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?

Another tough weekend for Ethereum bulls as a further drop in prices lead to the Ethereum/Bitcoin ratio falling below .04, its lowest point in over 3 years. Counter-trading the public sentiment in crypto tends to be a pretty good strategy, however the reality is sentiment being bad just means things are bad, not that they’ll be reversing there. I will say, however, that the combination of bad sentiment as well as what seems to be a shift back towards DeFi and RWA’s is likely good for Ethereum. DeFi as we know it is basically entirely on Ethereum or ETH Layer 2’s, so if the narrative switches from memecoins I would expect tokens within the Ethereum ecosystem to pump.

In other news, at 8pm EST today Donald Trump will be joining a Twitter space hosted by Web3 influencer Farokh to discuss his DeFi protocol “World Liberty Financial” and his views on the future of crypto. It feels odd writing that sentence as I remember Farokh for pouring milk on himself to celebrate the “Cool Cats” NFT project hitting 10ETH years ago (they now trade at 0.3ETH), so seeing him be given a political platform like this is a huge change. Whatever happens, it will surely be one of the more entertaining Twitter spaces we have heard this year.

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

• MicroStrategy announces another $700M convertible note issuance to buy more Bitcoin

• Residents of a Norwegian town complained about a Bitcoin mine’s noise; now that it’s shut down, they face a 20% energy bill hike

Regulatory

• Crypto spending on 2024 US Election hits $190M, led by Winklevoss twins

• Former Celsius CEO Mashinsky seeks testimony from six witnesses as he faces 115-year prison sentence

Alt Coins

• Flappy Bird gets crypto reboot on Telegram with Notcoin, though original creator and fans denounce new version

• Coinbase and Binance listings may be bullish – but usually not for long

New Launches

• Multicoin and Solana Ventures join $10M Series A in Permissionless Labs

Miscellaneous

• SEC sues Gary Vee’s “Flyfish Club” NFT project

• CZ to be released from prison on September 29th

Tweet of the Day

Sounds about right

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