Pullback off ETF Highs means Opportunity for Alt Coins

Weekly Beluga Insights

The last week has been rough for crypto, with Bitcoin dipping under $40,000 as of Thursday night off of a $49,000 high on ETF approval. As we discussed in our last newsletter, outflows from GBTC unwinding in addition to multiple estates such as FTX and Celsius liquidating funds have combined to amount to massive sell pressure on the majors. The good news is, GBTC bleeding seems to be slowing down as prices dive lower and many believe this might mark the start of a reversal. As always, whichever direction we go Beluga will be here to keep you informed!

Major Movers of the Week

  • Pendle (PENDLE) +29.92%

  • Pyth Network (PYTH) +28.93%

  • Frax Share (FXS) +20.04%

  • Ordi (ORDI) -23.18%

  • Sei (SEI) -12.76%

  • Injective (INJ) -9.32%

What We’re Watching

While the market pulled back in terms of price and sentiment, we still see a lot of potential for growth among alt coin ecosystems. One of the most prominent of which is Sui, an innovative layer 1 blockchain based on the Move programming language created by Facebook. Sui is a high throughput, inexpensive blockchain which leverages parallel transaction processing as well as native account abstraction to make for a smooth onboarding and user experience on the chain.

Source: Cryptonomist

Sui fits into the small group of chains which have extraordinary backing, good technology, and a killer team but never quite had its time in the spotlight. Due to a launch in May of 2023 in the midst of the bear market, Sui has performed relatively well yet not experienced the meteoric rise it would have had it launched in more favorable conditions. Well, those favorable conditions are here now and with recent price action it seems the market is once again paying attention to Sui.

A unique feature of the Sui ecosystem is the interest from game developers to build on the chain, as its infrastructure is designed to be optimized for blockchain gaming. Most, if not all, blockchain games release a token distributed via airdrop to both users of the game itself as well as holders of their existing NFTs - with this in mind, it’s a good idea to keep an eye on the Sui gaming ecosystem as if it heats up, positioning to receive gaming airdrops could be quite lucrative.

Quick Quips: Catch Up on What You Missed

Eligio Regalado, Pastor behind $3M crypto scam

Tweet of the Week

Yes this video is real, no we can’t believe it either.

Chart of the Week

This may be the first negative chart of the week, but we felt we had to highlight what was truly one of the most clown token launches we have ever seen. Satoshi VM launched with extreme hype and reached an $80M market cap in its first day. While this may not be surprising, it turns out the influencer-shilled token was being dumped by not only the founder and team but also the launchpad it launched on. Just another day in crypto!

Source: DexScreener

Did you Know?

Bitwise’s new Bitcoin ETF became the first ETF ever to have someone donate underlying assets, making the ETF over collateralized, after publishing their Bitcoin address on Twitter.

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.