🐳 Daily Edition: Bitcoin Hits Record High, Ethereum Next?

Today has felt pretty euphoric in the order books, as Bitcoin is currently at a new all-time high of $123,700 at time of writing (making it worth more than Google). At $4,750 Ethereum is close to claiming a new ATH itself, with the previous high at $4,860. Ethereum Digital Asset Treasuries (DAT) continue their rapid accumulation with $20B in pledged buying pressure between Bitmine and Sharplink still to come, representing about 5% of the outstanding supply. We’ve seen the effects rapid institutional accumulation has had on Bitcoin, now it’s time to watch the same happen to Ethereum. The big boys didn’t keep all the attention however, as Solana has once again reached the $200 mark with a 16% gain on the day. I’m still of the opinion that Solana hasn’t found much of a userbase beyond memecoins, but at the end of the day the people do like memecoins and that doesn’t seem to be changing any time soon.

Despite the rise in ETH and BTC most of the altcoin market sits fairly dormant outside of a handful of outperformers. The question on everyone’s mind is, “wen alt szn?” While I do believe altcoins will have their day, I think this cycle should be looked at in a very different light than last time around. Narratives run traditional markets just as much as they run crypto, which means that picking the right ones is more important than ever with the popularization of crypto on Wall St. So far, we know the stock market is interested in tokenization, stablecoins, and AI; if I were a betting man, I would guess the leaders in those categories will outperform the rest of alt market. If you want a direction to look in, the Beluga Public Trading Wallet could be a good place to start!

Couldn’t have said it better myself

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 rises to record high as corporate interest expands

• Ethereum ETF flows in August blow past post-merge token issuance

Alt Coins and Stocks

• Stripe taps Paradigm’s Matt Huang to lead new blockchain Tempo

Regulatory

• Bank groups urge US Senate to close gaps in country’s new stablecoin law

Random

• How Binance’s Yi He became ‘the most powerful woman in crypto’— and steered the company past its biggest ordeal