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Weekly Beluga Insights

We end the week with BTC trading at the exact same price it was when the week started despite the strong mid-week rally. It seems every time momentum starts to pick up some new headline comes out to dash our hopes again, and this week that came in the form of more tariff talk from President Trump. Until things settle down on the macro side, most rallies will get sold into — after all, who wants to buy high-risk tokens when we’re at risk of a collapse. Finally doing their part to lower the risk level of participating in this industry, however, is the SEC. This week saw another set of cases against crypto companies dropped as the SEC shifts its tactics away from regulation by enforcement. Included in this new batch is of course Ripple, which means the conclusion of the 4 year battle the company has fought against regulators.

Perhaps more importantly though, the US Treasury has officially dropped its sanctions on the infamous Tornado Cash. Tornado Cash is what is known as a “tumbler” and exists to allow people to conceal the origin of their crypto funds by tumbling them through many differ. At its core, Tornado presents a helpful tool to keep your activities private which may be a necessity for any collection of reasons. The problem of course was its popularity among criminals, who often used the platform to launder their ill-gotten gains. Despite its frequent illicit use, the founders of Tornado themselves did not build it for that purpose and seemingly did not facilitate it. This puts them in a similar legal position to Silk Road’s Ross Ulbricht, who was recently pardoned after spending a decade in prison.

Major Movers of the Week

Public Trading Wallet Update

With BTC at similar prices as last week’s update, it shouldn’t be a surprise to see the trading wallet balance virtually the same as well. Though admittedly, things were looking much better in the middle of the week… the last 24 hours have not been kind to us as we feel the effects of the stock market weakness, which you can clearly see based on the 24 hour change of each of our positions. I’ve mentioned this a few times but to reiterate, market periods like we are in now are very difficult to trade within. We aim to survive, allocated into our conviction bets until it becomes easy again, then we capitalize.

Tweet of the Week

Too real.

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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