# On-сhain Weekly Report №52 (Week 1 2022)

By [pitifulCurlew2](https://paragraph.com/@pitifulcurlew2) · 2022-05-09

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The release of the meeting minutes of the Federal Open Market Committee pushed down the price of Bitcoin as well as many other assets. The main notes were related to rate increases, an accelerated pace of tapering and of potential quantitative tightening to lighten the central bank’s balance sheet. Futures open interest has pushed to new ATHs, many long positions were liquidated and now a possible short squeeze is developing.

According to Binance (BTC/USDT pair), Bitcoin opened the week at $47,281 and felt to a low of $40,491 on Saturday. During the previous week Bitcoin price has lost around 15%.

This week I will put more attention in my report on levels of Open Interest in futures markets, Bitcoin Inflows and Outflows, Miners reserves and other metrics.

Perpetual Open Interest has reached new all-time highs of 264k BTC rising +42% since December 4

Binance share of Futures Open Interest has grown 9.4% and now it has more than 30% of market share. The second largest exchange by Open Interest market share is FTX with 19% of market share.

Reserve of USD in All Exchanges is flating. As the values will rise in reserve, it will indicate higher selling pressure.

Bitcoin Inflow in Spot Exchanges is on medium level during the last week.

Bitcoin Outflow in Spot Exchanges is not growing. Low value indicates increasing selling pressure in the spot exchanges.

Miners’ Position Index (MPI) that shows the ratio of total miner outflow (USD) to its one-year moving average of total miner outflow (USD).Current low value shows that miners are not sending more coins than usual which does not indicate selling.

Exchange Whale Ratio is the ratio of the top 10 inflows to the spot exchanges.Low value indicates that whales are not using the exchanges in large amount and possibly trading in OTC market.

Exchange Stablecoins Ratio is coins reserve divided by all stablecoins that are held by the exchanges. Low value means buying power which can lead to possible price rise.

Summary:

The last 2 months Bitcoin had a bear market, but the long term structure still remains bullish for 2022. Macro structure looks even stronger for Q1 2022 that in the end of 2022. Futures open interest has pushed to new ATHs, many long positions were liquidated and now a possible short squeeze is developing. Market is extremely volatile and sensitive to news.

Sources: [https://insights.glassnode.com/](https://insights.glassnode.com/), [https://studio.glassnode.com/metrics?a=BTC&m=addresses.ActiveCount](https://studio.glassnode.com/metrics?a=BTC&m=addresses.ActiveCount) [https://alternative.me/crypto/fear-and-greed-index/](https://alternative.me/crypto/fear-and-greed-index/), [https://cryptoquant.com/](https://cryptoquant.com/), [https://www.tradingview.com/](https://www.tradingview.com/),

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*Originally published on [pitifulCurlew2](https://paragraph.com/@pitifulcurlew2/on-hain-weekly-report-52-week-1-2022)*