Institutional Money Inflow – Chung’s Weekly Digest (3/27)

Bitcoin finds support at $45k, but some altcoins are already making sizeable gains.


Bitcoin ($BTC) broke the $42k-45k range and is now sitting close to its support at $45K as institutional money provided the much-needed boost.  

Source: On-chain data indicates that the recent price action was driven by institution and not retail interest 

The recent price movement is suggesting that the market has bottomed out. Bitcoin has broken out of the crucial 21-week Exponential Moving Average (EMA) and staged a successful retest. The last time Bitcoin broke above the 21-week EMA, it moved from $40k to reach its all-time high at $69k.  

Source: TechDev compares the current accumulation period to 3 previous waves 

An on-chain analyst, TechDev observes that the current price movement is similar to the previous waves. If history repeats itself, the market is ripe for a strong bullish momentum. Some influencers are cautioning that this might be a bull trap

A bull trap is a false reversal signal that is subsequently followed by a further decline. There are some indicators that reduces the likelihood of a bull trap. These indicators are as follows: 

Upward pressure comes from spot purchases

The 21-week EMA has retested and has rebounded

The price action is followed by a healthy buy volume

Weekly Recap

BNB Chain continues to see adoption as it approaches 3 billion transactions. 

Second batch of Cronos ecosystem grants announced

Binance kicks off its Blockchain Week in Dubai. 

Degeniverse will have its own marketplace in partnership with Rarible. 

Sky Mavis reduces the number of free transactions for users on the Ronin chain. 

PancakeSwap’s perpetual trading is bringing back interest to its platform. 

Binance Labs puts its chips on layer-1 solution, Aptos Chain. 

Binance Bridge 2.0 is launched to integrate CeFi and DeFi

Cronos Network surpasses $4 billion in TVL

Thetan Arena releases staking guides

Ronin Network faces security breach, resulting in massive losses

Binance NFT launches new trading features

Solana will soon tap into the OpenSea’s marketplace

Lionel Messi signs up as ambassador for Socios packs more rewards for Visa cardholders

ANZ Bank pioneers Australia’s first stablecoin

Fantom launches a $480 million incentive grant

Binance prepares itself for operation in Middle East after license approval. 

Magic Eden integrates Metaplex Certified Collection Standard to Marketplace. 

PancakeSwap’s Masterchef V2 is coming soon.  

Market Sentiment


Altcoins are starting to move, suggesting that an ‘altseason’ might be just around the corner. 

Bitcoin continues to cement its narrative as the ultimate store of value. 

Terraform Labs announced their decision to increase their Bitcoin reserve for its algorithmic stablecoin, $UST is a strong vote of confidence for Bitcoin as a reserve asset.   

Source: Inflation and continued adoption might organically push Bitcoin’s price to $133k

Q2 2021 will unlock new liquidity that will flow into equities market. 

NBC News Polls reveals that 1 in 5 Americans have dabbled in crypto. 

Traditional equities market in the US start to a weekly outflow. 

Source: Investors must be cautious as investors’ sentiment is low in the traditional equities market and this sentiment may spill over to the crypto market 

Coins to Watch

Astroport ($ASTRO) – A decentralized exchange (DEX) for the Terra Network. 

Astroport has been developed through a joint venture of builders made up of Delphi LabsWe3 , Attic Lab, and Terraform Labs

This token reached its all time high on April 2, 2022 riding the same wave that provided the upward momentum for $LUNA

The Terra ecosystem will have a major role in the crypto space, in particular its decentralized stablecoin the $UST. Astroport just like PancakeSwap, will be one of the major beneficiary as the Terra blockchain grows.   

Fantom ($FTM) – is one of the major layer-1 solution that serves as an alternative to Ethereum.

Andre Cronje’s sudden departure from the crypto space has adversely affected Fantom’s price. 

The price dip was an overreaction and a perfect buying opportunity. 

Layer-1 solutions such as Fantom, Solana, Cronos, Elrond, and  BNB Chain will continue to have prominent roles to play in the crypto ecosystem as an alternative to Ethereum. 

Elrond ($EGLD) – Elrond was one of the leading chain that surprised everyone in November when it rose to $545.64 but is now trading at a 64% discount from its all-time high.

Elrond is scalable and fully decentralized. This coin might revisit its previous all-time high if the market recovers.

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