The Weekly Update - Week 23

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Market Update

  • Ether is looking strong and several altcoins have enjoyed increased focus lately, as bitcoin has been ranging for a couple of weeks now.

  • A classic “Bart pattern” this week showed us the danger of a highly leveraged market with limited liquidity. Bitcoin jumped above $10,000 but fell drastically again within a day, leaving a 10% spread between BitMEX and other exchanges.

  • Is Tether as systemic risk for the crypto industry? A Tether failure could potentially harm the industry badly but be bullish for bitcoin.

Valuation

  • The bitcoin price went up to the resistance level around the yearly high from February this week but got rejected hard. Still, the uptrend looks strong and another re-test of the $10,500 area in the near future is not unlikely.

  • Futures premiums are continuing up and CME traders are still more bullish than those on the more retail-focused platforms.

Blockchain Activity

  • USDT transfers to exchanges are increasing and USDT is now transferring more value on the Ethereum Network than ether (ETH) itself.

  • Are investor preparing for the Ethereum 2.0 upgrade and staking? The number of wallets that hold >32 ETH, the threshold to stake, have increased over the last year.

  • On-chain data indicates a change in behavior from miners after the bitcoin halving in May, as it looks like they are selling inventory.

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