Update TL;DR buyers (yesterday)

We didn't expect it to happen so quickly but if you look at the second project in the TAO section form the last TL;DR report.

Is already +30% up on spot.

There's not a lot of talk about it yet, but it could be interesting to see how it develops.

It looks like smart money wallets are accumulating it even more.

However, a correction should come soon.

It's still a low mcap with $20m. Always remember that risk management is important.

But if the team delivers, we should still have a lot of room for the upside.

Those who didn't pick up an issue yesterday can still get it today.

Get the issue here: @cryptobullets_bot

Thanks,
The Alchemic One (TAO)

Digital Asset Fund Flows - weekly

- Largest single weekly inflows since July 2022, totalling $199M

- This corrects nearly half of the outflows from the previous 9 weeks

- ETP trading volumes rose to 170% of the year's average, reaching $2.5Bn in a week

- High-profile ETP issuers filing for physically backed ETFs drove positive sentiment, boosting total assets under management to $37Bn

- Bitcoin saw the most benefit, with inflows of $188M last week, accounting for 94% of total flows.

- In contrast, Ethereum and altcoins saw minor inflows, while short-bitcoin continued a 9-week outflow

BTC Update

- Bitcoin has closed the week above the critical $30,250 level
- A retest of this level as support could be beneficial, despite requiring no immediate dip
- Next significant level to monitor is $28,800, a crucial monthly level
- Following levels include $27,600 (red) and $26,600 (yellow)
- These levels acted as resistance in the past and have not been successfully reclaimed as support yet

IF a deeper dip occurs, these are the short-term levels to watch


RT, like & follow us also on twitter: https://twitter.com/cryptoBLTS/status/1673406544900247553?s=20

Prime Trust related

- PRIME lost access to its cryptocurrency wallets in December 2021.
- It used customer money to handle withdrawals until March 2022.
- PRIME has not yet regained access to the wallets.

Note: That's another good reminder. Not your keys, not your money.

ETH Update

- Retesting the top of the green box as weekly support

- Fourth attempt in the past year, with three prior unsuccessful tries

- A successful retest could lead to a favourable monthly close

- With Q2 of 2023 ending soon, the outcome of this retest could significantly impact the quarterly candle close

- Monthly support level is now at $1680, which was previously a region of strong sell-side pressure

- If the quarterly close is above the yellow line ($1920), ETH could jump to at least to $2275

- ETH could achieve this quarterly close if it successfully retests the green box top as weekly support


RT, like & follow us also on twitter: https://twitter.com/cryptoBLTS/status/1674048819091103745?s=20

Bitcoin on-chain accumulation trend

- Current accumulation score of 0.73 is high, indicating Bitcoin hodlers (insiders) are bullish.

- The accumulation score is at its highest since the last bear market bottom.

- Historically, such accumulation scores predict positive short-term returns (sign of momentum building up).

- At the one month mark, outcomes are typically either major upside breakouts or, more commonly, negative returns.

- This suggests high levels of "hype" are typically short-lived and should be considered cautiously.

Bitcoin ETF Update

- The SEC has critiqued the clarity of filings for a Bitcoin ETF from major asset managers like BlackRock and Fidelity.

- Bitcoin's price fell to $30,000 following the news.

- Despite previous rejections due to fraud concerns, the SEC's current engagement and requests for more detailed filings are seen by some as positive.

- The SEC specifically asked for the name of the spot Bitcoin exchange and more details about the proposed surveillance-sharing agreement.

dYdX V4 - Update

Team plans to launch a public testnet for dYdX Chain on July 5

- Launch could disrupt perpetual swap market
- Initial worries over dYdX‘s switch to Cosmos, including a lack of native USDC and issues with bridging, have been addressed by Circle‘s announcement of CCTP and native USDC for Cosmos.
- Bridging to the new system will be simple, requiring only a single signature from any wallet holding USDC, with no new wallet needed.
- Innovations of the dYdX chain include an on-chain and off-chain data aggregator (indexer), open-source frontends, and a built-in oracle system replacing Chainlink.
- There are concerns about MEV, with the block‘s validator leader having the ability to order transactions, which could affect trading pricing.
- The team intends to minimize MEV, possibly employing methods similar to those used by the Skip Protocol.

We are getting closer to the next crypto bullrun.

This one is predicted to be larger than anything we could ever imagine.
Institutional investors will be battling for a significant portion of the crypto pie.

YOU can frontrun them and profit on this opportunity.

Information and strategic positioning are the fundamental keys to success in the coming run.

We're here to assist you in this journey, and our efficacy has been demonstrated over the past few weeks.
But that was merely the start.

From now on, you shouldn't miss any issues.
We're are going to prepare you to seize the next crypto bull run.

Our goal? To ensure it will be the most profitable run in your crypto journey.

Get the new CryptoBullets issue here: @cryptobullets_bot

Let's win together!

Enjoy your Sunday.

Thanks,
The Alchemic One (TAO)

Digital Asset Fund Flows - weekly

- Digital asset investment products experienced a second week of inflows totalling $125M, taking the inflows of the last two weeks to $334M, around 1% of the total assets under management (AuM).

- AuM reached $37Bn during the week, a high since June 2022, matching the average for the year.

- Trading activity remained strong with $2.3Bn for the week, surpassing the $1.5Bn year-to-date average.

- Bitcoin was the main focus of investors with inflows of $123M, accounting for 98% of all digital asset flows in the past 2 weeks.

- Bitcoin investment products are back to a net inflow year-to-date.

- Short-bitcoin investment products saw a 10th week of outflows but remain second best year-to-date.

- A few altcoins experienced minor inflows, with Ethereum leading at $2.7M.

- Blockchain equities attracted inflows of $6.8M, breaking a 9-week outflow streak.

To monthly subscribers.

Check your updates.

Since this morning there is a surprise for you. Hopefully some of you have already taken the opportunity when you read the update this morning.

Risk-reward ratio 🟢

Pay attention to the strategy on this one.

After receiving your feedback last month, we have made a promise to include additional information in the TAO section to assist you in achieving faster results (and the issues pay for themselves).

And we are committed to keeping our promise.

Those who have read the issues in recent weeks are aware that we have delivered.

One example from the CryptoBullets Issue (25th June) is ICE.
Almost 100% as a spot position and very likely that is not all.

Furthermore, we surprised our monthly subscribers yesterday with a quick x3. This one will be featured in the upcoming TL;DR issue, ensuring that everyone has the opportunity to benefit from it. It still has potential for good growth.

We will present you the needed information and the potential. After that, you decide.

There will be one more surprise to come on Sunday. Stay tuned.

We will win the next bullrun together!

Thanks,
The Alchemic One (TAO)

Note: The catalysts for the ICE position are all still to come. Current Mcap $24M. A pullback is currently possible but not guaranteed.

eBTC Protocol

- Allows feeless borrowing of eBTC using stETH from Lido Finance.
- It offers high capital efficiency with 110% collateralization and over 10x leverage.
- Users can leverage their staking yield, hedge, or use borrowed eBTC in DeFi.
- eBTC promotes decentralization.
- Security is prioritized by eBTC, with all its code to be open-sourced prior to launch & multiple audits.
- It's created by BadgerDAO, known for integrating BTC with DeFi.

Read more: https://twitter.com/cryptoBLTS/status/1676538274238586880?s=20

We are glad that you like the TAO section and that you can achieve results quickly with the information provided.

We have received several feedback requests for more TAO content and less TA content.

Let's do a poll.

Be careful

There are currently strange on-chain movements associated with MULTICHAIN.

Update MULTICHAIN situation

- Multichain experienced unexplained outflows of tokens worth over $120 million from its bridge contracts.
- This has triggered hack suspicions amid ongoing issues with technical failures and an absent CEO.
- Outflows included significant amounts of wBTC, wETH, USDC, and other popular tokens.

The investigations are still ongoing.


Note: One of the tokens was also ICE, but the team reacted quickly and secured everything. This explains the short dip.


And this info came from CurveFinance a few minutes ago: Exit multichain assets such as multiBTC (including the pool)

Market Update

- Bitcoin is consolidating under $31,000, potentially forming a local top area.

- BTC investment products received an additional +$100 million inflow last week, while GBTC discount remained above 30%.

- Market enthusiasm following BlackRock ETF news is waning.

- Bullish trend continuation requires Bitcoin to surpass $32,500.

- June's U.S. ISM PMI data indicates ongoing economic contraction.

- The VIX is showing low volatility this summer, but spiked to 17 today alongside a rise in U.S. Treasury yields.

- There's a 92% chance of a Fed rate hike of 25 basis points on July 26.

- Equities faced significant resistance yesterday.

- Since June, a divergence between declining U.S. Net Liquidity and rising SPX and BTC prices has emerged.

- Bitcoin's support area stands at around $28,500, with the STH realized price at $27,700.

Defi Update

- Multichain was hacked and has announced it has stopped all services.

- stUSDT, an RWA tokenization platform, is live on the Tron Network.

- Spark protocol will expand to multichain and is looking for network launch partners including L1s, L2s, and sidechains.

- Dydx launches the V4 public testnet, supporting BTC and ETH markets.

- The Barnbridge team has confirmed that the SEC is investigating the DAO and associated individuals.

- Optimism-based perpetual protocol Pika launches v4.

- Balancer introduces the 8020 Initiative which plans to change its governance tokenomics by allowing staking alongside liquidity provision.

- Pendle is now live on the BnB chain, supporting the wBETH and ETH/frxETH pools.

- Ethereum L2 Loopring deployed its L3 on Taiko's L2 testnet.

- Archway, a Cosmos-based L1 with incentives for devs, has launched its mainnet.

- Gnosis chain will introduce Gnosis Pay, an L2 payment network on top of the Gnosis chain, there will be a VISA card.

- PancakeSwap has been deployed on Polygon zkEVM and joined Linea's testnet campaign.

- BadgerDAO introduces eBTC.