/ market insights

Bitcoin Hodlers Take Control of Their BTC as Sentiment Craters

The Crypto Week in Summary

Low sentiment permeated crypto markets this week as Bitcoin hit a record monthly low. Contention grew between whales and exchanges as they tried to cover liquidation losses stemming from a months-long crypto contagion that kicked off with TerraUSD.

At a Glance...

  • Crypto transactions of any amount may soon need KYC in Europe
  • Exchanges make moves to survive liquidations
  • Grayscale pushes back against SEC’s spot ETF rejection
  • Compass Mining CEO and CFO resign amid allegations

Top Market Trends:

  • The EU will require crypto asset service providers (CASPs) to collect data on transactions of any amount, if new legislation is passed.
  • Grayscale’s latest application for a spot Bitcoin ETF was rejected, spurring them to sue the SEC.
  • In exchange news, Voyager Digital received a strategic investment of 15,000 BTC from Alameda esearch; CoinFlex issued a token sale representing a crypto whale’s debt; and FTX was close to signing a $25 million buyout deal with BlockFi, which a year ago was valued at $4.8 billion.
  • Thorchain (RUNE) introduced a KYC-free fiat onramp for buying $100k or less in Bitcoin through a Swiss provider and available to 172 countries.

Movers and Shakers

Top 7-day Gainers:
UST +397.1%
OMT +10.1%
10SET +10.1%
SAND +7.7%
AMP +5.8%

Top 7-day Losers:
SNX -30.0%
WAVES -20.4%
ZEC -19.8%
BSV -19.3%
AAVE -18.3%

Technical Summary

Bitcoin Pulse
Sadly, this week saw the kind of record we’d rather not acknowledge: the lowest monthly candle ever in Bitcoin’s history, down almost 40%. BTC dipped below $19k mid week but gave a little pump on Thursday evening, ending the week up 1.2%. $2 billion more in Bitcoin left exchanges this week, as diamond handers reached peak uncertainty relating to centralized exchanges and pending regulations.

Technical Analysis:

Short-term BTC:

2 Hour Bitcoin Chart

Since the recent June 30th BTC price movement, we can start noticing the price moving in a pattern similar to a symmetrical triangle. This triangle may be the movement for the next two weeks, but keep an eye out for the breakout - it can go both ways.

Long-term BTC:

1 Week Bitcoin Chart

On the macro, Bitcoin is in a rare position. After this week's sell-off, June has officially closed with a record-breaking lowest-ever monthly RSI. Meanwhile, support seems to be hovering around the 2017 ATH, give or take a few percentages.

Altcoins on the Move

Ethereum (ETH) addresses with .01 ETH or more reached an ATH of 23.3 million, while 11.5% of Ethereum’s total supply is now stored in ETH 2.0, worth over $25 billion. 32% of that ETH is staked by Lido, the largest ETH 2.0 staking pool, causing some concern in the Ethereum community.

In other altcoins:

  • Tether (USDT) saw its biggest token burn ever.
  • Optimism’s (OP) TVL doubled
  • CEL price continued to soar despite frozen withdrawals and the platform exploring bankruptcy options.

Technical Analysis

1 Day Solana Chart

Solana is in an ascending triangle, which is a bullish pattern. The ascending triangle, with the current price at support with decreasing volume, may lead to some exciting price movement. Because as we see accumulation increase, the price has a good probability of moving upwards. If this is the case and scenario, it may be time to pull out the "Market Maker" bot.

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  • Axie Infinity reopened the Ronin bridge three months after a $625 million exploit, having completed 3 audits.
  • Solana Labs announced it was building a Web3 Android mobile phone, Saga, which will become available in 2023.
  • Horizon, Harmony’s cross-chain bridge to Ethereum, was exploited for close to $100 million.
  • Compass Mining came under fire this week for allegedly not paying a $1.2 million power bill in a Maine mining facility. Compass denied all allegations but the CEO and CFO resigned immediately. A suit by Compass against the facility was filed a week prior.

Spotlight on: STEPN (GMT)

We took an in-depth look at STEPN’s Move-to-Earn lifestyle app to give traders an objective, thorough look at the fundamentals and tokenomics of this trending project.

  • People can buy an NFT sneaker, track their walks and runs to earn tokens, and reduce carbon emissions.
  • STEPN uses a dual token system with GMT and GST, with multiple burn mechanisms and inflation controls.
STEPN_Price_EvolutionPrice history & events for STEPN (GMT)

Pro tip: New pricing model for Quadency Bots

This week, we rolled out our new fair pricing model as the next phase in the evolution of Quadency. Bot fees are now linked to trading volume and traders can deposit USDC and/or QUAD into their Quadency account, depending on their region.

  • Fair, “pay as you trade” pricing
  • No more monthly subscriptions!
  • Manual trading on connected exchanges are still 100% free
  • Fees are not applied to bots you already have in place

Learn more on the Quadency pricing page.

We Looked Into: The Short Squeeze

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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.