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This week saw BTC retrace to $28k, but whales accumulated 20k BTC, HODLers hold 80% of the wealth. On the ETH front, L2 bridging is up 6x YoY while $1B staked ETH was withdrawn in 24 hours after Shapella. Meanwhile, inflows into BTC funds surpass $100M and non-zero Bitcoin addresses reach ATHs of 45M addresses. In new tech, we saw Strike's Send Globally feature released while Societe Generale's Euro-pegged stablecoin came to the forefront. Finally, SEC commissioner Peirce pushed for clearer regulation on DeFi.
BTC retraced this week retesting $28k, meanwhile we saw the decentralized wireless project, Helium is also making big waves by beginning its move to the Solana blockchain. OKB and INJ saw additional gains this week after breaking through resistance levels for a 14.81% and 7.89% gain. While we saw RNDR start to back off of its yearly high. Not to mention attractive 7% yields driving millions into the Gamma liquidity manager. And to top it off, two giant whales have staked a combined $116.1 million via Agility LSD.
Kicking off new tech we have Jack Mallers' Strike Service making waves with their new Send Globally feature, tackling the challenge of Bitcoin-Fiat remittances. Meanwhile, InfStones is launching their Ethereum validator service to make staking and scalability a breeze for users. Chainstack is also joining the mix with their new Chainstack Subgraphs, aimed at providing reliable access to blockchain data at lightning speeds. Conflux and Accseal are joining forces to push the boundaries of zero-knowledge technology. We saw Stride Blockchain propose to join the Cosmos Interchain Security (ICS) network. And, last but not least, Societe Generale has its own Euro-pegged stablecoin in the works!
The regulatory landscape is becoming clearer, SEC Commissioner Peirce led the charge this week showing their cards on clearer regulation on Defi. The New York State Department of Financial Services (DFS) has also taken a big step by finalizing rules to oversee crypto businesses registered with it. Meanwhile, Senator Cynthia Lummis, dubbed the "Queen of Crypto," is pushing for wider Bitcoin adoption, bringing more mainstream attention to the industry. And in another victory for the crypto world, a Hong Kong court recently recognized cryptocurrency as property, providing more legal clarity for those in the industry
MicroStrategy's CEO is leading the charge with their integration of the Bitcoin Lightning Network into corporate email, while the Bank of England said stablecoins offer ‘efficiency and functionality’ in payments. Elsewhere, we saw African blockchain funding soaring by 429% just as El Salvador's central bank registered 80 Bitcoin service providers. The push for widespread crypto adoption continues with Gate Pay and CityPay.io partnering to advance crypto payments in Georgia and Europe. And, in a huge win for blockchain technology, central banks have successfully tested DLT in linking financial settlement systems. To top it all off, Nike launched their first .Swoosh digital sneakers.
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This week saw BTC retrace off of the $30k highs as we found support at $28k. The big players, aka the whales, are back in accumulation mode too, buying up 20,000 BTC. And it's paying off, as HODLers (coins held for more than 3 months) continue to hold a massive 80% of the wealth despite market fluctuations. The BTC reserve-risk multiple is also on the rise, crossing above 0 and turning positive since October 2021, which has historically led to parabolic rallies. The future is looking bright for Bitcoin!
tl/dr:
We saw the HTF retrace take the form of 4H and 1H intraday bearish trends, with the 50 EMA firmly above. Now that we have reached the bullish order block in discount, a bullish push to the $29600 price level would be expected to provide value areas for shorts or to continue the HTF bullish trend targeting the $31k price high.
Alternatively, if the bears are firmly in control, a push below the $27k price low and weekly sell-side liquidity as it is raided could set up a short-term bullish retracement.
tl/dr
This week saw price retrace to the discount of the daily range, as would be expected after reclaiming the $31k psychological price level. We saw price retrace, finding support at $28k alongside the bullish order block in discount as the 50 EMA gets closer.
Given that the 50 EMA has diverged significantly from the daily 200 EMA, we are likely to see price find at least short-term support on the 50 EMA, or if a large retrace to the discount of the weekly range is to take place, a break and retest of the 50 EMA to the downside would signal shorts.
Alternatively, a bullish scenario from the 50 EMA could also push the price to the $33k price target.
Ethereum is on fire! Post-Shapella effects saw fees skyrocketing as bots spent millions to front-run punters of PEPE and CHAD. Meanwhile, unstaking requests now face a 17-day wait from the backlog after Shapella. But, Ethereum layer 2 bridging is up sixfold YoY in Q1 according to Alchemy. The excitement continues as $1B staked ETH was withdrawn in just 24 hours after Shapella, and over 1 million ETH has now been withdrawn since the Shanghai hard fork went live.
tl/dr:
ETH followed suit this week with a retrace from the $2140 price high to sub-$2000, also finding support at a bullish order block as the 50 EMA fast approaches to provide support.
Overall, the BTC/ETH markets are signaling we are bullish for the mid-term, as even if a bearish retrace were to take place, the logical point at which bulls would re-enter would be around the equilibrium of the price range which coincides with both bullish order blocks and the daily 200 EMA.
Moving forward we look to see which direction ETH commits to before positioning accordingly
This week saw BTC retrace off of the $30k highs as we found support at $28k. The big players, aka the whales, are back in accumulation mode too, buying up 20,000 BTC. And it's paying off, as HODLers (coins held for more than 3 months) continue to hold a massive 80% of the wealth despite market fluctuations. The BTC reserve-risk multiple is also on the rise, crossing above 0 and turning positive since October 2021, which has historically led to parabolic rallies. The future is looking bright for Bitcoin!
tl/dr:
We saw the HTF retrace take the form of 4H and 1H intraday bearish trends, with the 50 EMA firmly above. Now that we have reached the bullish order block in discount, a bullish push to the $29600 price level would be expected to provide value areas for shorts or to continue the HTF bullish trend targeting the $31k price high.
Alternatively, if the bears are firmly in control, a push below the $27k price low and weekly sell-side liquidity as it is raided could set up a short-term bullish retracement.
tl/dr
This week saw price retrace to the discount of the daily range, as would be expected after reclaiming the $31k psychological price level. We saw price retrace, finding support at $28k alongside the bullish order block in discount as the 50 EMA gets closer.
Given that the 50 EMA has diverged significantly from the daily 200 EMA, we are likely to see price find at least short-term support on the 50 EMA, or if a large retrace to the discount of the weekly range is to take place, a break and retest of the 50 EMA to the downside would signal shorts.
Alternatively, a bullish scenario from the 50 EMA could also push the price to the $33k price target.
Ethereum is on fire! Post-Shapella effects saw fees skyrocketing as bots spent millions to front-run punters of PEPE and CHAD. Meanwhile, unstaking requests now face a 17-day wait from the backlog after Shapella. But, Ethereum layer 2 bridging is up sixfold YoY in Q1 according to Alchemy. The excitement continues as $1B staked ETH was withdrawn in just 24 hours after Shapella, and over 1 million ETH has now been withdrawn since the Shanghai hard fork went live.
tl/dr:
ETH followed suit this week with a retrace from the $2140 price high to sub-$2000, also finding support at a bullish order block as the 50 EMA fast approaches to provide support.
Overall, the BTC/ETH markets are signaling we are bullish for the mid-term, as even if a bearish retrace were to take place, the logical point at which bulls would re-enter would be around the equilibrium of the price range which coincides with both bullish order blocks and the daily 200 EMA.
Moving forward we look to see which direction ETH commits to before positioning accordingly
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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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