Exciting news! We have officially 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.

What happened today?

Yesterday’s pump continued into today and once again Fantom (FTM) is leading the charge along with Aave (AAVE), which actually finally brings our Beluga Trading Wallet FTM position into profit. Weeks of DCA’ing the blood seems to be working out as the market feels like it’s turning bullish, but despite a few alt-coins running we’re still seeing Bitcoin dominance continue to rise. BTC dominance is a measurement of how much of the overall market cap of all of crypto is made up by Bitcoin, and at 58% currently it’s still very high.

For the alt-coin focused bull runs, we want to see the alt-coin market cap leading that of Bitcoin. If Bitcoin dominance continues to lead alt-coins, it indicates that the rest of the market is likely just being pulled up by Bitcoin rather than buyers investing in alt-coins out of interest. DeFi tokens seem to be getting more love than the rest of the alt market, which as I’ve discussed in previous newsletters is according to plan. For months traders have focused their attention and volume on memecoins, but lately it’s felt oversaturated and frankly pretty boring. It’s my opinion the market is looking back towards the DeFi sector for real yield and applications, but it’s still too early to call the trend.

Biggest Headlines

The Beluga intern has been hard at work gathering all the most important crypto news stories so you have them in one place!

The Majors

• Ethereum stablecoin volume hits record $1.46 trillion as DeFi demand surges

• Solo Bitcoin miner wins big reward for securing entire Block

Regulatory

• Maxine Waters criticizes Trump’s World Liberty Financial

Alt Coins

• Paypal, Venmo integrate Ethereum Name Service for crypto payments

• Solana fees lunge to six-month low amid declining Pump.fun popularity

New Launches

• Sony’s Layer 2 Soneium to launch stablecoin pegged to Japanese Yen

• Crypto ETFs from State Street and Galaxy Digital begin trading

Miscellaneous

• Will Trump and Harris field a crypto question during tonight’s debate?

• Former Alameda CEO Caroline Ellison to face sentencing on September 24

Tweet of the Day

With all the crazy volume Coinbase’s Layer 2 network Base has been doing, people are wondering whether these numbers are real or not. Check out the tweet below for a deep dive into the data!

Recent Beluga Content

Check out our latest article on Blockchain.com’s institutional offering!

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