Analyst: Bitcoin futures leverage surged in August, market volatility and forced liquidation risk increased

According to BlockBeats, on August 13th, CryptoQuant analyst Axel Adler Jr stated in a post that "in August 2025, the estimated leverage ratio (ELR) of Bitcoin futures reached its highest level in the past five years in 30 days, exceeding the critical value of+0.4. Previously, this threshold usually occurred during peak periods of high leverage and increasing market fragility. This means that when prices approach historical highs, a large number of leveraged positions quickly flood into the futures market, which may lead to increased market volatility and increased risk of intense forced liquidation