Exciting news! We have officially added a daily edition to the Weekly Whale newsletter, and to go along with this we’ll be rebranding to “The Beluga Brief”. This means we’ll be able to deliver data-driven insights to your inbox every day of the week, spending our time in the crypto trenches and combing through thousands of crypto news feeds so you don’t have to.

What happened today?

Not much new to report today on the price action side, Bitcoin remains sitting at the bottom of our new range and market volume as a whole remains low. After massive Bitcoin ETF outflows earlier this week (the highest in 4 months), flows have once again slowed however remain biased to the negative side indicating investors are still unsure about the short term price action. One interesting data point is that perpetuals volume continues to lead over spot, which means the market is still being run by traders who typically don’t hold positions for very long. What we want to see instead is spot volume leading, which tends to indicate more holders are entering the market and leads to better price appreciation.

An interesting trend this week has been some of the memecoin volume returning home to Ethereum after the launch of EtherVista, a Pump.Fun style token launcher with added onchain functionality. The trading volume of coins launched on the platform, which of course translates into more revenue for the developers of the coins, has attracted a lot of attention from the crowd that has mostly been trading memecoins on Solana. I still think the memecoin market feels stale, however maybe these “new tech” platforms will generate enough interest to make the trenches fun again.

Biggest Headlines

The Beluga intern has been hard at work gathering all the most important crypto news stories so you have them in one place!

The Majors

• Blockstream Launches Third Series of Security Token Providing Bitcoin Mining Exposure

• BTC Spot ETFs Continue to Bleed with $37M in Net Outflows

Regulatory

• UK Regulator says 87% of Crypto Registration Applications Failed to Meet Standards for Approval

• Trump Extends Lead Over Harris on Polymarket to Seven Percentage Points

Alt Coins

• Aptos Leads Losses as Crypto Slumps

• AI Crypto Has Room to Rip After Nvidia $250B Washout

New Launches

•  EigenLayer to Distribute 86 Million Tokens to Stakeholders

• Security Extension PocketUniverse Releases Free Rug Detector Tool

Miscellaneous

• DWF Labs Discuss Plans for new Synthetic Stablecoin

• Thoma Bravo Founder Vows to ‘Never touch’ crypto Again After FTX

Tweet of the Day

Market slump has crypto influencers turning to “alternative” marketing deals.

Recent Beluga Content

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 McKinnon 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