CryptoQuant CEO Ki Young Ju says Bitcoin OG traders just completed their most profitable cycle ever. Unlike previous cycles, much of their selling was absorbed not by exchange traders, but by spot ETFs and digital-asset treasury (DAT) companies.

That structural demand helped Binance users build unrealized profits far above the 2021 peak. But those gains also fueled futures leverage. CryptoQuant’s BTC/USDT open-interest-to-USDT-reserve ratio climbed above 0.5 before falling to around 0.3, suggesting the market is now working through a major deleveraging phase.

At the same time, Binance users’ realized price has risen toward the current BTC price, meaning the market is trading close to their average cost basis.

A fourth signal is also worth watching. OKX’s Taker Buy/Sell Ratio recently jumped to around 1.7, showing stronger aggressive market buying. Similar spikes were seen near the 2023 cycle bottom, when OG whales built large long positions.

This is not a confirmed bottom signal. The key question is whether three forces align again: spot demand from ETFs and DATs, healthier futures leverage, and renewed buying from experienced traders. If they do, Bitcoin’s market structure could begin shifting bullish again.

Written by XWIN Japan