According to Odaily Planet Daily, CryptoQuant analyst Axel Adler Jr. posted on the X platform that the estimated leverage ratio (ELR) for Bitcoin futures contracts, based on a 30-day moving average, has risen to a five-year high, breaking through the +0.4 threshold. This level has historically coincided with periods of high leverage and market fragility. This suggests that when prices approach historical highs, the futures market is experiencing a large influx of leveraged positions, potentially leading to increased volatility and the risk of significant margin calls.