On November 4, the CryptoQuant data market aggregator published a graph showing Binance's estimated leverage ratio - open interest divided by Bitcoin's (BTC) reserves - pushed itself into new, omnipresent heights.
The record was set on November 3, after the increase in open interest first exceeded Binance's 0.18 ELR. The jump in ELR occurred shortly before Bitcoin established a double bottom of about $13,400.
New data suggests that Bitcoin's bullish growth of over $14,000 by 2020 could have been leveraged, which could mean that markets will continue to see significant volatility in the short term.
However, Binance also recorded BTC's largest daily outflow on November 3, when 58,861 Bitcoins worth $816 came out within 24 hours.
Binance was not the only platform to experience the recent increase in interest, and data from Skew shows that the total open interest in BTC futures is testing ubiquitous records in the upper and middle $5 billion range.
The growing open interest is also emerging despite the recent decline in BitMEX's market share, where the stock exchange is currently facing money laundering charges levied by the US Department of Justice.
