen in the peak of March and April 2021. Funding is still slightly negative, indicating higher short interest than long. If BTC retains the lower range of 30K, shorts will begin to squeeze as BTC moves to the middle point of the range, likely accelerating in the coming days/weeks. At the same time, whales at Bitfinex are long-to-short at a ratio of 14x, while retail is still largely short.