Weekly Beluga Insights

Despite a bounce from the July 4th lows, the market is still locked in the downtrend we’ve seen over the last few weeks. After getting rejected just below the $60,000 mark, Bitcoin is trading at $57,000 at time of writing. The good news is based on their wallet balance, it seems that we may finally be done with Germany’s selling, however now-defunct OTC desk Genesis appears to have begun liquidating their $2B bags of a collection of coins, mostly BTC and ETH. Germany selling has had a direct impact on Bitcoin’s price of course, however the reality is in a bull market a few billion worth of sales won’t impede the price from going up.

I continue to be majorly bullish and I think if you can survive this Summer chop in the market, the skies will be blue on the other side. Bitcoin ETF inflows remain strong, cementing it as one of the best performing ETFs in history, and new predictions from Bloomberg ETF analysts indicate we the Ethereum ETFs could see 20-25% of in inflows BTC has seen. That is a ton of new money entering the ecosystem, so while headlines of collapsed companies like Genesis selling may be scary, there are plenty of good things happening too.

Major Movers of the Week

Due to the massive liquidation cascade on the 4th, most coins in the Top 100 are up in the last 7 days. We like a green week!

• Celestia (TIA) +40.24%

• Mog Coin (MOG) +38.95%

• Optimism (OP) +25.14%

• Sei (SEI) +24.39%

• Ethereum Name Service (ENS) +23.42%

Public Trading Wallet Update

Last week I used the dip to further scale into Fantom (FTM), and now while Bitcoin hangs out at the bottom of this range I plan to wait and see which direction it goes before accumulating more alt coins to the portfolio. This is because while the price action in the alt coin market being abysmal means there are some incredible discounts, they are also much more volatile and susceptible to price movements from Bitcoin. Thinking things will go up is different from knowing things will go up, so I want to be cautious where I can.

I did however use this as an opportunity to add more BTC and ETH to the portfolio, with a total of $10,000 split evenly to the two. The goal is to eventually reach a whole Bitcoin in the Beluga Trading Wallet, so I’ll happily scale in while the market serves us a dip. We remain positioned heavily leaning towards Ethereum and ETH beta plays such as Arbitrum and Optimism as we head into the trading launch of the Ethereum ETF’s, and we’ll likely look to scale out of some of those to rebalance things once prices have pumped. For those also holding alt coins, everyone is feeling the pain of the Summer chop but that’s how it always is - if you also believe this bull run is not nearly done yet as I do, dips are for buying.

Quick Quips: Catch Up on What You Missed

• Trump to Speak at Bitcoin 2024

• SEC Drops Paxos, BUSD Investigation

• TON Announces L2 In Partnership with Polygon Labs

• Coinbase Unveils New Portfolio Tracking Web App

• Short Term Traders Driving Negative Price Action, Not the Germans

Tweet of the Week

(Formerly) Popular memecoin Jeo Boden has been down only since hitting its ATH of over $1B market cap, and is currently sitting under $30M mc at time of writing which is a loss of about 96%… not great.

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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 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