Exciting news! We have 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.

Weekly Beluga Insights

Another rough week for crypto as BTC has tumbled under $54,000 at time of writing, down about 10% since last Friday. The equities market is having a similarly rough day with the S&P 500 heading towards its local lows from the beginning of August, which of course reflects an even greater negative impact on risk assets like crypto. This is likely due to a growing fear of recession in the US market, but it’s also worth noting that historically September has been a terrible month for our industry. Looking back at 2023, Bitcoin had fallen under $30,000 and things were looking bleak. October, however, turned out to be a monster month pumping BTC 30%. Will we see the same thing play out here? Given how different the market conditions are now, only time will tell.

Major Movers of the Week

Public Trading Wallet Update

Massive red week for the coins in the Trading Wallet and the market as a whole, with alt-coins getting the worst treatment of the bunch. Sentiment on the front lines of traders is extremely negative and there are lots of calls for Bitcoin to go even lower to the $48,000 mark. I’ve seen a lot of similar events in crypto, and one thing that tends to hold true is if everyone is calling for a certain price, that price will not hit. Needless to say I remain bullish and don’t think this cycle is over by any means, however I will take a realistic view of the situation and say that things do not look great. If the historically anti-crypto democrat party wins in November while macro conditions struggle, prices will likely continue to fall.

As for where I’m allocating, I continue to sit on my hands with our last stablecoins until I see the market steady itself. I’m generally happy with the positions we’ve taken, so I don’t feel any need to rush into the market. If you haven’t yet allocated, we’re entering some pretty attractive price ranges - keep an eye out for tokens you think will outperform the rest, and buy the dips when the rest of the market pulls them down.

Quick Quips: Catch Up on What You Missed

• Bitcoin ETFs See Heaviest Outflows in Months

• More “Goldilocks” Data Sends the Market Lower

• VanEck to Close Ether Futures ETF After Spot Product Launches

• Magic Eden’s Multichain NFT Dominance Surges Amidst Token Hype

• Crypto Lacks Short Term Catalyst- JP Morgan

Tweet of the Week

This week $87B Asset Manager VanEck learned just how sophisticated the crypto market participants are.

Recent Beluga Content

Check out episode 16 of the Beluga Podcast!

Looking Ahead

For readers looking to get a deeper understanding of the state of Ethereum and how you should be thinking about it as a strategic investment, be sure to tune in to the StoneX webinar in partnership with Ethereum ETF issuer VanEck on September 10th.

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