In a dramatic week for Bitcoin price action, traders are keen to capitalize, hitting a new all-time high for the leverage ratio. The estimated leverage ratio for Bitcoin ( BTC ) hit a new all-time high last night according to CryptoQuant. Further metrics point to growing leveraged interest, but liquidations have remained relatively low.  According to on-chain analytics resource CryptoQuant, while the Bitcoin price fell off a cliff over the past 24 hours, the estimated leverage ratio reached 0.224, an all-time high. The metric works by dividing exchanges’ open interest by their coin reserve. The result shows how much leverage traders are using on average. A higher ratio, such as 0.22, indicates that more investors are taking high leverage risks. Conversely, lower values mean traders are increasingly risk-averse in their derivative trading. The blue line on the graph below, it's trended upwards since June 2019.  Estimated leverage ratio for Bitcoin. Source: CryptoQuant Most cryptocurrency exchanges offer leverage trading with FTX, Huobi and Binance leading the way . They have all agreed to reduce the amount of leverage available to traders in order to prevent mass liquidation events, such as the one seen in September last year when $3.5 billion longs and shorts were liquidated. Nonetheless, it hasn’t slowed exchanges plans to bring leverage trading to a wider audience. Sam Bankman-Fried, CEO of FTX exchange,  tweeted that his “FTX 20x Leveraged Bitcoin Index” has been listed on the Vienna Stock Exchange. According to the Wienerborse , Austrian daredevils will soon be able to access up to 20x leveraged BTC trades. Related: Here’s why Bitcoin traders say a drop to $38K is the worst case scenario Meanwhile, despite a circa 10% price drop over the past three days, a mere half a billion dollars worth of liquidations took place across all exchanges according to coinglass.com data (formerly ByBt), less than the $600 million worth of liquidations that took place in minutes in March last year. It’s eery to observe the leverage ratio hit all-time highs and liquidations remain steady, all while the price stoops lower. Could more volatility be in the cards? Analyst Will Clemente summed it up adequately in a tweet . “Could still resolve to the upside. All I know for sure is that this party is just getting started.”