Welcome to the Beluga Brief, where we 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?

Last week’s craziness at the Singapore conferences has finally wrapped up, with one of the biggest events hosted by celebrity Iggy Azalea still making headlines with the wild footage of the party including a Lamborghini giveaway. While all the influencers were out enjoying themselves, the market has been ripping particularly in the alt-coin sector. The biggest winner has been AI coin Bittensor, better known as $TAO, which sits up over 100% in just the last two weeks and is now only 30% off its all-time-high in April. For memecoins this kind of price action might be normal, but for a coin that currently trades at a $11.36B fully diluted valuation this is pretty insane. The AI hype is real and with all the recent developments coming out of industry giants such as OpenAI, it will likely stick around for a while.

Today also marked the first trade I’ve made with the Beluga Trading Wallet in 46 days, when we bought $AAVE at $96.00 which now trades over $175. I finally decided to deploy into $CRV which is the governance token for Curve DAO, one of the staples of DeFi. Between the DeFi sector as a whole falling out of popularity through the bear market and more recently the founder of Curve getting his own position liquidated. The CRV platform is the original stablecoin swap, designed to keep fees low when going between different stables which is important for onchain liquidity. The overall supply of stablecoins in existence recently hit its all-time-high, and with the DeFi sector picking up again in combination with what looks to be a local bottom, I think CRV presents an attractive opportunity.

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

• Ethereum ETFs gain traction with $13B in trading volume, but ETH price impact remains subdued

• Arthur Hayes says he was wrong on bearish Bitcoin stance: ‘let the good times roll’

Regulatory

• UK crypto hub will overcome regulatory friction, says Coinbase policy exec

• Harris offers olive branch to crypto sector during Wall Street fundraiser

Alt Coins

• Bittensor’s TAO leads AI token rally with 56% gain amid market rebound

• Celestia Foundation raises $100M in a round led by Bain Capital Crypto

New Launches

• Galaxy-backed Aleo mainnet goes live

• Everclear, the first ‘Clearing Layer’ goes live on mainnet

Miscellaneous

• Telegram to provide more user data to government after CEO’s arrest

• Polymarket considering token launch

Tweet of the Day

These (unconfirmed) reports might just be what Ethereum needs right now:

Recent Beluga Content

Could a digital hamster game make millionaires? Find out in our recent article:

Fun Fact

The costliest NFT ever sold in history is "The Merge" by PAK, which was sold for $91.8 million on December 2, 2021. And yes, it really does look this boring.

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