The recent rise of Bitcoin (BTC) has been atypical for the crypto market: the movement is spot-driven rather than formed through leverage. According to CME data, even after more than $5 billion flowed into the Bitcoin ETF since the so-called Liberation Day at the end of March 2025, large funds with leveraged positions have hardly increased their activity.
According to the data on the CME BTC Leverage Funds Net Totals chart, funds have been gradually reducing their net positions since mid-2023. A sharp decline began in May 2024, after which a slight recovery was observed only by April 2025, but the overall balance remains negative—around -14,235 contracts. This indicates that the market growth of Bitcoin is occurring without the participation of large leveraged positions.
Researchers at Presto Research stated that the reason for such caution lies in the cost of funding. As shown by the 3M T-Bill Rate chart, the yield on 3-month U.S. Treasury bills has exceeded 4.2% since early April, and by mid-May, it rose even higher. These rates serve as a basic benchmark for arbitrage trades and leverage in the institutional market. With such borrowing costs, margin financing operations become less profitable.$BTC #MyEOSTrade $ETH #CryptoAdoption
