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.

This week has been full of surprises.

We made a promise to provide you with beneficial information, and we are fulfilling that promise.

However, our efforts do not end here. The preparations for the next phase have just begun!

We seized one opportunity after another.

No FOMO. Rational decision making, weighing of probabilities and the right information!

In the new CryptoBullets issue, there is a surprise that our monthly subscribers have already received earlier this week.

Get the new CryptoBullets issue here: @cryptobullets_bot

Take a look and decide for yourself if it is worth missing out on such opportunities.

Before sending these updates to our monthly subscribers, we monitor projects for weeks, ensuring that the risk-reward ratio is favorable.

Let's win together and enjoy your Sunday!

Thanks,
The Alchemic One (TAO)

Arkham Intel Exchange

- Arkham unveils the first on-chain intelligence marketplace, the Arkham Intel Exchange.
- The platform allows blockchain researchers to monetize their skills by fulfilling information bounties posted by others.
- Bounties range from locating wallet addresses to identifying impersonators.
- Purchased info is exclusive to the funders for 90 days, then released to the wider community.
- Multiple users can contribute to bounties and the original funder can maintain exclusivity by buying out others.
- The platform aims to create a decentralized intel-to-earn economy, with all transactions audited by Quantstamp.
- The Arkham Intel Exchange uses $ARKM tokens to incentivize and reward on-chain analysis.

Read more: https://twitter.com/cryptoBLTS/status/1678389864679579654?s=20

Note: There may be an airdrop for users of the Arkham analytics tool. Beside that, Binance has announced ARKM as a launchpad project today.

Digital Asset Fund Flows - weekly

- Digital asset investments saw $136M inflows last week, totaling $470M over three weeks and reversing nine weeks of outflows.

- Trading turnover fell to $1Bn for the week, possibly due to seasonal effects.

- Bitcoin led with $133M inflows, while short-Bitcoin faced its 11th week of outflows.

- Ethereum had $2.9M inflows, its 3-week inflows account for 0.2% of total AuM versus Bitcoin's 1.9%, with a year-to-date net negative flow of $63M.

- Altcoins like Solana, XRP, Polygon, Litecoin, and Aave saw inflows, Cosmos and Cardano faced outflows.

- Blockchain equities experienced a year-high inflow of $15M.

Bitcoin Dominance (BTCDOM)

- Is on the rise, indicating Bitcoin's market lead.

- A brief BTCDOM dip could offer a short window for altcoin growth (volatility might confirm a new support level).

- BTCDOM could follow a less severe (blue) or more severe (yellow) path, with the latter favoring altcoins.

- Altcoin potential seems limited, especially if BTCDOM rallies to 58%.

- As BTCDOM increases, Bitcoin is likely to continue outperforming altcoins.