CoinDesk reported:
Ether’s global estimated leverage ratio, calculated by dividing the dollar value locked in the active open perpetual futures contracts by the total number of coins held by derivatives exchanges, has declined from a multi-month high of 0.28 to 0.22. Bitcoin’s ratio has slid from 0.27 to 0.21, the lowest since May, according to data tracked by South Korea-based analytics firm CryptoQuant.