Ki Young Ju, founder and CEO of CryptoQuant.com, posted on social media that “The Bitcoin-Tether futures market is becoming over-leveraged. The calculation method is to divide the BTC-USDT open contract 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.”