Ethereum Finally Gaining Ground

Weekly Beluga Insights

Crypto is pumping this week, with ETH leading the charge up to $2,800. This coincides with the surge in on-chain activity on Ethereum, and is an encouraging sign that the shitcoin traders might be coming home from Solana. At the same time, Bitcoin ETF inflows are drastically spiking while GBTC outflows decrease, meaning we’re seeing a lot of new money coming into the industry.

Source: TradingView

Everything is pumping right now and sentiment across the board is hugely positive – this typically might indicate the top, but against our better judgement it feels like “this time is different.”

Major Movers of the Week

  • VeChain (VET) +66.84%

  • Sei (SEI) +48.98%

  • Helium (HNT) +39.89%

  • Celestia (TIA) -7.24%

  • Astar (ASTR) -3.91%

What We’re Watching

While it may feel repetitive for us to talk about Blast, the impact of this launch is so significant that we’re bringing it up again. One thing we want to highlight, however, is how heavily they’re leaning into the “gambling” nature of crypto.

For context, Blast is an ETH layer 2 network backed by Paradigm and Standard Crypto, which has the main feature of native yield. In a nut shell, when you bridge ETH over to Blast it will automatically be staked so that it accrues yield to your wallet just for holding it on the network. It’s received a ton of attention due to its airdrop structure where users can deposit ETH before the launch in order to earn points, which correspond to tokens when the network eventually launches.

Source: Blast

A core feature of Blast’s point structure is the idea of spins, where users earn a certain amount of spins based on their ETH deposited which yield a different amount of points every time. Crypto is often referred to as a big casino, and honestly this isn’t far off. Combining what is expected to be a massive airdrop with this pseudo-gambling has resulted in what is arguably the most anticipated token launch in many years.

Our advice is to keep an eye not only on the applications launching on Blast, but primarily the ones targeting the gambling sector. With the point structure already tapping into gambling, the average user will likely be more inclined to gamble once their deposits are unlocked.

Quick Quips: Catch Up on What You Missed

Brian Armstrong, CEO of Coinbase

Tweet of the Week

Better than the average shitcoin dev tbh

Chart of the Week

Newly launched Pyth has one of the highest staking rates of any token in the industry – seems like a good target for airdrops…

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Did you Know?

The two largest Bitcoin ETFs have reached $10B AUM in just a month of trading.

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