The estimated leverage ratio of Ethereum (ETH) increased sharply at the end of July 2024, indicating a significant increase in market leverage. Meanwhile, Bitcoin (BTC) Open Interest (OI) has increased since mid-March, while ETH has increased since early June.

This trend shows that Ethereum is catching up, with leverage and open interest remaining high. This reflects trading activity and investor interest in ETH, similar to what was seen in BTC earlier this year.