The Week On-Chain: Bitcoin Rallies Back Over $30k, Driven by Spot, or Leverage? (Bitcoin Analysis)

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Bitcoin has rallied above the $30k level this week, posting the strongest YTD returns since the Nov 2021 ATH. In this weeks report, we analyse whether this move was driven by leverage in derivatives markets, or spot demand.

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Topics for Discussion:
- Analysis of futures and options open interest and leverage.
- Monitoring funding rates, and options speculative premium.
- Observations regarding the uptick in on-chain activity.
- Measuring balance change for Shrimp, Whales and Exchanges.

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Timestamps
0:00 Introduction
2:20 Shanghai Sell-Side Report
4:34 Quarterly Price Perfromance
6:00 Futures and Options Open Interest
8:35 Options Open Interest by Strike Price
10:45 Futures Funding Rates
12:25 Futures Liquidations
13:27 New Address and Volume Momentum
15:08 Transaction Counts
16:12 Exchange Volume Momentum
16:46 aSOPR
19:20 Realized P/L Ratio
21:17 Entity Yearly Absorption Rates
24:20 Accumulation Trend Score
25:30 Summary and Conclusions

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About:
The Glassnode video report provides a weekly analysis update of the trends, performance, and onchain metrics for Bitcoin and the crypto market.

Disclaimer:
This report does not provide any investment advice. All data is provided for information purposes only. No investment decision shall be based on the information provided here and you are solely responsible for your own investment decisions.