Exciting news! We have officially added a daily edition to the Weekly Whale newsletter, and to go along with this we’ll be rebranding to “The Beluga Brief”. This means we’ll be able to deliver data-driven insights to your inbox every day of the week, spending our time in the crypto trenches and combing through thousands of crypto news feeds so you don’t have to.

What happened today?

Lot of blood today as Nvidia’s stock price tumbled, bringing everything else down with it and wiping out over $1.05 trillion from the US stock market. A report from Bloomberg after market hours indicates the tech giant has been subpoenaed by the US Department of Justice, which based on the price action today appears to have been front run by insiders. If there’s one thing the crypto markets have taught me, it’s that someone always knows something you don’t. The good news is despite NVDA’s weakness and the crypto dump, we didn’t break out of the bottom of this new range we’ve sat in since the beginning of August. The messaging remains the same: survive the range so we can get to the volatility on the other side.

One of the more interesting debates going on in the blockchain architecture world is how Ethereum’s L2 design has contributed to the massive drop in its revenue generation year to date. After an upgrade went live earlier this year which made transactions on L2 networks a fraction of the price they previously were by utilizing what are known as “blobs”, Ethereum’s revenue from settling L2 transactions was similarly cut to a fraction of what it was. In other words, Ethereum is currently suffering from the success of its own scaling mechanism. With Coinbase’s L2 network Base generating $2.5M in sequencer fees in August yet only paying $11k to settle on Ethereum, many are starting to wonder if this new set up may have been a mistake.

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

• Trump-Backed DeFi Project to be Built on Ethereum

• Scottish Authorities Seize Bitcoin Belonging to “Brains” Behind Machete Robbery

Regulatory

• NVDA Hit With Subpoena by US DOJ

• SEC Charges Galois Capital With “Holding Funds on FTX”

Alt Coins

• Matter Labs to Lay Off 16% of Team

• Solana Network Transactions hit Multi-Month Low in August

New Launches

• Trump’s “World Liberty Financial” To Issue Non-Transferable Governance Token

Miscellaneous

• TON Ventures Launches Accelerator Amid 22% Plunge in Token Price

Fun Fact of the Day

Bitcoin has been declared dead by mainstream media 476 times since its inception in 2010.

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