Weekly Beluga Insights

The majors have been relatively uneventful this week, which honestly is good news after the major dump we saw the previous week. Despite the stock market having a strong day Thursday, however, we did not see the same positive price action in crypto. With the US election drawing closer and the Harris campaign rising on the poll charts, it seems the crypto market is nervous about what Kamala being president might mean for regulation of our industry.

While I hope one day we reach a place where US politics have no bearing on crypto prices, one upside of this election drama is how much attention Web3 prediction market provider Polymarket has been getting. We love seeing crypto achieve product-market-fit and it seems like after a few years of being live, Polymarket has finally caught fire. In July they were able to achieve over $300M of volume and halfway through this month it seems they are on track to match those numbers again, mostly due to their viral betting markets on things like “What will Trump say during his Interview”.

Major Movers of the Week

Public Trading Wallet Update

While Bitcoin and Ethereum had a fairly quiet week, the alt-coin market saw a bit of excitement with one of our largest holdings Fantom (FTM) shooting up over 20% to about $0.40 since Sunday. This is due to new proposals related to the Sonic upgrade going live, as well as DeFi legend Andre Cronje announcing his position as CTO of the new Sonic Foundation. I think this is just the start of the move as people are beginning to pay attention to just how bullish the Sonic upgrade is, which you can read more about in our article here.

Our most recent purchase with the Beluga Trading Wallet, Aave, has also done well this week climbing back over $100 as traders continue to pile in in anticipation of the fee switch. For context, this would divert a portion of the protocol’s significant revenue towards buying back their own token. We also saw an exciting proposal for another one of our holdings, Arbitrum, which if it were to pass would add staking functionality to the ARB token on top of the governance powers it already offers. This is basically a complicated way of saying that Arbitrum is exploring adding yield for their token, however we don’t have any specifics yet on where this yield would come from or how significant it might be.

Quick Quips: Catch Up on What You Missed

• Binance Restarts Services in India After Regulatory Halt

• North Korea Steals $1.3M, Also Infiltrated 25 Other Projects

• Eric Trump Teases “Digital Real Estate” Venture

• Crypto Wallet Giant Metamask Introduces Debit Card

Tweet of the Week

Surely Bitcoin will be able to hold $60,000 one of these times…

Recent Beluga Content

Check out our new thread on Moonshot, the Robinhood of memecoins!

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