Crypto Weekly
June 23, 2023

BlackRock eyes BTC ETF, 3AC’s Sotheby NFT’s and Grayscale reaches 23’ highs

Excitement filled the air this week as institutional investors embraced the soaring prospects of BlackRock's Bitcoin ETF leading to BTC jumping to $30k, while Ethereum's zkSync network surpassed an impressive $500 million in locked value. The crypto art world witnessed a jaw-dropping auction record of $11 million at Sotheby's of 3AC’s NFTs, and Bitcoin defies the odds, skyrocketing by a staggering 36% despite China's warning YoY. Meanwhile, the Grayscale Bitcoin Trust attracts eager buyers, reaching its 2023 highs.


  • BlackRock, Fidelity, Valkyrie and more boost institutional investor optimism with ETF filing
  • Ethereum's zkSync network surpasses $500 million in locked value.
  • Sotheby's auction set a record with 3AC NFTs, earning $11 million.
  • BTC defies China's warning, surging by 36% year on year.
  • Grayscale Bitcoin Trust reaches 2023 highs, attracting eager buyers.

Movers and Shakers

Top 7-Day Gainers:
  1. PEPE +65.12%
  2. STX +44.50%
  3. CFX +39.49%
  4. BCH +37.73%
  5. OP +26.95%

Top 7-Day Losers:
  1. KCS -8.10%
  2. BTT -9.08%
  3. LUNC-3.37%
  4. QNT -1.61%
  5. XAUT -1.22%


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Technical Summary

Bitcoin Pulse

The number of unique addresses holding at least 1 BTC has soared to an all-time high surpassing the one million mark! And that's not all—addresses holding more than 10 BTC have also hit a new ATH, reminiscent of the days leading up to the 2020 bull run. Meanwhile, the dormant supply of Bitcoin has risen to an unprecedented 15.2 million BTC, while exchange balances dip to their lowest levels since 2018. Selling pressure is also decreasing, as evidenced by the net outflow of a staggering $400 million worth of BTC from exchanges in the past week. 

Holders are playing the long game, with 2.84 million BTC being held for a decade or more—an ATH for all previous bull cycles! Glassnode's illiquid supply change metric has surged to a whopping 147,351 BTC ($3.9 billion), with the total held by illiquid entities hitting a record-breaking 15,207,843 BTC. To top it all off, Bitcoin dominance has soared to a remarkable two-year high of 50%

  • Bitcoin dominance at 2-year high
  • Illiquid BTC supply at $3.9B
  • $400M net outflows from exchanges

Bitcoin micro


  • BTC/USD finds strong support at $25k, with a cluster of confluences and psychological significance.
  • Bullish price jump from $25k to $30k driven by market news acting as a catalyst.
  • At the high of the bullish corrective reaccumulation phase, a pause or short-term retracement may occur before pushing higher.
  • Alternatively, BTC/USD could continue its upward trajectory, targeting $33k in the near future.

As expected, we saw BTC/USD find support at the cluster of confluences around the $25k psychological price level. At $25k, we had a fair value gap on the daily being closed, a bullish order block, and the 200 EMA clustered to provide support. This led to a bullish price jump from $25k to $30k upon market news acting as a catalyst.

Moving forward now that we are at the high of the bullish corrective reaccumulation phase that took place, some form of pause is likely, we may even see a short-term retracement back into the discount of the bullish leg before pushing higher. Alternatively, we continue up to $33k soon.

Bitcoin Macro


  1. BTC/USD LTFs indicate a recent bullish push, but price diverged from the 1H 50 EMA, signaling a potential convergence back for support or a break and retest of the EMA for shorts.
  2. Finding support on the 50 EMA and pushing higher could lead to breaking the $30,800 high.
  3. Look out for potential signals like a convergence back to the 50 EMA or a break and retest of the EMA for short positions.
  4. On the other hand, if support on the 50 EMA continues, breaking the $30,800 high becomes more likely.

The LTFs of BTC/USD show that upon the bullish push over the last few days price diverged away from the 1H 50 EMA, moving forward a convergence back to the 50 EMA to find support or a break and retest of the underside of the EMA would act as potential signals for shorts.

Alternatively, if we continue to find support on the 50 EMA and push higher, taking out the $30,800 high would be likely.

Altcoins on the move

Recent on-chain data reveals that whales have made a colossal move, withdrawing a mind-boggling $150,000,000 worth of Ethereum from two major crypto exchanges, Binance and Kraken. Talk about making waves in the crypto ocean! But that's not all - Hashkey, a prominent player in the crypto sphere, has splashed out a staggering $7.47M in USDT to snatch up 4,578 ETH from Binance amidst the fascinating USDT depegging frenzy. And that's just the tip of the iceberg! The staked ETH market has skyrocketed to an incredible 20 million milestone, doubling its value since the beginning of this year. It's a testament to the growing strength and confidence in Ethereum's future.

ETH macro


  • March rejection of 200 EMA repeats, showing similar price behavior this week.
  • Price breaks below 200 EMA, tempting short sellers, but finds support and reverses from bullish order block.
  • Currently above 50 EMA on daily chart, hinting at a possible retracement to discount prices before the next bullish move.
  • Next target: $2120 high. Buckle up for an exciting ride!

Just as the rejection in March of the 200 EMA of ETH/USD replicated this price behavior this week. We saw price aggressively break below the 200 EMA, but as expected, this simply acted as an inducement of short sellers before price found support and quickly reversed from the bullish order block at the equilibrium. 

Now that we are back above the 50 EMA on the daily, a retracement from premium prices back to discount before initiating the next bullish leg to run the $2120 high could be on the cards.

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Disclaimer: The content of this article is for general market education and commentary and is not intended to serve as financial, investment, or any other type of advice.

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