🐳 Beluga Brief: Trump Memecoin Dinner, New Bitcoin ATH and a Billion Dollar Liquidation?

While it’s not looking like the weekly candle will close above all time highs, seeing Bitcoin continue to retain a strong bid at $107k is surreal. We’ve gone from euphoria to depression and back to euphoria over the span of 4 months… if you managed to make it this far, you deserve the gains. Nobody ever said crypto would be easy, but the market volatility from uncertainty on a macro level made this one particularly difficult. Despite this volatility, or perhaps because of it, we’re once again seeing some truly degenerate trades enter the order books such as the billion dollar Bitcoin long from trader James Wynn which we discussed on Wednesday. Since then, James has continued to add to the position bringing his liquidation price to $105,000, just a 2% move from current prices. My experience in this space tells me market makers rarely let traders get away with positions like these, so if you see a wick under $105k that’s likely why. If you’re curious to follow along, you can find his live positions and transactions here.

In other news, President Trump held a dinner for the top 220 holders of his memecoin last night, during which he gave a speech and presented “His Excellency” Justin Sun a custom Trump watch for being the top holder of $TRUMP. While many in attendance were hoping for some special knowledge to come out of the speech, reports indicate it was a nothing-burger and Trump ended up leaving less than 30 mins after. With many of these top holders, including Justin Sun of course, being non-Americans it’s raised further concern about potential international influences on Trump. If the price tag to be in a room with the President is a few hundred thousand dollars, it’s a no brainer for foreign entities. Despite these concerns, this week saw the Senate vote to move ahead on the GENIUS Act which aims to finally bring meaningful regulation to stablecoins. This is a huge step for our industry, and encouraging to finally see real progress made by regulators.

I’m happy to report the Beluga Trading Wallet has massively benefited from this Bitcoin run, with our BTC position sitting up over 80% at time of writing. If we were actively trading these positions, the Trump dinner yesterday in combination with a massive spike on BTC was a fairly obvious local top signal, however I still believe in a market like this it’s far better to pick your positions well and sit on them.

Notably, aside from Blast which we received as a free airdrop, Curve and Aave have been by far our best performers. Both massive beneficiaries of the stablecoin craze, I think these two are just getting started. Stablecoins will be the first regulated sector of the market, and with yesterday’s headline that JPMorgan Chase, Bank of America, Citigroup and Wells Fargo are exploring the potential of a joint stablecoin venture, it’s clear this narrative isn’t going away any time soon.

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