Weekly Beluga Insights

This was another exciting week in crypto, with some of our largest inflows from the ETFs so far bringing billions of dollars into the market. This comes in spite of President Biden vetoing SAB121, a pro-crypto bill that had found support mostly from the Republican side with some Democrats also voting in favor. BTC is still sitting above $70,000 at time of writing, however it hasn’t yet been able to break through its previous highs.

We still have no word as to when the recently-approved Ethereum ETFs may start trading, but with the popularity the BTC ETFs are seeing I expect to see some wild numbers out of Ethereum once they do. The altcoin market has also stayed relatively quiet, still waiting for the massive altcoin rally that we’ve seen in previous cycles, but I will say it feels like its coming soon. If it does we will be sure to be positioned with the Beluga Public Trading Wallet, which you can read more about below!

Major Movers of the Week

• Kaspa (KAS) +25.78%

• Floki (FLOKI) +24.62%

• Stacks (STX) +22.33%

• Bitget Token (BGB) -10.84%

• Lido Dao (LDO) -9.14%

• Fetch.ai (FET) -7.85%

Public Trading Wallet Update

We’re excited to say that today we have our first Beluga Trading Wallet snapshot included in the newsletter, and the dashboard itself will be live on the site very soon! We initially started our Trading Wallet with $100,000 on April 30th, and a little over a month in our approximate holdings amount to $107,421 representing an (unrealized) gain of about $7,000. Since our intention with this project is to provide educational resources to our users, I’ve been relatively conservative with the tokens I have bought as well as the percentage of our overall portfolio that I allocate to each rather than looking to maximize profit with more risk as I might in my personal portfolio.

It’s my belief that crypto as a market is risky enough as it is, and the vast majority of people are best off taking things slow with most of their portfolio held in the top tokens and a very small amount left over for day-to-day or riskier trades. This is how I have set up the Trading Wallet portfolio so far, however I also like trying new things in the crypto space as in general if you pick the right app, your upside is massive. That’s why this week I decided to start competing in the Fantasy.Top tournaments on the Blast network. Fantasy is basically like DraftKings but using popular crypto influencers rather than athletes, and has become one of the most popular apps in the space since its launch a little over a month ago. If you want a deeper dive into the app, be sure to check out our article from a few weeks ago!

After a hot start with certain cards selling up to 20 ETH, floors have been trending down ever since. With the most recent Blast gold allocation, however, Fantasy is once again one of the highest recipients of what is possibly the most sought-after airdrop farms in the space. Based on current numbers, Fantasy has about 2.6M Blast gold to distribute over the next few weeks (not counting the final Gold distribution) which is estimated to be valued anywhere from $10M-$50M worth of prizes. We haven’t farmed for Blast with our Beluga wallet whatsoever until now, but with the TGE coming later this month and what looks to be a massive opportunity to efficiently farm on Fantasy.Top it was time to try to capitalize.

As you can see in the above screenshot, I put together our deck with a budget of 0.5 ETH, some of which comes from profits from our first closed trade on $OLE. In order to compete with the higher tier decks, we needed to have at least all rare cards and ideally some that had breakout potential. We’re still waiting on the next tournament to open, but when it does you’ll be sure to see Beluga on the leaderboard. For anyone who wants to follow our trades in real time, you can find our onchain wallet at BelugaTrading.eth and we will soon have our live-updating dashboard so you can see our trades and commentary in real time.

Quick Quips: Catch Up on What You Missed

• Previously Bankrupt Mining Giant Core Scientific Rejects $1B Acquisition Offer

• Robinhood Acquires Bitstamp Crypto Exchange

• Crypto Exchange Kraken said to be in Pre IPO Talks

• VanEck Raises 2030 Ethereum Price Target to $22k

Tweet of the Week

Enough said.

Recent Beluga Content

Disclaimer

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 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