Bitcoin’s ongoing rally not derivatives or leverage driven

2023-3-22 13:00

Quick Take Many discussions have been around whether the recent Bitcoin rally is spot or derivatives driven. With the recent insight yesterday showing considerable spot accumulation on Coinbase, we can confirm it is not being driven by derivatives — which is exceptionally healthy. The Estimated Leverage Ratio is the ratio of the open interest (OI) in futures contracts and the balance of the corresponding exchange. We are yet to see a meaningful build-up of OI — while the leverage ratio across exchanges is below the average of the past three years. OI is less than 400,000 Bitcoin below the three-year average — while OI is currently 2% the size of the Bitcoin market cap. Estimated Leverage Ratio: (Source: Glassnode) FOI/MC: (Source: Glassnode) Open Interest: (Source: Glassnode)

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bitcoin driven derivatives rally ongoing leverage spot

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