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

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What happened today?

It’s crazy to think we reached these levels during the “golden bull run”, but today’s bounce saw Ethereum return above $2k after it lost that psychological support level a week ago and fell as low as $1,750. With the bounce has come a palpable shift in sentiment and many traders on Twitter are flipping (cautiously) bullish, including the bear whale we discussed on Monday who has most recently opened a long position on Bitcoin. It’s important to remember, however, that similar “vibe shifts” happened every other time we bounced after a large dump, and nothing has really changed on the macro side to suggest a change in trend.

Something that might influence a change in trend though would be continued support from the new administration and progress on the regulatory side, which after President Trump announced he would be speaking at the Blockworks Digital Asset Summit in New York tomorrow seems likely. This comes recently after the closed door meeting he held with top industry representatives and I’m hopeful this is a signal of more positive things to come.

Trading Talk

Well this one is a bit outside the top 100 coins by market cap, but with its performance today the newsletter would be incomplete without discussing Fartcoin. After a brutal drawdown to $0.25 from its ATH of over $2 in January, Fartcoin has gained 40% today rising back to $0.40. As crazy as it sounds, yes this is a real memecoin that once traded at a $2 billion market cap, and I see it as one of the better indicators of investor sentiment we have at the moment.

Aside from memecoins as a whole being good indicators of the risk tolerance in the market, Fartcoin specifically has had the most mainstream recognition of any memecoin to my knowledge since Dogecoin. I want to be clear this is not an endorsement, and I have never owned any Fartcoin myself… I just appreciate their work from the sidelines. Hot air rises.

Tweet of the Day

It really is crazy to think how different things were only a year or two ago.

Biggest Headlines

The Beluga intern has been hard at work gathering all the most important crypto news stories so you have them in one place!

The Majors

• Bitcoin is at its lowest price since November. Here’s what analysts say about buying the dip

Alt Coins and Stocks

• Solana futures ETFs launching this week via Volatility Shares while others await approval of spot product

Regulatory

• President Donald Trump to address Digital Asset Summit

Miscellaneous

• Crypto venture deals drop 60% since October as investors turn more selective

• Privy raises $15 million round led by Ribbit Capital as investment in web3 wallet infrastructure heats up

New Beluga Starterpack

Beluga has teamed up with Walrus Protocol, a blockchain-based data storage solution incubated by Mysten Labs aiming to make onchain data storage cheaper and more efficient by leveraging the low fees and throughput of the Sui network.*

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