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  • šŸ³ Weekly Edition: Greenland Chaos Triggers $1B Liquidation Wave, BitGo Opens IPO Season

šŸ³ Weekly Edition: Greenland Chaos Triggers $1B Liquidation Wave, BitGo Opens IPO Season

BTC went on a rollercoaster (not a fun one) as BitGo debuts on the NYSE, goes under IPO price on second day

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Beluga & Will McKinnon
January 23, 2026

Bitcoin took its holders on a rollercoaster ride this week as we went from last weekā€™s close of over $97,000 to ending today under the $90,000 mark, while the market decides what it thinks about Trumpā€™s Greenland policy. The biggest bloodbath of course happened on Monday as the announcement of tariff threats coincided with traditional US markets being closed for MLK Day, meaning Bitcoin bore the brunt of investorsā€™ fear before it was priced into bigger markets.

Wednesday saw these threats dismissed as Trump announced a ā€œframework of a deal,ā€ however crypto has not seen the recovery that stocks experienced. There is, however, a new crypto company trading on the NYSE as Bitcoin custody giant BitGo IPOā€™d on Thursday at a price of $18 a share. Unfortunately for those who purchased at the IPO price, the stock has already tumbled down to $14.50 on its second day of trading.

CEO of Ripple, Brad Garlinghouse, speaks at Davos, Source: Binance

All in all, despite whipsaw price action, this week was relatively uneventful for the crypto space. The main catalyst of a crypto market structure bill being approved has been punted down the line, and most analysts seem to be expecting things to trade sidewise for the next few months. I donā€™t have any special information here, but I will say in my experience, cryptoā€™s big moves tend to happen when you least expect itā€¦

This may come as a surprise, but not much has changed in the Beluga wallet since Fridayā€™s update. Weā€™re currently sticking to our gameplan until the market structure changes in a way that makes it appealing to bid new tokens again; until then Iā€™d rather sit in more established plays and keep our riskier bets to a minimum.

Not specifically crypto, but the advent of ā€œagentic codingā€ seems to be spurring on an App season

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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