CryptoQuant data shows that 75% of Ethereum trades on Binance are now leveraged. This marks a full recovery in Ethereum trading volume since the deleveraging event in October 2025. Binance is currently the only major exchange with Ethereum leverage exceeding pre-deleveraging levels, indicating rising risks. Analysts say the recent Ethereum price surge has been driven more by futures trading than spot demand, exacerbating market fragility. High leverage and crowded positions increase the risk of sudden liquidations and sharp fluctuations when market sentiment shifts.