Bitcoin OG traders are sitting on their most profitable cycle yet, with Binance traders' unrealized gains nearing three times the 2021 cycle peak as spot ETF inflows and buying by digital asset reserve companies absorb supply that was once taken up mainly by exchange traders, CryptoQuant founder Ki Young Ju said. He said Bitcoin is now trading around the same range seen two years ago as the market goes through a deleveraging phase, with profits built up during the cycle flowing into futures positions and BTC stabilizing near Binance traders' average cost basis as some holders take profit. Ju added that the on-chain BTC/USDT futures leverage ratio, measured as open interest over USDT reserves, has fallen from above 0.5 to about 0.3 but remains above pre-ETF levels, and could rise again if ETF inflows continue. He also said OG whales accumulated heavily near $16,000 in 2023, with the buy-sell ratio indicating many market long positions were opened close to the cycle bottom.