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Weekly Beluga Insights

As the equity market continues its recovery, so too has the crypto market recovered as BTC trades over $96,000 at time of writing. Its impressive performance recently is likely due to the influx of companies and government entities exploring the use of Bitcoin as a strategic reserve asset. For years crypto natives have speculated on this eventually happening despite a harmful regulatory environment, so it feels odd to now see it playing out right before our eyes. It remains to be seen whether the entities now buying BTC will end up moving on to other digital assets, but as the old saying goes, “A rising tide lifts all boats.”

We already covered this in short earlier this week, but if you’ve missed the drama with Move and their 22 year old founder Rushi Manche, you are in for quite a ride. For months now rumors have circulated about their shady activities, under the table OTC token agreements, and predatory market marker activities - well, turns out most of it is true. As of today, Rushi has been suspended from his position at Movement Labs pending an ongoing third party review of his actions. With a number of big name firms and investors such as Polychain, Binance Labs and Sandeep Nailwal, Move managed to command a valuation of $10B FDV at its peak… today it trades under a $2B FDV, and the chain itself still doesn’t exist.

Major Movers of the Week

Public Trading Wallet Update

The Beluga portfolio is currently valued at just over $115k, sitting up about $5k from our update last Friday. Echoing the sentiment of that update, our holdings haven’t changed since then and I don’t intend to make many trades in the shorter term unless something significant happens. Crypto is a deeply psychological market, and it’s my belief that everyone needs a system or set of rules in order to set themselves up for success — for me, the strategy that makes the most sense is to develop a thesis over time and follow it until that thesis resolves or is proven incorrect. Two great examples of this going right are Curve and Aave, both of which we have held in the Beluga wallet since last summer… much longer than the average crypto investor tends to hold a token. As of today, our CRV position is up over 130% and AAVE is up 80% despite massive market fluctuations and drawdowns especially among altcoins.

Tuning out the noise and sticking to your core thesis isn’t easy by any means, as our market is filled with noise, but it’s a very important lesson to learn. The most common way I see traders lose is by chopping themselves up with too many trades, even when they had sound theses for why they were buying these coins in the first place. Figure out the types of trades you tend to succeed at, and work on a strategy to maximize your opportunity to take those trades.

Tweet of the Week

Sometimes I feel like I am this monkey.

Recent Beluga Content

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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

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