CryptoQuant Founder: Bitcoin futures leverage still high, ETF and DAT became the main structural buyout

On 13 August, the founder of CriptoQuant, Ki Young Ju, wrote that Bitcoin OG traders had just gone through the most lucrative cycle in history. Unlike in the past, it was not the main exit from liquidity of the encrypted trading platform traders in the current cycle, but the main buyers were ETF and DAT (Digital Assets Reserve Corporation), and this structural purchase pushed the unrealized profits of the Binance traders up to three times the top of the 2021 cycle. He indicated that the bitcoin price range was currently close to two years ago and that the market was in the deleveraging phase. The bulk of the unrealized profit-flow futures leverage accumulated during the current cycle has now stabilized near the average cost base of the Binance traders as the traders profited. Ki Young Ju also noted that the chain-based market leverage ratio (BTC/USDT future stock divided by USDT reserves) had previously exceeded 0.5 and was currently about 0.3, still above the pre-ETF level. Future leverage is expected to rise again if there is a continued inflow of ETF funds. In addition, he recalled that in 2023 the OG whale had been bought on a large scale at the time the BTC approached $16,000, and that the buyer-seller ratio indicated that a large number of high-market positions had been built near the end of the cycle。