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?

Despite an entire weekend passing, we remain at the same price levels we saw on Friday after a brief dip. It does happen to be a holiday weekend in the US, which could be the reason we didn’t get the weekend volatility we’ve been seeing. While the market liquidity is still quite dry, we do see a nice upwards trend on exchange volume after it dropped greatly in June. With Labor Day here many Americans are treating this as the time to get back to work which means the Summer chop we’ve experienced is finally coming to an end… we don’t know which way things will go, but I expect to see more volume and volatility in the market as people get active again. Personally I still believe we are about to enter into the second half of the bull run, but flows dropping to 0 on the Ethereum ETF already just a month into launch is not encouraging.

One piece of potentially exciting information is it appears $16B will returned to FTX creditors in Q4, which by my understanding will be paid out in cash rather than tokens. I don’t expect that money to flow straight back into the market given people lost their savings on FTX, however it’s a significant liquidity unlock for crypto natives.

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

• Ethereum ETF’s Record 0 In Inflows and Outflows

• Where Ethereum is Heading Next

Regulatory

• $16B to be Returned to FTX Creditors

• Binance Exec Enters Nigeria Court on Crutches as Trial Resumes

Products

• Telegram Generated “Significant” Crypto Revenues in 2023

• Social Trading Card Game Fantasy.Top Hits ATH Volume

New Launches

• Cardano Shifts to Decentralized Governance as Hard Fork Goes Live

• EtherVista Goes Live on ETH

Miscellaneous

• Iggy Azalea to Debate on If Celebrity Memecoins are Bad

• Trump Passes Harris on Polymarket Once Again

Tweet of the Day

Solana Foundation doing some mental gymnastics with this one.

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