Maartunn
Maartunn 1 minutes reading from Bitcoin

ELR OnChain: “Bybit APES” + BTC = BTC BTC Reserves

Two other exchanges with concerning ELR (next to FTX)

Estimated Leverage Ratio helps to identify exchanges with high amount of Open Interest compared to the BTC Reserves

There are 3 exchanges which should be mentioned 👇

Data by @cryptoquant_com

Bitcoin

Crypto OnChain

▶ FTX: The exchange which went bankrupt around a week ago. Before it broke down, ELR was running hot.

ELR went as high as 4.5, which means Open Interest was 4.5 (!) times as high as BTC Reserves (in USD-terms)

▶ Bybit: This exchange is, next to FTX, with the highest value on ELR. At this moment, ELR is above 2.3, which is gigantic.

"Bybit APES" is a very common term used on CryptoTwitter, that's visualized here 😉

▶ Okx: DIfferent as previous 2 exchanges, but in the most recent times ELR is rising. ELR was below <0.5 for a long period, but right now it's around 1.2

A direct risk of bankruptcy shouldn't be worried about but on the other side with all recent news I won't feel comfortable putting money there

Make wise decisions😉

Chart:

This post is based on this twitter thread.

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