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Fundstrat Solana Report

Our partners at Fundstrat, a leading market strategy and sector research fund, have just released their report on the cutting edge technology being developed on the Solana blockchain. They have also been kind enough to make it available to Beluga Brief subscribers for free!

If you’re interested in a deep dive into topics like the slide above, you can download the full report from the link below. You can expect more reports like this from our partners in the future, so be sure to stay tuned if you’re interested in getting ahead of the market!

Weekly Beluga Insights

We are now less than a week away from the US election and despite Trump still leading by a double digit margin on Polymarket, the odds have narrowed significantly over the last 24 hours. With most polling data showing this will virtually be a coinflip, it was definitely odd to see the gap between Trump and Harris rise to over 30 points, and what we’re seeing here is likely just traders taking advantage of these odds. Put more specifically, if the election is truly a coinflip and you can bet on Kamala Harris for a potential 3x payout, it’s a no brainer.

Contrary to what a lot of crypto participants have been saying, I don’t think this election is as binary for our industry as it might seem. Trump has made a lot of promises about his plans for crypto which at face value appear very bullish for the space, however I don’t see him getting a US Government Bitcoin Reserve Fund going any time soon and Bitcoin being “made in the USA” makes no sense. Kamala has been mostly quiet about the industry and so the market has labeled her with the views of the Biden administration, however I don’t see her as necessarily antagonistic to the space; in fact I think similar to Trump, she probably just doesn’t know what she’s talking about when it comes to crypto and so has kept her mouth shut.

Overall I don’t think either of these candidates will make much of an impact on our industry, and the more important role to be played is by our own industry leaders in pushing beneficial policy and regulation through. Whichever way Tuesday ends up going, crypto will keep doing its thing.

Major Movers of the Week

Public Trading Wallet Update

Bitcoin finally cracked through $70,000 this week after months of rangebound price action that drove traders crazy, pushing as high as $73,500. At time of writing we’re trading just under the line at $69,500 but things are still looking good. I think given how much attention is on the election we are unlikely to move out of this new range until we get some closure on Tuesday, so for now we just sit and watch. As we’ve been saying in the newsletter since we first started publishing last October, all of these dips so far have been for buying. We’re still in a bull run, and if you’ve picked your coins well all you need to do is be patient and not chop yourself up overtrading.

Interestingly the BTC pump has not translated to strength in alt-coins, which is indicative of the market still not being risk-on. In all fairness, weakness in the traditional market as well as continued global conflicts in foreign countries doesn’t help the risk appetite of investors. Another interesting data point is that venture funding in the space has still not picked up after the lull this summer — could this be due to the poor performance of virtually every VC-backed coin launched this year? With how bad onchain liquidity remains in the industry, if we see funds move further away from funding these vaporware startups and towards an onchain liquid strategy instead I believe it would be very beneficial for everyone.

Catch Up on What You Missed

• UBS joins Blackrock and Franklin Templeton with tokenized investment fund

• Bitcoin bulls ride ‘Uptober’ wave, keep eye on November

• Crypto slumps alongside Trump’s victory odds on Polymarket as uncertainty and profit-taking rise

• MicroStrategy’s audacious $42 billion capital plan is a ‘win for all,’ analysts say

Tweet of the Week

Why does every crypto person that goes to prison come out saying it was a positive experience? Is working in crypto really that bad??

Recent Beluga Content

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