Quick Take As Q1 has ended with a remarkable Bitcoin performance of over 70%, it is worth analyzing the spot vs. derivatives trend over Q1. The network is much healthier at the end of the quarter than when we started back in January. The exchange balance is now flat year-to-date, with roughly 2.28 million Bitcoin on exchanges, and demand started to return after the SVB collapse. Futures’ open interest is now at a one-year low, with roughly 300,000 Bitcoin liquidated from the 2022 peak in October. Last, options open interest saw a record-breaking amount of $4 billion worth of options expiring on March 31. Roughly 130,000 Bitcoin have been unwound in contracts from the exchange Deribit. The rally in Bitcoin price has been driven by spot demand in recent weeks. Exchange Balance: (Source: Glassnode) Options vs Futures: (Source: Glassnode)

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