Mars Finance news: According to CryptoQuant analyst Woominkyu, in a post, since the beginning of July the BTC price has risen from about $60,000 to $78,000, an increase of approximately 30%. Meanwhile, during the same period, the market capital base grew from $20.6 billion to $24.9 billion, nearing the high for this stage. He noted that, unlike the price increase, the share of lending/borrowing funds did not rise in tandem. The metric peaked on August 14 and has continued to decline since then. Even after BTC accelerated higher following August 19, the leverage ratio has not rebounded noticeably. He believes that, compared with a rally driven by borrowed/lending funds, the current capital structure is healthier. If, going forward, the BTC price stalls while the share of borrowing/lending funds rises again, that could become a risk signal worth watching.