Weekly Beluga Insights

After a sizable dump at the beginning of the week which included outflows from the Bitcoin ETFs, it seems like the market is returning. I’m maintaining my stance that any dip on the majors in the near future is simply an opportunity to buy, and based on price action so far it seems this was another of those cases. We’re currently in the midst of tax season which usually turns into blood on the crypto charts, but with the Bitcoin halving only 2 weeks out who knows where things will go. As always, we recommend trading without leverage at times like this.

Major Movers of the Week

• Pendle (PENDLE) +50.01%

• Ethena (ENA) +42.39%

• Bitcoin Cash (BCH) +19.61%

• Arweave (AR) -19.95%

• Dogecoin (DOGE) -19.80%

• Synthetix (SNX) -19.08%

What We’re Watching

This week we’re keeping things simple: BTC and ETH have both dropped off, which means a number of alt coins have dropped in price even more. Right now we’re looking for those that held strong even through the dip, and one of the strongest coins has been Pendle. Pendle has received a ton of attention over the last few months mainly due to the billions of dollars farming the Eigen Layer protocol.

Users who have deposited to Eigen can then re-deposit their tokens on Pendle to earn extra yield on top, which has led to Pendle’s meteoric rise in TVL to almost $4B. If we think Eigen and other ETH staking airdrop farms will continue to be popular (which we do), Pendle should continue to benefit from the attention and capital they receive. Revenue doesn’t always lead to better prices, but with the attention they have it should be a strong combination.

Quick Quips: Catch Up on What You Missed

• Ethena Protocol Launches Billion Dollar Token

• Bridge Protocol Wormhole Finally Airdrops Token

• US Government BTC Wallet with $2.1B Transfers some to Coinbase

• Crypto Casino Platform Shuffle Reaches $1.25B Monthly Volume

Tweet of the Week

Solana memecoin traders have an unreasonably unhealthy obsession with Ansem.

Recent Beluga Content

Did you Know?

Because Ethereum transitioned from a Proof of Work chain to a Proof of Stake chain, many Ethereum holders actually still have a mirror image of their Ethereum on the old chain, which is theoretically free money. However, because of the fear of things like double-spend attacks, most people do not bother.

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.