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?

While reports that the headlines regarding Nvidia’s alleged subpoena have now come out stating that they actually had not received anything from the DOJ, crypto has not retraced the dump that stemmed from that news yesterday. Bitcoin has bounced back to about $58,000 after falling as low as $55,500 yesterday but alt coins are still looking incredibly weak. The biggest winner of the day, however, happened to be $AAVE which is a token we purchased with the Beluga Trading Wallet as well as discussed in the newsletter a few weeks ago as an attractive trade idea - our entry of about $95 feels pretty good as it crossed $136 today, especially considering the overall weakness of the market.

The original thesis was built around their intentions to divert protocol revenue back to token holders, however the reason for the pump today had quite literally nothing to do with the fundamentals of the protocol. In fact, the reason $AAVE is sitting up 15% today is because the team behind Trump’s upcoming DeFi protocol “World Liberty Finance” expressed their intentions to build their protocol on Aave’s existing framework. This of course has nothing to do with our thesis, however it’s a good sign that a project that high profile has chosen Aave as their platform to build on. To be clear, this is not an endorsement of Trump’s protocol especially considering the shady background of certain team members (including one who is also the founder of “Date Hotter Girls LLC”) and the Trump family history of projects that have not gone well for buyers.

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

• Why the Fed Rate Cut is Actually Bearish for Bitcoin

• Ethereum CME Volume Hit 9-month-low in August

Regulatory

• US Fed Slaps Texas Bank with Cease and Desist for Servicing Crypto Firms

• Uniswap Labs to Pay Fine in CFTC Settlement

Alt Coins

• Polygon’s New Upgrade: MATIC to POL

• More Drama For Canto After 90%+ Dump

New Launches

• Grass Protocol Airdrop Checker Goes Live

Miscellaneous

• Uphold CEO Says Memecoins Devalue Crypto

Thread of the Day

Galois Capital shares their thoughts on how narrative formation has changed this cycle:

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