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

Bitcoin’s estimated leverage ratio (ESL) shows how many traders are using derivatives with margin relative to the size of the market. More specifically, it can reflect the total open interest in leveraged positions compared to Bitcoin’s overall market cap or another benchmark. source: https://cryptoslate.com/bitcoins-estimated-leverage-ratio-falls-below-short-term-average-as-traders-pull-back-after-march-spike/