# Market Sentiment

## BTC: Aggregated Funding Rate / Futures Open Interest All Exchanges

If futures open interest for all exchanges rises rapidly, there's likely to be big price fluctuations as cascade liquidations begin to occur. In the bull market, aggregated funding rate for all exchanges usually helps to capture potential bottoms.

### 👉 [Save Chart](https://cryptoquant.com/prochart/ephx42jykg) 

![](/files/-MSk533xW_OpzYXd2QwX)

{% content-ref url="/pages/-MCB5pxMfzUC4Of9Lza9" %}
[Open Interest](/cryptoquant-metrics/market/open-interest.md)
{% endcontent-ref %}

{% content-ref url="/pages/-MSMYizjBAWujxeXyock" %}
[Funding Rates](/cryptoquant-metrics/market/funding-rates.md)
{% endcontent-ref %}

## BTC: Estimated Leverage Ratio for all exchanges

By dividing the open interest of exchange by their BTC reserve, you can estimate relative average user leverage. Whenever the leverage value reaches a high, there is rapid volatility that ensues. This is similar to Open Interest, but more accurate as it reflects the growth of the exchange itself. You can see how aggressive people are and how conservative they are in terms of investment.

### 👉 [Save Chart](https://cryptoquant.com/prochart/hwwqnoc8jl)

![](/files/-MSk8Q4t_wlj9idulGGI)

{% content-ref url="/pages/-MCB8LtkT1KHjvcF\_2bo" %}
[Estimated Leverage Ratio](/cryptoquant-metrics/market/estimated-leverage-ratio.md)
{% endcontent-ref %}


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