Bitcoin’s estimated leverage ratio falls below short-term average as traders pull back after March spike

Traders are becoming more cautious after March leverage peak.

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

Bitcoin’s derivatives market has shifted significantly over the past month, with key metrics showing sharp changes in trader behavior. One metric in particular reveals when leverage surged, when it collapsed, and what that means for market risk today. This pattern, when compared to price action, uncovers a deeper layer of market structure that’s often missed in surface-level analysis. The latest data offers a clear signal on where leverage stands now, and what it implies for Bitcoin’s short-term direction. For a full breakdown of the trends, their timing, and what comes next, read the complete analysis.