Exciting news! We have added a daily edition to the Weekly Whale newsletter, and to go along with this we’ll be rebranding to “The Beluga Brief”. This means we’ll be able to deliver data-driven insights to your inbox every day of the week, spending our time in the crypto trenches and combing through thousands of crypto news feeds so you don’t have to.

Weekly Beluga Insights

After coming into the week on a vicious red candle over the weekend, Bitcoin is on a strong recovery at time of writing. BTC pumped to $60,000 before getting rejected there, so we’ll have to see if it can break through that psychological line through the weekend. Yesterday the Bitcoin ETFs once again saw net inflows totaling at just under $40M, with Grayscale’s GBTC being the only ETF with outflows. The Ethereum ETFs however continue to lose assets as they saw $20M in outflows which came from Grayscale’s ETHE trust. While that was the only trust that saw outflows, the others so no flows at all and the trading volume has been subpar.

While ETH’s price continues to struggle, we did see the newly-rebranded Polygon (from MATIC to POL) pop as much as 15% on the day after it became listed on Binance. This is interesting to me as exchange listings for tokens that have been around as long as Polygon has tend not to have as much of an impact on price action, however maybe this signals the start of a new trend. Personally I would love to see more volume going into these older, more established coins like POL rather than the flavor-of-the-day memecoin trend we’ve had going. With that said, the best performing token in the last 7 days has been Popcat so maybe we’re not out of memecoin season yet…

Major Movers of the Week

Public Trading Wallet Update

After an abysmal performance on our portfolio last week our favorite tokens have bounced a bit, bringing our balance back to $83,200. Our biggest position, $FTM, has also returned to our average price after a few weeks of Dollar Cost Averaging (DCA) as the market itself recovers. Anecdotally I am seeing a lot more chatter around the launch of Sonic which is the upgrade for FTM and the major catalyst we’ve been looking towards with this trade, which has me excited for where this might go in the short term given how it’s been outperforming over the last 2 weeks already.

We’ve all been asking ourselves when the bull run for alt coins might finally come, but so far this cycle has not been kind to them. The last couple weeks has seen a few outliers emerge such as one of our holdings, $AAVE, which is up 50% from our recent entry, yet zooming out on the charts most of these tokens are still down bad. One of the biggest reasons for alt coins struggling historically has been the risk of regulatory enforcement by the SEC, however in a footnote released today from their complaint against Binance that they “regret” labelling tokens as Securities and they did not intend to label the tokens themselves as such. This feels like a major “mistake” considering how many entities they have gone after over the last few years for securities violations, but it certainly indicates a change in their stance on the space. A softer SEC would do wonders for the crypto market, especially in the United states.

Quick Quips: Catch Up on What You Missed

• Crypto Raises pass $630M in August, beating June and July

• Michael Saylor purchases another $1.1B of BTC

• Coinbase’s version of wrapped BTC ‘cbBTC’ goes live

• Largest space game of all time, EVE Online, to launch on the Blockchain

• Trump’s ‘World Liberty Financial’ to launch on Monday 9/16

Tweet of the Week

I gotta give it to him, I haven’t seen a token announcement tweet get 100k likes in a long time - Trump knows how to get the attention.

Recent Beluga Content

Check out episode 17 of the Beluga Podcast where we get into where the market is going, our thoughts on Trump’s insane plan to launch a DeFi protocol, and more.

Disclaimer

The content on this site is for informational purposes only and should not be construed as investment advice. While Beluga strives to ensure the accuracy and timeliness of information, there may be discrepancies when comparing our data to that of financial institutions, service providers, or specific product websites. Always consult with a professional before making any financial decisions.

Will McKinnon is the Head of Content for Beluga and has spent every day for many years trading coins. For that reason there are too many to name, however his largest holdings by a significant margin are Ethereum and Bitcoin. NFA DYOR