Weekly Beluga Insights

This was quite a hectic week in the crypto markets, with hundreds of millions in leveraged positions liquidated off the back of some large red candles on Bitcoin and Ethereum. Despite these shockingly high liquidation numbers, Bitcoin continues to trade within the same range it has been in for the last 2 months. If you’re on Crypto Twitter, the sentiment would make you think FTX had collapsed again, when in reality we are still sitting right around all-time-high prices. A lot of this is likely due to crypto natives holding Alt Coin bags that have been bleeding much harder than the majors, so it’s hard to gauge an accurate sentiment of Bitcoin and Ethereum.

In my opinion, things actually look pretty good and we are right on track for the continuation of the bullrun. Messaging from SEC Chairman Gary Gensler this week stated that he expected trading approval for the Ethereum ETFs to go through this summer is very encouraging for the Alt Coin rally we tend to get later in the cycle. There are a lot of things people are calling “top signals” floating around, namely the B list celebrities that have come out of the woodworks to launch memecoins, but I think we’ve got plenty of time left. Remember not to trade on leverage during times of chop like this, and don’t get blown up before your trade has a chance to be successful.

Major Movers of the Week

• Oasis (ROSE) +5.13%

• Toncoin (TON) +5.04%

• Wormhole (W) -31.63%

• Arweave (AR) -27.18%

• Bittensor (TAO) -26.23%

• Ethena (ENA) -25.92%

It was a rough week for Alt Coins…

Public Trading Wallet Update

Last week we gave everyone a first look at how the Beluga Trading Wallet has been performing and how we’ve thought about the positions we’ve taken, this week I wanted to highlight a protocol called Fantasy.Top since Beluga entered our first tournament! With the highly anticipated launch of the Blast L2 token at the end of this month, farming for the airdrop is on everybody’s mind. One of the currencies you can earn for this airdrop is called Blast Gold, which is given to all apps on the chain based on their popularity with users. Fantasy.Top has been in the top 3 of each distribution, and with only a few weeks left until the Blast token launch they will be giving out an estimated 10’s of millions of dollars in gold.

After spending exactly 0.5 ETH on our deck, we ended up finishing in the top 25% of the tournament and received some decent rewards, including approximately $500 in Blast gold. On top of this our cards are currently worth about 0.8 ETH, so it was a great first week and tournament for Beluga! We don’t have much time before Blast token goes live, and in my opinion Fantasy.Top is the best place to reliably generate high Blast gold. The biggest risk you take on with Fantasy is how illiquid the cards can be, as there is no liquidity pool to instantly sell into like there is for normal coins.

As a reminder, soon we will have our full trading dashboard live on the Beluga site so that you can follow all these things in real time without having to wait for each Friday to come around. Stay tuned!

Quick Quips: Catch Up on What You Missed

• ZKSync Long Awaited Airdrop Expected for Next Week

• Judge Signs Off on $4.5B Terraform Settlement with SEC

• Web3 Game Pirate Nation Listed on Coinbase on Launch Day

• Paradigm Raises $850M For Third Fund Focused on Early Stage Crypto

Tweet of the Week

Rapper Lil Pump got the word Solana tattooed on his head… can’t say I like this one.

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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 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