Odaily News Ki Young Ju, founder and CEO of CryptoQuant, said in a post on the X platform: “The Bitcoin-Tether futures market is becoming over-leveraged. The calculation method is to divide the BTC-USDT open interest by the USDT reserves of major exchanges. This includes ETH and TRON-based USDT, which together account for 97% of the USDT market value, so it is quite accurate.”