Weekly Beluga Insights

At time of writing BTC is just under all time high and ETH is sitting at about $4,000, alt coins like Sei are up double digits on the day, and most importantly the Bitcoin ETF inflows keep coming. Last week we saw the second highest week of inflows so far and with the price action on Bitcoin, we’re guessing this week’s numbers will be similarly high. In fact, according to data from Arkham Intelligence, the Blackrock ETF Bitcoin wallet received its highest on-chain flows yet at +$826M in one day. Memecoins continue to dominate the market, and as you’ll see below all of the top gainers this week fit into that category. Money is flying all over the place, and sometimes it seems like the best way to trade is to turn off your brain and just click the buy button.

Major Movers of the Week

• Floki (FLOKI) +210.82%

• Pepe (PEPE) +187%

• Shiba Inu (SHIB) +161.70

• dogwifhat (WIF) +114.11%

What We’re Watching

We’ve discussed Aptos in our newsletter a couple times, but it seems like with the tear it’s on the thesis is coming to fruition. To recap, Aptos is a L1 blockchain the features high transaction speeds with costs under a penny, and has raised $350M over two rounds. Between the overall market turning hugely bullish, big announcements from the team as well as talks of airdrops on the chain spreading across twitter, Aptos is heating up.

The surge in Aptos price has brought its ecosystem with it, with the largest Aptos protocol Thala Finance up almost 30% on the week. Other alt layer 1’s continue to perform well, and in our opinion this is just the start for Aptos. The typical crypto cycle is for BTC to champion over everything until it stalls out, then alt coins have their moment. If that holds true, this could still be an accumulation price range for Aptos.

Quick Quips: Catch Up on What You Missed

• BTC Falls 10% then Regains in Billion Dollar Liquidation Cascade

• Blast Reaches Top 3 L2 Status One Week In

• Bitcoin Touches All Time Highs

• Blackrock Files to Purchase BTC ETFs for Fund

• Notorious Bitcoin Hater Peter Schiff Launches Bitcoin Ordinals Collection

Tweet of the Week

Twitter influencer intern tweeted an amazing recap of the bull run so far:

Quick ETH Denver Recap

Members of the Beluga team were at ETH Denver this past week, and with the market where it is the energy level was insanely high. Although unconfirmed, there are rumors that up to 60,000 people attended the conference and its side events.

The atmosphere matched that back to 2021 - we can all agree the newest bull run has commenced and there could not be more excitement about on-chain projects. From the rage of the Blast mainnet launch on the 1st official day of ETH Denver, or the chatter of Base and their potential $BASE token launch, the energy and excitement of the attendees was felt in full force.

A big difference between the likes of an ETH Denver and a Bitcoin Miami, is ETH Denver does the best job at culminating an environment for engineers and builders to conversate about everything and anything. Denver brings together some of the brightest stars producing some of the hottest chains, DeFi protocols, on the market. And you won't get the quality or depth anywhere else. Below is a quick recap:

• Bitcoin, Ordinals, and Bitcoin Layer 2’s were hugely popular topics

• Eigenlayer remains hyped up, with huge buzz about their upcoming token

• Despite it being an Ethereum focused conference, lots of communities and representatives from other chains showed up

• Berachain had the best merch (and were maybe the most popular people there)

• A big thank you Alchemy, Aptos, and Dynamic for inviting the Beluga team to their events!

Chart of the Week

Solana memecoin $WIF is yet again topping the lists for gainers this week, it really just doesn’t stop.

Recent Beluga Content

Did you Know?

In March 2022, Axie Infinity’s Ronin bridge was hacked for $625M in USDC and ETH. Since that time, Ronin has come back in popularity and is once again one of the most popular bridges for blockchain games.

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.