Crypto Weekly
July 21, 2023

SEC accepts Blackrock ETF, $54M Metaverse Series A and $2.32B crypto investment.

Q2 investments soared to a remarkable $2.32 billion, while DOGE's price experienced a surge, fueled by Elon Musk's epic counterattack in the DOGE lawsuit. Exciting news also came from Futureverse, securing a massive $54 million Series A from 10T Holdings and Ripple Labs. Meanwhile, Celo shook things up with a proposal for a powerful Layer-2 network on Ethereum. On the regulatory front, King Charles gave his royal seal of approval to stablecoin legislation, and the SEC made it easier for investors by accepting Blackrock's BTC ETF application.


  • The blockchain sector saw a remarkable $2.32 billion in investments during Q2.
  • DOGE price surged as Elon Musk launched an epic counterattack in the DOGE lawsuit.
  • Futureverse raised a whopping $54 million Series A from 10T Holdings and Ripple Labs 
  • Celo proposed a Layer-2 network on Ethereum.
  • King Charles approved stablecoin legislation, and SEC accepted Blackrock's BTC ETF application

Movers and Shakers

Top 7-Day Gainers:
  1. MKR +27.22%
  2. XDC +23.71%
  3. LINK +13.98%
  4. BIT +11.58%
  5. XLM +11.37%

Top 7-Day Losers:
  1. RPL -18.64%
  2. LDO -14.83%
  3. GMX -14.81%
  4. PEPE - 14.51%
  5. FTM -13.93%


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Technical Summary

Bitcoin Pulse

ProShares' Bitcoin Strategy ETF (BITO) has been making waves, with a staggering $109 million inflow, propelling the fund to an impressive $1 billion in assets under management. Meanwhile, the Bitcoin STH supply indicates that savvy investors are actively seizing profits after holding for just six months or less. Not to be left behind, BTC miners are also taking advantage of the upcoming halving event, as they actively sell their reserves. But don't fret, there's still some good news for enthusiasts! The Bitcoin Accumulation Trend Score signals that the current price action is perceived as accumulation by the market. 

  • Bitcoin historical volatility index shows a net slowdown in trading activity since April
  • BTC Miner Exchange Inflow Realized Profit showed active selling from miners

Bitcoin micro

On the LTF we can see price has failed to sustain itself above the 1H 50 EMA over the last week and we now find ourselves sitting just below the 50 EMA testing it again as resistance. If we are able to successfully break and retest the 50 EMA as support then a push up to the $31k level would likely be on the cards.

Alternatively, we would look for price to retrace bearish and run the weekly sell-side liquidity positioned beneath. 

Bitcoin Macro

BTC/USD has continued to accumulate over the last few weeks, between the $31,829 price level and the $29,100 price level. We have been continually running old highs and old lows before returning to the equilibrium of the range we are currently trapped within. 

However, now the 50 EMA has made its way back to the current price whereby it can not act as support to push price into the $33.5k target price which aligns with old bearish order blocks and supply zones. Alternatively, a break below the 50 EMA would mean a retracement down to the $26k level where the daily 200 EMA is waiting. 

Altcoins on the move

Since 2021 till now, a whopping $10 billion worth of ETH has been burned, and here's another jaw-dropper: a participant from the iconic ETH ICO just deposited a mind-blowing 61,216 ETH (that's a cool $116 million!) into Kraken, creating waves in the market! But that's not all – the Ethereum network is flourishing with a surge in validators, growing by an impressive 8.81% in just the last month.

ETH macro

ETH/USD has been slowly and consistently trending upwards over the last few weeks continually finding support at the daily 200 ema after breaking back above it around the 15th. Now we have seen price retrace to test the 50 EMA as support once again. 

If we manage to find support once more we would likely see price push to test the $2000 price level, alternatively a retracement down to the 200 EMA would be next 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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