Weekly Beluga Insights

Despite the majors bouncing off of the lows of last week, data from the ETFs show Blackrock’s IBIT Bitcoin ETF has had no inflows for the past 2 days. In simple terms, nobody bought the ETF. While the Bitcoin ETFs have broke numerous records for volume and AUM, the buying had to wane at some point and it seems like with the halving now behind us, this is the dip. This certainly doesn’t mean Bitcoin has to fall in price, it just means we can’t count on the steady millions from Blackrock anymore.

In Beluga-specific news, yesterday marked the launch of our Aptos Starterpack! Beluga users could claim an exclusive Starterpack with different tokens from the Aptos ecosystem, all for free. Be sure to follow us on Twitter to make sure you don’t miss the next one!

Major Movers of the Week

• Bonk (BONK) +80.86%

• Pepe (PEPE) +53.17%

• Hedera (HBAR) +44.92%

• Toncoin (TON) -18.50%

• Maker (MKR) -4.46%

• Starknet (STRK) -4.12%

What We’re Watching

With less than a week left until May, all eyes are on Blast. For anyone who hasn’t been following along, Blast is an Ethereum L2 network with billions of dollars in TVL despite having been live for only a few months. Blast is really the peak example of airdrop farming, and after a long wait since the launch of deposits in November, the airdrop is finally coming some time in May. The token is likely to have a fully diluted valuation of 10’s of billions of dollars, so the influx of liquidity will be very significant.

It’s hard to predict where liquidity will flow from the airdrop, but with how well the Blast team has kept liquidity on the chain so far, I think a big amount will stay on Blast. For readers who are more actively trading on chain, I would recommend going through the list of protocols on Blast’s gold distribution documents and seeing which earned the most. In the last distribution, the highest earners included Juice Finance, Fantasy.Top, and DistrictOne. Since most of the liquidity on Blast has been stuck just farming for the big airdrop, a lot of tokens for protocols on the chain are sitting very undervalued for the airdrop they will receive. If you’re not trading much on chain, just sit back and wait for the Blast token itself to launch - it’s extremely high profile, so I would expect it to trade on most of the largest exchanges within a day or two of launch.

Quick Quips: Catch Up on What You Missed

• Stripe Brings Back Crypto Payments

• SEC Sends Consensys Wells Notice, Consensys Sues Back

• Worldcoin eyeing Paypal and OpenAI Partnership

• US Seeks 36 Months in Jail for Binance Founder CZ

• Base Network Reaches Second Highest USDC Balance After Ethereum

Tweet of the Week

This was one of the most ridiculous things I’ve ever seen in the space, thankfully crypto twitter bullied Renzo into fixing their tokenomics.

Recent Beluga Content

Did you Know?

According to data from CoinMarketCap, there are approximately 23,000 crypto currencies in existence. However, in reality the number is likely much higher because of how small many tokens are and how easy they are to create.

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 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.