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

At time of writing the public portion of today’s White House Crypto Summit has just concluded, and while the stream may not have had much to note, the real conversation seems to be happening behind closed doors. One interesting tidbit that has come out so far is that Trump intends to “rescind and amend” previous crypto tax guidance, which sounds good but we don’t really know what it means yet — many have speculated that Trump could eliminate capital gains tax on “American made” crypto tokens, but for the time being that feels like a pipe-dream. It’s more likely we see reform around tax rules that simply aren’t fit for crypto, a glaring example of which being that airdrops are currently treated as normal income.

In other news, this week we heard from crypto’s most well-known villain Sam Bankman-Fried who appeared on a surprise interview with Tucker Carlson. There’s a lot to process throughout the 45 minute conversation but in my opinion the most glaring thing is the lack of remorse on Sam’s part; despite the destruction and pain he caused you can tell he really doesn’t think he did anything wrong. Also interestingly, as Tucker notes, he is far less jittery in this interview than he used to be in public. SBF denies the use of Adderal, but I think we all have our suspicions here. If you want to see the full interview including SBF discussing sharing a sell with none other than Diddy, you can find it here. The Bureau of Prisons has since released a statement that SBF has been placed into solitary confinement, as the interview was not authorized, so we probably won’t be hearing from him again for a while…

Major Movers of the Week

Public Trading Wallet Update

Well I am happy to report that after the rollercoaster ride that has been the last few weeks in crypto, the Beluga trading wallet is still in the green overall. A graphic has been circulating crypto today which depicts the performance of altcoins in the top 100 by market cap over the last 90 days. Needless to say, many of these are down more than 75% in a matter of a few months, and I’m certain the numbers are far worse the further down in market cap you go. While many of these tokens probably deserved a retrace like that, you’ll find even real revenue-based tokens like Aave down massively — to me this is a clear symptom of an over-panicked market, and we’ll likely see these revert to mean soon.

The name of the game given the market volatility at the moment is capital preservation, and I think we’ve positioned here pretty well. About half of the portfolio is held in Bitcoin and Ethereum, with the rest distributed between more risky altcoins across a few sectors such as DeFi and RWAs. I believe with the rejection of the financial nihilism brought on by the collapse of memecoins, coupled with what I hope will be a positive regulatory framework for digital assets, investors and speculators alike will be flocking towards these more “real” sectors. We also heard word this week of Coinbase looking to tokenize their own COIN ( ▼ 17.58% ) stock, which would be a huge step in the right direction for the tokenization of all publicly traded assets down the line.

Tweet of the Week

I don’t think this was the kind of wording Michael Saylor was hoping for.

Recent Beluga Content

Do your Crypto taxes for FREE with Awaken

Awaken is a crypto tax software built for degens. They help do taxes on 300k+ wallets, so whether you are in the trenches or yield farming, they got you covered.

Here’s how it works:

1. Connect all your wallets & exchanges (they’ve got Bitcoin, Ethereum, Solana, Base, Coinbase, Kraken, Gemini—you name it).

2. Auto-import & label every transaction (DeFi, NFTs, LPing, lending—no sweat).

3. Download the exact tax report you need (with coverage for dozens of countries).

The best part? You can start using Awaken right now for free—and breeze through tax season like a pro.

I want my tax report

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