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?

More headlines from US States exploring the potential of a Strategic Bitcoin Reserve as North Carolina becomes the latest to enter the race. This isn’t a hot take by any means, but I feel it’s worth reiterating just low large an impact that municipal and sovereign funds accumulating Bitcoin can have on the price action. We’ve seen the effects of Michael Saylor’s purchasing power, what happens when you have multiple entities doing the same? Of course while this is wildly bullish for Bitcoin, we have yet to see the same appetite for altcoins which have been a series of unfortunate events so far this cycle. Over-inflated valuations, massive insider allocations, and shady offchain agreements have unfortunately become commonplace over the last year or two.

It does seem that the times may be changing, however, as many of these practices are brought to light. The biggest example of this so far has been Movement, which if you’re on crypto Twitter you’ve no doubt heard lots about. For those who haven’t, recently allegations have surfaced against the Movement team and founder Rushi surrounding OTC deals, predatory agreements with a market maker, and much more. At this point they are still just allegations, however a series of concerning onchain data points have come out along with investigative reporting by a number of journalists, and where there is smoke there is fire. I’m hopeful these events shine more of a light on the founders and teams adopting these methods — make no mistake, these scams are not just bad for those who buy the token, as each one represents another willing participant that will turn away from the space. We need to grow the pie, not just our own slices.

Trading Talk

Amazing to see $CRV Curve DAO topping the gainer list today, especially given this was one of the tokens we just discussed on Friday. With most of the crypto natives still stuck watching memecoins, it feels like the market is hugely offsides on tokens that fit “TradFi metrics.” When I say Tradfi metrics, what I really mean is revenue and a fairly calculated value based on intrinsics rather than speculation. For years crypto traders spent time learning how to do the opposite, to value coins and projects on attention above all else… and to be honest that’s still how most of this market is valued. The market is changing though, and to get ahead of the times you have to try to predict where the next wave of buyers will be looking, not the current one.

Tweet of the Day

Are we back?

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

• US recession ‘turning into a tailwind’ for Bitcoin: Bitwise Analyst

• BlackRock Brings Blockchain Push to a $150 Billion Treasury Fund

Alt Coins and Stocks

• Robinhood Q1 crypto revenue hits $252 million, down from record Q4 as volumes ease

• Ripple offered $4B-$5B for stablecoin issuer Circle

Random

• Inside Movement’s token-dump scandal: Secret Contracts, Shadow Advisors and Hidden Middlemen

• Visa and Bridge partner on new product enabling stablecoin-backed cards

Recent Beluga Content

Check out our new article on Bonk and how it sets itself apart from other memecoins below!

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