Kraken has increased the maximum leverage on BTC/USD margin positions to 20x for eligible traders in select markets, raising the amount of exposure traders can take with the same posted collateral. The change, announced in a blog post published Tuesday, applies specifically to BTC/USD margin trading on Kraken Pro and Desktop and does not extend to other margin pairs or futures products. Kraken said the update changes only the leverage ceiling, leaving its existing margin engine, order flow, account structure, liquidation tracking, margin visibility and risk-management tools in place. At 20x leverage, a trader can control a $20,000 position with about $1,000 in margin before maintenance-margin requirements and other applicable costs. The exchange said availability will vary by market and eligibility, and stressed that the new ceiling is an option rather than a requirement. Kraken also warned that higher leverage increases liquidation risk because relatively small moves in Bitcoin can have an outsized effect on a trader’s margin, potentially leading to forced closure if a position falls below maintenance-margin levels. The move comes as attention on leveraged Bitcoin trading has intensified after a recently reported $50 million Bitcoin short using 40x leverage came within about $400 of liquidation, illustrating how quickly thinly margined positions can be pressured in volatile markets. The margin update is separate from that trade and from Payward’s July partnership with GTN to expand its xStocks tokenized-equity framework beyond U.S. stocks, beginning with Hong Kong-listed equities and planning expansion into UK, European and South Korean markets, subject to regulatory approvals.