BTC Leverage vs Real Money: 8.45B
The green line is how big the outstanding leveraged bets are; the grey bars underneath are the real dollars traded that day. Heavy borrowing on top of thin real trading is the setup that unwinds fast. Leverage recording starts 18 June 2026, so longer ranges are not offered yet.
Two different things on one chart. The GREEN LINE is open interest: the total dollar value of futures bets that are open and not yet closed.
The GREY BARS along the bottom are spot volume: the dollars of bitcoin actually bought and sold that day on the exchanges we track.
Watch them against each other. When the line climbs while the bars stay flat, the move is being carried by borrowed money rather than new buyers — those moves tend to reverse hard.
When both rise together, real money is behind it. For example, open interest at $6.9B against $155M traded means about $44 of open bets for every $1 that changed hands.
The **green** line is the day's traded value in dollars added up across the exchanges we collect. The other line is that day's total open futures bets in dollars. The leverage ratio divides the second by the first.
Open interest is a snapshot of positions still open, not a daily flow, and our recording of it starts 18 June 2026 — there is no leverage history before that date, which is why **only** the shorter ranges are offered. Spot volume covers the exchanges we ingest, a large sample rather than every venue.
Our own warehouse: exchange trade feeds for volume, exchange derivatives endpoints for open interest.
Own data warehouse · exchange trade feeds + derivatives open interest