Weekly Beluga Insights

Last week was exciting with the announcement of our raise, but now its back to business. We’re sure you have noticed the crypto market going crazy. The cries of “We’re so back",” and “Pre-Rich” fill the twittersphere, but are we really back? Here’s something we were discussing in our last team meeting. 👇

Despite everyone watching the price of Bitcoin after a massive rally this week, the Beluga team has our eye on Ethereum. The ETH/BTC ratio is at levels not seen since July 2022, which preceded a nearly 100% gain for Ethereum in the following 2 months. 

Typical cycle rotations lead with Bitcoin as Ethereum and other coins (also known as “alts”) lag behind, then Ethereum catches up as the overall market becomes more bullish. While the hopes of a potential spot Bitcoin ETF is driving up the price of Bitcoin, the industry consensus is this could lead to an Ethereum ETF getting approved so we would expect a similar price increase. 

Quick Quips: Catch Up on What You Missed

-SBF documentary premiered on Bloomberg 10/25, documenting his turbulent journey.
-President of Coinbase Emily Choi was keynote at Money20/20 fintech conference this week.
-No sex, drugs and rock roll yet at SBF trial but definitely looks like a lot of fraud and negligence.
-Solana conference starts this Friday stay up to date with our Side Event Calendar.

Did you know?

Excited for the new Taylor Swift movie? Did you know you can use over 10 different cryptocurrencies including BTC, DOGE, and USDC to pay at AMC theaters from any crypto wallet via BitPay using the AMC mobile app?

Chart of the Week

Star Atlas game on Solana daily transaction count hits almost 2m, which is higher than the entire Polygon network.

Probably something to watch!

Star Atlas Daily and Cumulative Transaction Count, Source: Flipside

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