A message to all the crypto holders out there:

Cristiano Ronaldo used to train with ankle weights so that he would feel faster in a real game. He would practice in the hardest possible conditions, so that when it was game time, the pain was nothing. The moment was easy.

That's what being in crypto is like right now.

We're playing in hard mode. But if you can practice your skills in this climate, then you'll be much stronger and more capable when easy mode comes back around… which it will.

In Todays Digest:

• Last Week in Web3 🚨

• What to Watch this Week🔍

• Fact of the Week 📚

• Crypto Market Analysis 📈

• Black Rock ETF is BULLISH 🐂

• TradFi Outlook 🧐

• Tweet of the Day 🐦

Before we get into it, remember to join our Discord for FREE for more breakdowns, a chatroom, and daily trading signals.

We have been on 🔥🔥🔥 this week 👀

Last Week in Web3 🚨

• BlackRock files for Bitcoin ETF in push into crypto market.

• Hong Kong government pressures banking giants HSBC and Standard Chartered to accept crypto clients and support licensed crypto exchanges.

• Bitcoin’s supply on exchanges drops to 2018 lows

• Crypto trading volumes dropped in Q2 to yearly lows

• Binance announces departure from the Netherlands

• US lawmakers file “SEC Stabilization Act” to fire Chair Gary Gensler quoting “abuse of power” since taking office

• Tether (USDT) CTO clarifies that the recent $1B in USDT mint on Ethereum is for chain swaps.

• US inflation rises steadily to lowest level in the last 4 years.

• FED’s FOMC: Fed paused interest rates after 10 consecutive hikes

• European Central Bank boosts interest rates to 22-year high.

• Bank of Japan leaves rates unchanged at ultra-low levels, markets unsure.

Crypto Market Analysis 📊

 🚨Binance deregisters in the UK 🚨

Binance previously accounted for the MOST of GBP crypto volume until it lost its banking access. Worth noting to see where most of this volume moves to.

As noted in the Weekly recap section of this article, there has also been a HUGE drop off in the trading volume from earlier this year.

On top of this, exchange balances just reached a 5-month low of 2,265,484 BTC, not just for BTC but ETH too.

What does this mean?

Well, it means that people are thinking 2 things:

1. Exchanges aren’t safe (good call since the recent lawsuits)

2. They have no intentions of selling in the short term (HODLers KEEP HODLing!!)

All in all, this is a good sign that sentiment is largely that most people expect higher prices coming in the future.

Blackrock’s ETF was Perfectly Timed 🤯

The past 2 years have been HARD on the crypto market and its participants. With a number of collapses, hacks and horrible price action.. it’s safe to say we are TIRED.

BUT …after flushing out the majority of the leverage and bad actors over the last 2 years, BTC market FINALLY has some clear catalysts on the horizon;

Blackrock ETF approval deadline is 8 months out right before the halving which is now 10 months out.

I don’t believe that this is a coincidence. Everyone in the crypto space knows that the markets perform well right after a having and BlackRock can know this too.

For those who don’t know… BTC ETFs would be VERY bullish for the markets since it allows for big-boy investors to gain access to the crypto markets.

Not only that but BlackRock are in a league of their own:

BlackRock ETF application approvals: 575/576

That fact that they chose to do this, and chose to do it now, gives me hope.

Remember though, if and when the markets get into the hands of the mega-powerful… it’s not an open market anymore. They will own a large amount of the supply and begin to control the price just as they do gold. Get yours now. 

Not only that, but BlackRock has a HUGE impact on the markets and in developing them. Here is a GREAT article which goes over how BlackRock blew up the Gold Markets:

Alt Coins Vs BTC Strategy 💸

Which makes more money? Lets take a look:

As shown on the chart above, if you were to buy a basket of the Top 100 coins from 2015 and compare that to consistently stacking BTC. BTC wins, by alot.

This study, brought by K33, leaves some room for error though.

It doesn’t include the fact that you have to time the market very well if you want to succeed in buying alts.

It also doesn’t include the fact that most would take profits, I mean look at the 2018 value of the alt coin portfolio.

Over $140,000!

To me this study shows me a couple of things;

1. Take Profits.

2. BTC only strategy is still a good one.

The last thing I want to mention about this study is that although the purpose is to show that BTC only is better, I disagree. There are so many caveats and other things which aren’t included for someone who buys alts. Also, of course, many of the alts which were around in 2015, no longer exist.

TradFi Outlook 📉

Markets today have been…well… BORING. 🥱

This is due to the Juneteenth holiday in the US, with the NY Stock Exchange and the Nasdaq Stock Market closed today. This means all deposits are delayed and volumes are low this Monday.

Goldman Sachs has joined the trend of downgrading its growth forecast for China. The world's second-largest economy is currently experiencing a slowdown and losing momentum following its reopening after the impact of the coronavirus pandemic.

Goldman has revised its previous projection for China's gross domestic product (GDP) in 2023, downgrading it from 6% to 5.4%. The country's recovery from the strict lockdown measures from Covid19 has been verrryyyy disappointing, letting down investors.

Looking at charts of the SP500 and Nasdaq, the market witnessed 6 straight days of green candles followed by 2 days of red candles.

The market is clearly bullish.

However, the distance between the current price and the 20-day moving average is quite overextended and would lead us to believe that a pullback is in sight towards 4300 and 14,700 respectively.

Crypto Fact of the Day 👀

Top Chains by Daily Transactions 📈

1. Solana- 24.7m

2. Tron - 11.2m

3. Binance Chain - 3.9m

4. Polygon - 2.4m

5. Ethereum - 1.1m

Do you use any of these?

What to Watch this Week🔍

• UK’s CPI and FED Chair Jerome Powell testifies about Semi-annual Monetary Policy Report, on Tuesday.

• UK’s Monetary Policy Summary and the second day of FED Chair’s semi-annual testimony, on Thursday.

Tweet of the Day 🐦