Analyst: BTC has risen about 30% since early July, with the market capitalization increasing to 24.9 billion USD and the leverage ratio decreasing

According to CryptoQuant analyst Woominkyu, since early July, the price of BTC has risen from about $60,000 to $78,000, an increase of about 30%. During the same period, the market capitalization increased from $20.6 billion to $24.9 billion, approaching the high point of this phase.

He pointed out that unlike the price increase, the proportion of borrowed funds has not risen in tandem. This indicator peaked on August 14 and has since continued to decline. Even though BTC accelerated its rise after August 19, the leverage ratio has not significantly rebounded. He believes that compared to a market driven by borrowed funds, the current capital structure is healthier; if BTC's price stagnates while the proportion of borrowed funds rises again, it may become a risk signal that needs attention.