The latest rise of Bitcoin (BTC) has been atypical for the cryptocurrency market: the movement is spot-driven rather than formed through leverage. According to CME data, even after more than $5 billion flowed into Bitcoin-ETFs since the so-called Liberation Day at the end of March 2025, large funds with leveraged positions have hardly increased their activity.
According to the data on the CME BTC Leverage Funds Net Totals chart, since mid-2023, funds have been gradually reducing their net positions. A sharp decline began in May 2024, after which there was only a slight recovery by April 2025, but the overall balance remains negative — around -14,235 contracts. This indicates that the market growth of Bitcoin is occurring without the involvement of large leveraged positions.
