[Binance Ethereum Leverage Ratio Hits All-Time High, Price Drop Triggers Divergence] On November 24, according to CryptoQuant on-chain data, the Ethereum (ETH) leverage ratio on the Binance platform recently surged to an all-time high of 0.562. Previously, this metric had sharply declined from 0.53 in mid-October to 0.41, followed by a strong rebound. However, during the same period, the price of ETH dropped from around $4,200 to $2,800, forming a significant bearish divergence. The data shows that during the price decline, traders did not reduce their risk exposure but instead actively opened leveraged long positions. In the current high-leverage environment, the market faces elevated liquidation risks.