#006 – 💡 From Stablecoin Struggles to Profitable Wallets

Morning Espresso with BTC & ETH: From Stablecoin Struggles to Profitable Wallets

GM! Grab a coffee, and let’s dive into this week’s edition 🍵

Enjoy!
Onchain Edge

What we will be covering

📈 Onchain Edge Index: Neutral vibe — what's the shift since last week?
💱 Stablecoin Status: Hitting 11% resistance; implications for the market's direction? •
🌎 Global Crypto Outlook: Navigating the Ichimoku Cloud's uncertainty.
💰 Altcoin Market: Might see a $400bn support bottom — bullish signs?
🟡 BTC Update: Accumulation range revisited; is it the right time to buy?
🌪️ zkSync Buzz: Over 21,877 wallets and the potential end of airdrop farming🚀 Profitable Wallet Spotlight: One wallet netted over $4.8M; what's its secret?

Onchain Edge Index

Current Vibe: Neutral (medium risk)

The onchain edge index had a slight increase since last week.

Market Spotlight

Stablecoin dominance appears to be hitting resistance at 11%. Surpassing this would likely trigger a deeper market correction as more individuals exchange their cryptos for stablecoins. However, a retreat in stablecoin dominance could usher in a relief rally.

The global crypto market cap treads within the neutral territory of the Ichimoku cloud, nestled within its blue expanse. As long as the cap remains enveloped by the cloud, it's deemed a no-trade zone — the forthcoming trend, whether bullish or bearish, is uncertain.

A glimmer of hope for a relief rally is signaled by the presence of a blue and yellow buy diamond, possibly signifying a local bottom. The crypto market must defend the $884b support. Failing to do so would tilt the balance from neutral to bearish over a 3-day interval. Given the current oversold wave, the bias leans slightly bullish.

The altcoin market doesn't present a rosy picture. There's a potential for it to form a double bottom at the $400bn support. This possibility is echoed by the double buy diamond on the blue VMC wave. This usually leans more towards a bullish stance, although it doesn't conclusively confirm that the altcoin market has reached its bottom. Remember, altcoins skyrocket quite a bit when BTC does, but the inverse is equally true. A small drop in the BTC price can easily rek alts with low liq.

Last week, BTC revisited its accumulation range. While it may not be the ideal entry point for long-term swing traders, those on the sidelines might find buying a better moment than when BTC's price moves to the distribution phase.

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The VMC (blue wave) indicator primarily portrays an oversold scenario, further emphasized by a blue buy diamond. This is reassuring, especially considering that all values are below the 15th of June's downturn, which, by most metrics, is a positive sign.

3. Twitter Takes

ShapeShift Multichain Snap Announcement:
ShapeShift introduces Multichain Snap for native $BTC, $ATOM, $DOGE transactions, and more through MetaMask.

Bull Put Option Strategy in an Uptrend Market:
How to profit from options in an up trending market with limited risk. This excellent thread by the Degen Ape Trader is a must read.

Friend Tech Desktop Setup Guide:
Friend Tech is all the rage, but I couldn’t stand using it on mobile. Here’s how to set up friend tech on desktop in just 43 seconds.

Huobi Exchange Rebranding:
Huobi Exchange is set to be renamed as HTX. The official English Twitter account has changed to “HTX,” and Justin Sun will make the announcement.

Hopefully, it won’t suffer the same fate as FTX with a similar name.

Tools for Bear Market Survival:
There are 20 data tools essential for navigating the bear market, including data aggregators, analytics platforms, and more. A super useful thread by spookywhale420.

FTX Crypto Asset Sale:
The judge has permitted the bankrupt #FTX to liquidate its crypto holdings, which amount to around $3.4B.

SOL might find a new bottom when this gets dumped. However, it’s important to note that a lot of the SOL tokens are vested, and if they are to be sold then through OTC.

Important News

zkSync Airdrop Farmer Moves:
A determined zkSync airdrop opportunist has deployed 21,877 wallets and introduced a private DEX and token to facilitate trading between these wallets. This will probably be the death of airdrop farming. I’m pretty confident this is just the tip of the iceberg. ☠️

Wallet Watch: 2 Profitable Wallets