Weekly Beluga Insights

Bitcoin led its way to a strong recovery over $66,000 as of time of writing, and despite a hugely bearish sentiment on Crypto Twitter (CT) things honestly still look very good. In addition, after the ETF flows briefly turned negative, it appears the normies are back buying once again. Some of this may be coming from the return of the Gamestop legend “Roaring Kitty”, who has become active on Twitter for the first time since the trials. Last cycle the $GME pump preceded a massive run for crypto… will we see that again?

Major Movers of the Week

• Pepe (PEPE) +23.29%

• Chainlink (LINK) +18.74%

• Ondo (ONDO) +16.70%

• Ethena (ENA) -14.16%

• Worldcoin (WLD) -8.22%

What We’re Watching

This week I wanted to highlight the second token we’ve purchased with the Beluga Public Trading Wallet, Fantom (FTM). Fantom is a Layer 1 network that originally launched back in June of 2018, and was one of the main homes of DeFi during the last cycle. Through the bear market alongside a load of controversy, FTM price was hammered from its peak of over $3 to a current price of about $0.80. Looking at the chart now it seems like we got a nice bottom formed, and with a few catalysts on the horizon it was time to start DCA (Dollar Cost Averaging) in.

I swapped 2 ETH for about 9,000 FTM at a price of $0.65 as a first DCA order, which just so happened to be before a massive 30% rally on the coin as you can see above. Since Bitcoin price direction is still pretty uncertain and the rest of the market follows BTC, I’m patiently waiting to see where things go before continuing the DCA given how much the price of FTM has moved this quickly.

While it’s never fun to see a coin start running up in price before you’ve fully scaled in, this positive price action may signify the market recognizing some of the bullish catalysts on the horizon such as Fantom’s Sonic upgrade. To keep things short, Sonic aims to boost the network’s throughput greatly and is actually already happening with network validators being upgraded one by one.

And stay tuned for our upcoming website update which will feature a full Public Trading Wallet Dashboard where our readers can gain insights into the thought process behind our trades and much much more!

Quick Quips: Catch Up on What You Missed

• State of Wisconsin Buys Nearly $100M of Bitcoin ETF

• Brothers Arrested for Exploiting MEV for $25M

• Morgan Stanley Discloses Bitcoin Holdings

• Solana Memecoin Factory Pump.Fun Exploited

Tweet of the Week

The King of GME is back

Recent Beluga Content

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 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