Bitcoin OG’s zitten op recordwinsten terwijl ETF’s en treasurybedrijven de marktstructuur hervormen
Belangrijkste punten
- •Niet-gerealiseerde winsten onder Binance-handelaren liggen bijna drie keer zo hoog als op de piek van de cyclus in 2021, wat deze cyclus tot de meest winstgevende ooit maakt voor veteranen in Bitcoin.
- •Spot Bitcoin-ETF’s en digitale-asset-treasurybedrijven zijn dominante kopers geworden en vervullen daarmee een rol die in eerdere cycli werd gespeeld door handelaren op cryptobeurzen.
- •De BTC/USDT-futures leverage-ratio is gedaald van boven 0,5 naar ongeveer 0,3, maar blijft boven het niveau van vóór de ETF’s; een terugkeer naar dat eerdere niveau acht Ki Young Ju onwaarschijnlijk.
- •Recente stijgingen in market-buy-ratio’s op OKX en andere beurzen lijken op patronen die werden gezien rond de cyclusbodem van Bitcoin in 2023, wat erop wijst dat sommige langetermijnhouders opnieuw accumuleren.
- •Ki Young Ju benadrukte dat de huidige pieken in koopratio’s weliswaar de stemming van OG-handelaren weerspiegelen, maar niet moeten worden gezien als een definitieve bevestiging van een marktbodem.
Bitcoin’s veteran traders are sitting on record unrealized gains — and some may already be positioning for the next market bottom.
CryptoQuant founder Ki Young-ju said Binance traders’ unrealized gains are nearly three times higher than at the 2021 cycle peak, making the current cycle their most profitable yet.
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He attributed the shift to spot Bitcoin ETF inflows and digital asset treasury (DAT) companies, which have emerged as major buyers absorbing Bitcoin supply.
ETF’s worden Bitcoin’s grootste kopers
In an analysis posted on X, Ki Young Ju explained that the market has entered a deleveraging phase, with Bitcoin currently trading in roughly the same price range it occupied two years ago.
Spot Bitcoin ETFs and digital asset treasury companies have become major channels for absorbing Bitcoin supply.
Bitcoin OG traders just had their most profitable cycle ever. Unlike past cycles, crypto exchange traders were not the exit liquidity. ETFs and DATs were. That structural bid pushed Binance traders' unrealized profits to nearly triple the 2021 top. 🧵 pic.twitter.com/k2zjo2n4vZ — Ki Young Ju (@ki_young_ju) August 13, 2026
Bitcoin OG traders just had their most profitable cycle ever. Unlike past cycles, crypto exchange traders were not the exit liquidity. ETFs and DATs were. That structural bid pushed Binance traders' unrealized profits to nearly triple the 2021 top. 🧵 pic.twitter.com/k2zjo2n4vZ
He said profits accumulated during the current cycle have been flowing into futures positions, while some holders have been taking profit, leaving BTC stabilizing near the average acquisition price of Binance traders.
Bitcoin leverage daalt — maar blijft hoog
The CryptoQuant founder also noted that the on-chain BTC/USDT futures leverage ratio, calculated as futures open interest relative to USDT reserves, has dropped from over 0.5 to approximately 0.3.
The analyst noted the ratio remains above levels recorded before the spot Bitcoin ETF launched and is unlikely to return to its pre-ETF levels.
“If ETF inflows continue, expect high leverage in futures again,” he noted.
Bitcoin’s OG-houders beginnen opnieuw te kopen
Ki Young Ju also pointed to Bitcoin’s 2023 cycle low as evidence of long-term accumulation.
He said long-term Bitcoin holders stepped up their buying when the cryptocurrency fell to around $16,000 in 2023, with the taker buy/sell ratio also pointing to a surge in market-order buying at the cycle’s bottom.
According to him, similar spikes in market-buy ratios have recently appeared on OKX and other exchanges, suggesting some OG Bitcoin traders may be positioning for a rebound.
“This should not be read as a definitive bottom signal, but it serves as a useful gauge of OG trader sentiment,” the CryptoQuant founder concluded.
Wat dit betekent voor Bitcoin’s volgende beweging
The shift suggests Bitcoin’s market structure has become increasingly shaped by ETFs and treasury firms, while long-term holders remain a key source of potential selling pressure. If OG traders are beginning to position for a rebound, their behavior could offer an early signal of changing sentiment — though it is not yet confirmation of a market bottom.
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