Welcome to the Beluga Brief, where we deliver data-driven insights to your inbox for free, spending our time in the crypto trenches and combing through thousands of crypto news feeds so you don’t have to.

Weekly Beluga Insights

While the memecoin trenches are ‘cooked’ right now, this week has seen a lot of positive development on the institutional side. More and more companies seem to be taking a page from Michael Saylor’s book and adding some Bitcoin to their balance sheets, including most recently GameStop. Despite this BTC hasn’t yet regained the 6 figure mark, however it looks set to break $100k once again soon unless something drastically changes.

Another important milestone this week came from Citibank, who announced earlier today they would be partnering with State Street to offer crypto custody to their customers. It seems that the insane numbers being put up by Coinbase this quarter (+130% to $2.27B in revenue) and of course Robinhood’s 700% surge in crypto revenue are getting the rest of the market interested, and they should be. The regulatory landscape in the US made it virtually impossible for big companies to develop their infrastructure to support this industry, but we’re now seeing the switch happen quickly given the overwhelming demand and new administration.

Major Movers of the Week

Public Trading Wallet Update

While sentiment feels like it’s improving especially as the market has now had time to consider the proposed tariffs, not much has changed in the Beluga wallet since our last update 2 weeks ago – in fact, we’re within a few hundred dollars of where things were despite all that has happened. If you’re a leverage trader, this violent chop has probably been a nightmare. If you’re a spot holder, it hasn’t been easy but you could have gone on a trip with no internet and things would still be the same.

This is a lesson I mention a lot in this newsletter so it may feel repetitive, but it’s very important. Crypto is a violently volatile market and hard enough to handle as it is, but when you introduce liquidation prices it becomes nearly impossible. It should be no surprise that the HyperLiquid LP yield has been only up since they launched despite falling volume and prices in the market – this comes from traders losing money, and they’re losing money at an increasing rate.

Tweet of the Week

Recent Beluga Content

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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