Crypto Weekly
July 7, 2023

BTC futures vol hit $38B, Defi platforms secure $20B ETH, SOL rallies 50%

This week we saw Bitcoin futures volumes surged by 28.6% to reach $37.9 billion at CME, meanwhile Ethereum's ETH Futures trading volume exceeded 97,000, showcasing growing interest. On another front an ETH whale withdrew a staggering $90 million worth of ETH from Binance, highlighting confidence in Ethereum's value. Not to mention, Liquid staking DeFi platforms secured over 10 million Ethereum, equivalent to nearly $20 billion, demonstrating the booming ecosystem. Finally, Sol rallied 50%, while the COMP token surged by 76% after an exciting company announcement.


  • Bitcoin futures volumes surged by 28.6% to reach $37.9 billion at CME.
  • Ethereum's ETH Futures trading volume exceeded 97,000, showcasing growing interest.
  • ETH whale withdrew $90m worth of ETH from Binance
  • Liquid staking DeFi platforms secured +10 million ETH ($20B)
  • Sol rallied 50%, while the COMP token surged by 76% after an exciting company announcement.

Movers and Shakers

Top 7-Day Gainers:
  1. MKR + 20.16%
  2. FLOW + 17.44%
  3. FIL +16.27%
  4. GRT +14.96%
  5. FXS +14.94%

Top 7-Day Losers:
  1. APE -12.44%
  2. XLM -10.57%
  3. LEO -10.48%
  4. FTM -9.28%
  5. DASH -7.54%


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Technical Summary

Bitcoin Pulse

June was a remarkable month for Bitcoin futures volumes at the CME! According to CCData, trading activity surged by a staggering 28.6% to reach $37.9 billion. But that's not all. The 90-day correlation between Bitcoin and instruments in the S&P500 dropped to a low of 0.09, the lowest since June 2021, indicating a decoupling trend. Additionally, miners received 1,799 BTC (equivalent to $54 million) in inscription-related fees from 14.41 million ordinals inscriptions. 

Meanwhile, CryptoQuant reported the largest decline in Bitcoin inflows and supply ever recorded, indicating HODL’ing, meanwhile the shrimp cohort (<1 BTC) have been accumulating Bitcoin at a rate of 33 BTC per month, bringing their total to 1.33 million BTC. Moreover, the profit rate for Bitcoin's circulating supply is at an impressive 79%, signaling that the majority of holders are now in profit. Lastly, the number of suspected selling addresses on exchanges took a steep dive, plummeting by a staggering 84%. 

Bitcoin micro

The LTFs simply show the accumulation of price on the HTF to a higher degree, price has been running high and low before backing off and moving sideways. Price is now interacting with the 1H 50 EMA where it is acting as resistance.

Moving forward we would look for price to either push lower from here to run 1D sell side liuqidity or, break and retest the 50 EMA to the upside giving it the momentum to push up to retest the $31.5k price high

Bitcoin Macro

BTC/USD has corrected sideways the past week failing to break through the 32k price level and closing back inside of the $31.5 price high. 

Moving forward as the daily 50 EMA rises we could see support be found here to push price up into the $33k region targeting the order block at that price point. Alternatively a break below 1D sell-side liquidity and down to sub $27k would be on the cards.

Altcoins on the move

In June, Ethereum-based instruments experienced a significant surge, according to CCData. The trading volume for ETH Futures contracts surpassed 97,000, marking an impressive 10.8% increase. With an underlying asset of 50 ETH, these contracts showcased the growing interest in Ethereum's potential. Additionally, an ETH whale made a daring move by withdrawing a staggering $90 million worth of ETH from Binance in just one month, highlighting the confidence in Ethereum's value. 

Furthermore, the liquid staking DeFi platforms have now secured over 10 million Ethereum, equivalent to nearly $20 billion, a testament to the booming ecosystem. The market also witnessed 13,595 new staking deposits, amounting to over 408,000 ETH, underlining the robust participation in Ethereum's staking. The flurry of activity from ETH whales, with transactions surging by 54%

ETH macro

ETH/USD has continued to find support on the daily 50 EMA the past week forming new higher highs and higher lows keeping the newly formed bullish daily trend intact. However, given that we are now in the premium of the bearish price leg that formed over the past few months we could see selling pressure enter the market.

Moving forward we would look for price to push higher from here to retest the $2000 price levels, or alternatively push lower once again to find support at the daily 200 EMA

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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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