Weekly Beluga Insights

This past weekend marked one of the worst dumps we’ve had in the market since FTX collapsed, sending Bitcoin briefly under $50,000. Data from Coinglass indicates that Monday saw an estimated $1.2B in leveraged positions liquidated from the crypto market, however the real number is likely much higher. This was primarily driven by the combination of US economy data coming in weaker than estimates, followed by a massive crash in the Japanese stock market due to what is known as the Yen carry trade unwinding which you can read more about in our article here. While the weekend was brutal, Monday saw a strong bounce across both the traditional financial market as well as crypto which has continued through the week with BTC trading at just about $60,500 at time of writing.

In Beluga news, be sure to check out our new exclusive interview with “Bitcoin Jesus” Roger Ver for an inside scoop into his views on the space, the tokens he’s holding, and more!

Major Movers of the Week

Public Trading Wallet Update

Last week we talked about the strength of “Crypto Bank” $AAVE after a proposal detailing future value accrual to their token caught traders’ attention, however at the time the token price was pumping too much for us to catch an entry with the Beluga Trading Wallet. With the market crash we had on Sunday, however, we got the dip we’ve been looking for. I’ll be the first to admit I wasn’t sure we would get the instant bounce that we ended up getting so I did not catch the bottom, however I feel good with an entry at about $93 per token vs. the prices we were looking at last week above $110. Platform TVL remains strong and user counts as are at yearly highs, meaning the fundamentals of the platform are robust even without the fee switch detailed in the proposal. For a deeper analysis of Aave, I recommend checking out DeFi researcher Taiki Maeda’s video here.

It’s still impossible to predict where things go in the short term as sometimes freak events happen, such as what we saw in Japan. What we do know is that ETF volume remains strong across the board and we are still seeing inflows, which means much of the selling pressure must be coming from crypto-natives rather than normies who had purchased the ETFs. I see this transition in holders as a positive for the market as the reality is, most of the money is still in traditional finance. If we as an industry are going to grow, it’s going to take inflows from outsiders. I still strongly believe we are still in the midst of a bull market, so once again I am using this dip to accumulate coins I have high conviction on.

Quick Quips: Catch Up on What You Missed

• XRP Declared Not a Security in $125M Settlement

• Controversy Over New Trump Memecoin

• Jump Trading’s Wallets Under Scrutiny After Selloff

• ETF’s See Inflows Despite Market Weakness

• ETH Staking Rate Soars as Restaking Catches Fire

Tweet of the Week

I’m not gonna point fingers but the Solana memecoin trenches are getting very interesting these days.

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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