Weekly Beluga Insights

At time of writing, Bitcoin is hovering around $60,000 despite massive fears surrounding conflicts in the Middle East. The sentiment on Crypto Twitter feels like it’s at an all-time-low, which is odd considering where prices are versus a year ago, however historically Twitter sentiment has been a great counter-indicator. It also seems like many people have forgotten the Bitcoin halving is arriving later today, which is a hugely bullish event for BTC. For context, the halving will make the amount of Bitcoin issued each block get cut in half, which happens every 4 years. We tend to get a dip around this time in previous cycles so global conflicts aside this still seems like expected price action.

It remains my view that we’re in the midst of a bull market that is nowhere close to being over, so with that in mind a dip like this is a buying opportunity. The halving will reduce the issuance of Bitcoin greatly, which will be even more impactful on top of the popularity of the new ETFs, and so once things have resolved we should have clear skies ahead of us. In the past we’ve also seen alt coins have their big run up after Bitcoin stagnates, so there is a chance we are in the early stages of that.

You can use this link to follow the Bitcoin Halving countdown for yourself!

Major Movers of the Week

Unfortunately basically nothing is up this week…

• Ordi (ORDI) -44.20%

• Ethena (ENA) -40.14%

• Bonk (BONK) -35.77%

What We’re Watching

With the Bitcoin halving upon us, basically all eyes are on Bitcoin. Since the ETF’s approval earlier this year, Bitcoin and its ecosystem have been the hottest topic in the space. Since Bitcoin itself was not designed to facilitate complicated transactions like Ethereum or Solana, it needs additional infrastructure to be built on top of it. The leader of this infrastructure is called Stacks (STX), which is a layer 2 for Bitcoin that enables smart contracts and apps to be built on BTC.

The price performance of STX is closely related to the performance of Bitcoin, so it stands to reason that if we believe the price of BTC should rebound from the lows created by the current global conflicts, STX should follow. To add on to that, the popularity of Bitcoin’s layer 2 networks continues to increase which only drives more attention, liquidity and users towards Stacks. To read more about Stacks, check out our recent Beluga article!

Quick Quips: Catch Up on What You Missed

• Bitcoin Halving Interest at Highest Point Ever

• Trader Convicted in $100M Market Manipulation Case

• Data Availability Chain Avail Launches Airdrop Campaign

• Blast DEX Thruster Raises at $70M Valuation

• Aptos Partners with Brevan Howard and Microsoft for Aptos Ascend

Tweet of the Week

Recent Beluga Content

Did you Know?

With a max supply of 21 million Bitcoins, there are only 1.3 million more Bitcoins that will be produced ever. This max supply is kept in tact by the halving, which happens about every 4 years.

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.