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Weekly Beluga Insights

If you were looking at the Bitcoin chart, you might not even know there was an ongoing trade war: ending the week at almost $95k, BTC is once again within smelling distance of the $100k mark. The rush of companies looking to replicate Michael Saylor’s success with Strategy is clearly having an effect, as Bitcoin has managed to stay stronger than most of the top equities. With SoftBank now stepping into the ring, it seems like the trend is just getting started. Each additional institution, company or government launching a BTC strategy brings it closer to being the reserve asset many of us have dreamed of it being, and while it may be pretty far off from Satoshi’s vision, it’s good for the price.

Much of the altcoin sector still lies way down from the highs around the inauguration, however BTC’s strength has caused a few strong recoveries, none stronger than Sui’s rally this week. At $3.55, Sui has gained 70% since last Friday — that’s $4.75B in market cap added for the mathematicians at home. Weekly gains of this magnitude happen in crypto, but usually they don’t happen to tokens of this size. Some of the positive action could be attributed to the market improving as a whole, but it seems the main piece of news driving it is the rumor of a potential Pokemon partnership. Earlier this week the rumor mill was sparked due to Pokemon making changes to its developer list in the Terms and Conditions of one of their games, which now includes the Mysten Labs-owned developer shop Parasol. We have very little information outside of this, but it seems the market is excited given the price action. I have to say as someone who grew up playing countless hours of their games, I’m pretty excited at the idea of their IP coming onchain too.

Major Movers of the Week

Public Trading Wallet Update

Through all the turmoil of the last 2 months, I’m happy to report the Beluga Trading Wallet is still profitable at about $110k. I talk a lot about staying off of leverage and being patient, and this is a pretty good example; I’ve watched friends spend all day and night watching charts, then end up getting liquidated due to some random headline nobody could predict. We on the other hand have not made a trade in weeks, and are in profit by simply doing nothing. Everyone has their own style and strategy that works for them, but I’m a major believer that if you spend less time looking at charts and more time actually researching the market you’re trading in, you’ll end up better off.

One of our best performers continues to be PLUME*, which despite their mainnet not being live yet has been making lots of progress in onboarding institutions and bringing yield-bearing assets onchain. DeFi protocols Aave and Curve also have remained incredibly strong, likely due to much of their value coming from real business activities rather than pure speculation (I know, it’s not the crypto way but it still matters). I think as we onboard more and more investors from the equities world, the value prop of protocols like those will matter far more. Traditional investors care about traditional metrics, so I’m keeping an eye out for tokens that fit that description.

Tweet of the Week

He makes a valid point tbh

Recent Beluga Content

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

*Beluga has a marketing partnership with Plume.