Crypto Weekly
June 16, 2023

Tethers $1B USDT mint, $28M digital structured notes and $70.8M BTC from Miners.

This week saw Tether's $1 billion USDT mint explained for seamless chain swaps on Ethereum, meanwhile, Novatti revolutionizes the Australian market with stablecoin introduction. In the east, Hong Kong plans to introduce a stablecoin regulatory framework by 2024 just as Bank of China issues $28M in digital structured notes on Ethereum blockchain. Finally, BTC miners send significant coin amounts to exchanges; DEX trading volume doubles.


  • Tether's $1 billion USDT mint account for seamless chain swaps on Ethereum.
  • Novatti revolutionizes the Australian market with stablecoin introduction.
  • Hong Kong plans to introduce stablecoin regulatory framework by 2024.
  • Bank of China issues $28M in digital structured notes on Ethereum blockchain.
  • BTC miners send significant coin amounts to exchanges; DEX trading volume doubles.

Movers and Shakers

Top 7-Day Gainers:
  1. KCS +6.53%
  2. MKR +3.63%
  3. TWT +1.42%
  4. GUSD +0.62%
  5. TUSD +0.18%

Top 7-Day Losers:
  1. EOS -30.98%
  2. APE -29.16%
  3. FLOW -28.17%
  4. MATIC -26.88%
  5. AXS -25.18%


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Technical Summary

Bitcoin Pulse

With a 3,000 BTC shortage across exchanges, we can expect prices to rise as bids increase to fulfill orders quickly. Notably, BTC miners have sent a significant amount of coins to exchanges, with the largest inflow valued at $70.8M - the third-largest on record. Meanwhile, decentralized exchange (DEX) trading volume has nearly doubled in the past month, driven by regulatory issues in centralized exchanges (CEX) and a drop in BTC fees to pre-ordinals levels. It's fascinating to see how addresses holding less than 10 BTC have increased their relative share of the circulating supply from 13.7% to 17.4%, accumulating an impressive +790,000 BTC.

Bitcoin micro


  • LTFs reveal the sell-off's resolution, highlighting support around $25k.
  • Price has bounced back above the 1H 50 EMA, showing potential for further gains.
  • Anticipate price reclaiming the daily sell range premium at $26.2k.
  • Alternatively, watch for support at $24.8k if price breaks lower.

The LTFs give us a better resolution of the sell-off that took place this week, showing us where price found support around the $25k price level. Since then, we have seen price make its way back above the intraday 1H 50 EMA and find support; if this continues, we would anticipate price to push back up to reclaim the premium of the daily sell range around the $26.2k price point. 

Alternatively, a break lower to target the $24.8 price low would be where we next look for price support.

Bitcoin Macro


  • BTC/USD finds support above daily 200 EMA, crucial for bullish momentum.
  • Breaking below 200 EMA could lead to bearish prices, targeting a wider monthly range.
  • If support holds, expect price to rally and reclaim premium of the recent sell-off.
  • BTC's accumulative price action hints at a potential surge towards $33k level.

BTC/USD is currently finding support and holding above the daily 200 EMA. Breaking below the 200 EMA would likely signal further bearish prices down to discount of the wider monthly range bull run that started in December 2022. 

Alternatively, if support is found, we would look for price to push higher to raid daily buy-side liquidity and get back into the premium of the sell-off that has been taking place over the past 3 months. Given BTC's accumulative-type price action, a push higher into the $33k level could play out. 

Altcoins on the move

Exciting news for crypto enthusiasts! Ethereum (ETH) fees have dropped to pre-memecoin-mania levels, making transactions more affordable and accessible for everyone. Plus, with the total Ethereum staked ready to flip ETH on crypto exchanges soon, we can expect even more excitement in the market. But hold on tight! The volatility continues as both shorts and longs positions experienced over $5 million in liquidations within a span of just 24 hours earlier this week.

ETH macro


  • ETH/USD showing bearish signals, but history suggests potential for aggressive turnaround.
  • Previous sell-off induced short sellers to be offside, resulting in a bullish rally.
  • Sub $1500's could be the next support level as price reaches deep discount from recent bull run.
  • Look for support at bullish order blocks in deep discount for potential rebound.

ETH/USD is looking more bearish than BTC this week, having failed to find support at the daily 200 EMA. However, similarly to in March of this year, when the same thing took place, we could see an aggressive turnaround as such a sell-off induces short sellers only to be found to be offside, and a bullish rally ensues. 

Alternatively, a further selloff down into the sub $1500's is where we would next look for support to take place as price gets deep into the discount of the bull run of the last 6 months and finds support at bullish order blocks in deep discount.

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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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