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Key Insights:
- Bitcoin leveraged positions hit $8.41B, a new all-time high.
- Early miners lock in $18.57M as BTC climbs above $93,000.
- BTC exchange balances fall to the lowest level since 2019.
Leverage on Bitcoin market is at record highs, early miners are making over $18 million in profit, and exchange balances are at their lowest levels since 2019. This indicates increasing supply and market stability pressure.
Leverage Hits Record High as Open Interest Delta Spikes
Bitcoin’s trading history has seen the highest daily volume of leveraged positions in recent times. According to data from Alphractal, the aggregated open interest delta on April 24 was $8.41 billion. The next day, open interest fell sharply by $2.4 billion.
This sudden drop can be explained by market makers closing long positions, stop loss orders being triggered or liquidations during periods of price volatility. This activity can also increase market instability when spot trading volume is low.
The chart above reveals that many traders added long positions as green bars (positive open interest delta) increased strongly. Typically, these surges have coincided with price increases. The price of Bitcoin rose from under $40,000 at the start of 2024 to around $93,000 in April 2025.
While the price went up, leveraged bets became more frequent and higher, as indicated by the more frequent and taller green bars. But high leverage also comes with high risk. If market makers start to exit or reverse positions, price can drop quickly, leading to more liquidations and more volatility.
If you look at the multi-year chart, major spikes in open interest delta have occurred on both major rallies and rapid corrections. The current spike in leverage looks larger than any point in the past, indicating a large amount of market positioning, but also a high risk.
Bitcoin miners lock in over $18 million in profits.
Along with that, early Bitcoin miners have already profited $18.57 million. It happened as Bitcoin’s price went over $93,000. CryptoQuant data shows early miners are taking advantage of the recent rally, with the sharp rise in realized profits.
Profit levels were steady earlier in April but shot up sharply in the last days of the month. This means that miners are selling aggressively into the rally.
The realized profit is calculated when coins are moved or sold after being held at a lower price. This metric has a sharp rise, which often means miners are selling to secure gains. Many early miners hold large amounts of Bitcoin, and their selling can impact the market supply.
In the last month, profits were close to or below $10 million per day. However, by April 22, the number almost doubled, indicating a large amount of sell-side activity.
Bitcoin Exchange Balances Fall to 5-Year Low
Despite miner profit-taking, Bitcoin held on exchanges has dropped to its lowest level since 2019. According to CryptoRank, BTC balances across centralized exchanges fell below 2.7 million by April 25, 2025.
Historically, a decline in exchange balances is considered bullish. When fewer coins are held on exchanges, it suggests reduced short-term selling pressure. Many holders move assets to cold storage, indicating long-term accumulation.
Since late 2022, exchange reserves have steadily fallen, while prices have climbed. The inverse correlation between supply on exchanges and BTC price continues to support a bullish thesis.
This withdrawal trend, paired with rising demand and tighter supply, could make it harder for large sellers to exert downward pressure without significantly moving prices.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
