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Weekly Beluga Insights

The market has felt uncertain this week, with majors bouncing only a few % points from the bottom of the big dump yesterday. We also recorded one of the largest single-day outflows from the Bitcoin ETFs earlier this week, which of course negatively impacted our price action. It seems the biggest catalyst however was news of the US DOJ being approved to sell over $6B in Bitcoin that was seized from Silk Road, which was seen as especially negative given Donald Trump’s promise to not sell any of the Government’s seized BTC.

Price action may not be ideal to start the year off, but we have a lot of new things to look forward to in the near future: the launch of RWA L2 Plume’s mainnet, Abstract Chain from the Pudgy Penguins team, and of course the long-awaited Berachain and Monad. Stay tuned to the Beluga site to make sure you don’t miss any of these massive launches!

Major Movers of the Week

Public Trading Wallet Update

Our overall balance has dropped off some again this week, which shouldn’t be a surprise considering the way the market has moved. Our positions remain unchanged from last week, and until we see a significant upwards movement in the market I will probably keep things that way. Notably $BEETS looks to have taken a larger hit than most coins in the wallet, however this is really just due to how much smaller it is in terms of market cap versus the rest of our position (which is also the reason why it is such a small part of our portfolio).

One thing that has been interesting is seeing many big traders who I personally respect very much flipping to bearish over the last week — it seems to me this sentiment shift is mostly coming from a boredom perspective, as many of them are mostly margin traders looking at alt-coins. This cycle has not been kind to most tokens in this category and instead favored onchain traders with the memecoins and AI agent meta that has dominated volume recently, which I believe has led to the aforementioned KOL’s finally capitulating. My stance remains that the impact of the new regulatory regime in the US has not nearly been priced in yet, and since I stay off the leverage I don’t have to worry about short-term volatility.

Catch Up on What You Missed

• ‘Razzlekhan’ drops video as rapper prepares for prison in Bitfinex hack

• Messari lays off roughly 15% of staff amid industry-wide cuts, CEO Turner confirms

• Bitcoin’s slump is just a blip on its way to $250,000, say experts

• Hong Kong introduces ‘supervisory incubator’ to guide banks in blockchain adoption

• Fidelity predicts countries and central banks that once avoided Bitcoin will start buying it in 2025

Tweet of the Week

Huss always says it like it is

Check out Beluga’s Top 10 Predictions for 2025!

2024 was a wild year for our industry, but will 2025 be even crazier? Find out below!

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