Weekly Beluga Insights

As expected, BTC has already rallied back over $70,000 from the dip we saw last week. Price action like this really reinforces the fact that trading on leverage should be done very cautiously if at all - hundreds of millions worth of longs were liquidated on last week’s dump, which would now be in profit if they had not used leverage.

This week also marked the official sentencing of FTX’s Sam Bankman-Fried, who will spend the next 25 years behind bars. In my opinion this sounds about right, and the thought of SBF sitting in prison while all the coins he used to own rip up makes me happy.

Major Movers of the Week

• dogwifhat (WIF) +75.26%

• Mantle (MNT) +43.55%

• Dogecoin (DOGE) +42.47%

• Kucoin Token (KCS) -17.19%

• Bittensor (TAO) -14.94%

• Fantom (FTM) -7.82%

What We’re Watching

As we head into April, I wanted to revisit the Aptos ecosystem which is a chain we’ve discussed in the newsletter a couple times. Since we originally mentioned it around $8, Aptos has pumped up to $20 before coming back down to $17 at time of writing. While some of this movement is due to the overall market turning bullish, as well as updates from the Aptos foundation regarding a focus on RWA’s, the word on the street is that April holds a lot of airdrops for Aptos dApps.

We don’t have specifics yet, but with a massive chunk of Aptos supply still reserved by the foundation for “community” (leading people to believe another Aptos airdrop will happen) as well as a number of their largest protocols such as Amnis and Aries having launched airdrop point farming programs months ago, it seems like everything may be hitting at once. It may be too late to really farm for a significant airdrop, however if this ends up being the case then I would expect Aptos ecosystem tokens like Thala (THL) as well as the new memecoins that have popped up to be major recipients of the fresh liquidity. We’ll continue to keep an eye on things and update our readers as we hear things!*

Quick Quips: Catch Up on What You Missed

• North Korean Dev Steals $62M from DeFi Protocol

• Coinbase vs SEC Will Go To Trial

• SBF Sentenced to 25 Years

• Massive AI Token Merger Deal

• Kucoin Founders Charged With Money Laundering

Tweet of the Week

Not to toot our own horn or anything, but I think this might be the best performing newsletter of the year so far.

Recent Beluga Content

Did you Know?

Anyone can view the Bitcoin holdings of the country of El Salvador at this address here.

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.

*Aptos is an investor in Beluga.