Crypto Weekly
June 9, 2023

$COIN and Binance regulation, USDT ATH and XRP Ledger wallet

This week saw Coinbase and Binance reach the inevitable turning point for crypto regulations just as USDT set a new ATH market cap surpassing $83.2B. Meanwhile, ChatGPT boosts AI-related crypto returns 41% thus far just as LV enters the NFT space with exclusive collectibles priced at €39,000. XRP was in the headlines too as XRP Ledger aims to challenge ETH and teams up with cybersecurity firm FYEO. Finally Cathie Wood showed her confidence in Coinbase by acquiring over $20 million worth of the stock.


  • Coinbase and Binance reach the inevitable turning point for crypto regulations
  • USDT sets new ATH market cap surpassing $83.2B, while ChatGPT boosts AI-related crypto returns 41%
  • Louis Vuitton enters the NFT space with exclusive NFTs priced at €39,000.
  • XRP Ledger aims to challenge ETH and teams up with cybersecurity firm FYEO.
  • Cathie Wood shows confidence in Coinbase, acquiring over $20 million worth of stock.

Movers and Shakers

Top 7-Day Gainers:
  1. LUNC +14.95%
  2. XRP +2.50%
  3. STX +2.29%
  4. TRX +1.82%
  5. DAI +0.04%

Top 7-Day Losers:
  1. SUI -20.48%
  2. CFX - 19.03%
  3. ALGO -17.59%
  4. FIL -17.37%
  5. ADA -16.42%


Automate all your strategies for free on QUADX

Tired of subscription or added fees when running a bot? Wait no more, bot trading is totally free on QUADX!

Discover Quadency Bots

Technical Summary

Bitcoin Pulse

Profit-taking is in full swing as the SOPR (Spent Output Profit Ratio) reaches its highest peak since December 2020. But don't worry, the Bitcoin network is flexing its muscles with the mean hash rate hitting a record high, showcasing the growing computational power fueling transactions. While some investors are cashing out, the largest whales, with over 10,000 BTC, are on a relentless accumulation spree. Hold onto your hats as other groups of holders are distributing their coins. And here's a twist: addresses with balances exceeding 100,000 BTC saw a significant 31% monthly decrease

  • Addresses with +100K BTC down -31%
  • SOPR reaches highest peak since Dec 2020

Bitcoin micro


  • BTC/USD experiencing aggressive price reactions, leading to sideways movement around the 1H 50 EMA.
  • Potential retracement to bullish order block for support.
  • Bulls may push price higher towards $27,200, encountering bearish order blocks.
  • Possibility of profit-taking from buyers at the $27,200 price point.

The LTFs on BTC/USD show aggressive price reactions over the past week leading to price now ranging sideways as we enter the weekend around the 1H 50 EMA. Moving forward we are likely to either see a retracement to the extreme bullish order block where support may be found. 

Alternatively, if the bulls are to take control we would see a push higher into the $27200 price point where we would meet bearish order blocks in premium for potential profit-taking from buyers to take place. 

Bitcoin Macro


  • BTCUSD raiding sell-side liquidity at $25,700, near-daily 200 EMA, and bullish order block support. 
  • Price pushed up, finding resistance at daily 50 EMA. 
  • Squeezed between bulls and bears, awaiting break and retest of EMAs for confirmation. 
  • Expect further bullish prices due to the reaccumulation nature over past months.

BTCUSD raided engineered sell-side liquidity sitting below the $25,700 price lows formed over the past few weeks, coming extremely close to the daily 200 EMA and bullish order block collectively acting as support. 

This led to price now being pushed up finding resistance at the daily 50 EMA, as price continues to be squeezed between both bulls and bears trading off of the daily EMA's we look for a break and retest of either to confirm direction, given the reaccumulation nature of price over the past two and a half months we could be seeing further bullish prices in future. 

Altcoins on the move

In a massive move, one of Ethereum's co-founders sent a staggering 22,000 ETH to Kraken, creating a buzz in the community. But that's not all—hold onto your seats as the top 10 non-exchange addresses now collectively hold a record-breaking 31.8 million ETH, valued at an astounding $59.6 billion! A crypto whale made headlines by withdrawing 703,871 USDC and 2.5 million USDT via Aave, only to turn around and purchase $3.35 million worth of ETH. Meanwhile, the number of ETH holders continues to soar, reaching a remarkable 98.4 million, while ETH on exchanges hits a five-year low at 17.2 million. And let's not forget the ETH fees, which have dropped to a close-to-two-month low following the recent meme coin-mania.

ETH macro


  • ETH/USD finds consistent support at $1770 and briefly dips below the daily 50 EMA.
  • The approaching 200 EMA suggests a potential test and bounce for price.
  • Price could either target $2000 or gradually find support at the 200 EMA.
  • Further movement will determine if a retracement or a break lower is in store

ETH/USD found support at the bullish order block at $1770 this week for the third week in a row, briefly dipping below the daily 50 EMA. Given the fact the 200 EMA is fast approaching, we could see price test the EMA before finding support and buyers pushing price higher to retarget the $2000 psychological price level.

Moving forward we would look for price to either move from current levels to $2,000 before any signs of retracement or slowly grind lower to find support at the 200 EMA or potentially break even lower.

Tweet of the Week

Be sure to join us on Telegram, Discord and Twitter!

Quadency is a cryptocurrency portfolio management platform that aggregates digital asset exchanges into one easy-to-use interface for traders and investors of all skill levels. Users access simplified automated bot strategies and a 360 portfolio view with a free account.

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.

Free Weekly Newsletter

Manage all your crypto assets on the go with zero-gas swaps and a unified portfolio at your fingertips.

Available On Mobile

Disclaimer: Information contained herein should not be construed as investment advice, or investment recommendation, or an order of, or solicitation for, any transactions in financial instruments; We make no warranty or representation, whether express or implied, as to the completeness or accuracy of the information contained herein or fitness thereof for a particular purpose. Use of images and symbols is made for illustrative purposes only and does not constitute a recommendation to buy, sell or hold a particular financial instrument; Use of brand logos does not necessarily imply a contractual relationship between us and the entities owning the logos, nor does it represent an endorsement of any such entity by Quadency, or vice versa. Market information is made available to you only as a service, and we do not endorse or approve it.

Copyright © Quadency Global, Ltd