Weekly Beluga Insights

Hovering just under $60,000 at time of writing, Bitcoin has had another rough week however looks to be bouncing from here. Our first week of ETF outflows may have caused some of the sell off, with US-based Bitcoin ETFs seeing $600M leave the ecosystem on Wednesday. On the other side of the world, however, the first spot Bitcoin and Ethereum ETFs opened for trading in Hong Kong.

While initial reports showed volumes at a measly $6M, it turns out this low number is actually due to some confusion in how ETF numbers are reported in Hong Kong versus the US. In fact, the ETFs saw $292M in assets on day one, making up almost 30% of the predicted annual totals in just one day. It’s impossible to predict where the markets will go in the short term, however “diamond hand” ETF buyers capitulating after a mere 25% drawback feels like a local bottom signal to me.

In related events, we’ve made our first purchases with the $100,000 Beluga Trading Wallet this week and are excited to share them shortly! We will also be opening up our Aptos Starterpack for more claims today starting at 11am EST for Weekly Whale subscribers that missed the drop from last week. After the special claim window, we will open the claims back up to the public! You can find the Starterpack page here.

Major Movers of the Week

• Helium (HNT) +33.25%

• Optimism (OP) +19.51%

• Pepe (PEPE) +7.98%

• Pendle (PENDLE) -18.63%

• Near Protocol (NEAR) -13.87%

• Pyth Network (PYTH) -12.66%

What We’re Watching

If we look at previous cycles, Bitcoin tends to lead bull runs. We’ve seen that be the case this year, with 6 green months in a row to send us over previous all-time-highs. One thing we have also seen, however, is that the real alt-coin run tends to happen once Bitcoin has stagnated a bit: Bitcoin falls into a new range, giving Ethereum the opportunity to catch up which sends the rest of the alt market into a frenzy.

It’s way too early to call if that’s what we’re seeing the beginning of here, but this looks like a great spot to start scaling into ETH. In addition, while I don’t expect the ETH ETFs to be approved in May, I think the likelihood we get one before 2025 is very high. The final deadline for BlackRock’s application falls right at the end of summer, so should we enter into a sustained Ethereum run in the meantime it could be very powerful.

Quick Quips: Catch Up on What You Missed

• Coinbase Crushes Q1 Earnings

• Binance Founder CZ Sentenced to 4 Months in Prison

• EigenLayer Announces New Airdrop Terms After Backlash

• Cathie Wood Raises BTC Price Prediction by $2.3M

• Jack Dorsey’s Block Nears $5B of BTC on Balance Sheet

Tweet of the Week

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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.