Weekly Beluga Insights

Despite continued massive trade volumes and interest in the new Bitcoin ETFs, at time of writing BTC sits down almost 11% in the last week. This move has also dragged the alt coin market with it, which sits down over 5% by measure of total market cap. If we’re being honest though, the market still feels wildly bullish: memecoins pumping left and right, high profile chain launches, trillion dollar asset managers tweeting about Solana shitcoins, Pudgy Penguins sending towards 20 ETH… these are bull market things. Is a local top in? Maybe. But in our opinion, the next few months look very bright for crypto.

Major Movers of the Week

• Flare (FLR) +28.64%

• Blur (BLUR) +12.05%

• Celestia (TIA) +6.52%

• Bonk (BONK) -26.45%

• Optimism (OP) -18.26%

• Kaspa (KAS) -16.98%

What We’re Watching

With the market this excited, a lot of projects are now coming out of stealth mode to launch, many of which are using airdrops to gain users. One of the highest risk/return strategies in crypto is referred to as “airdrop farming”, and this week we wanted to focus on two major opportunities to earn free tokens.

First up on the list is the Ethereum Layer 2 network Blast, backed by Paradigm. The main selling point of Blast is the concept of “native yield”, which basically means that all ETH bridged over to the chain is automatically staked. Rewards accrue directly to users wallets, just for having ETH on the chain.

Deposits for the network have been live for a few months now, with depositors being rewarded with an unknown number of tokens in May after the blockchain has fully launched. As of right now, there has been over $1B worth of crypto bridged to Blast showing incredible demand for the network’s token. The easiest way to earn points for the Blast airdrop is to deposit ETH into their contract, however keep in mind withdrawals are not available until February when the mainnet launches.

Our second focus at the moment is Berachain, which launched its Testnet in the last week. Berachain has long been awaited ever since the launch of their NFT collection 2 years ago called Bong Bears. Truly embracing every part of what it means to meme in crypto, Berachain raised their series a round at a $420.69M valuation. While there is speculation about NFT holders getting airdrops, they’re now expensive as the hype have grown and may not be worth the purchase. Instead, you can follow the steps outlined in our recent article to potentially gain a share of a developer-focused airdrop.

Quick Quips: Catch Up on What You Missed

• Bitcoin ETF Beats Silver

• Coinbase Fights the SEC in Court

• Socket hacked for Millions

• Forbes enters Web3 with new Crypto Wallet

• Donald Trump Announces New NFT Collection

Tweet of the Week

Trillion dollar asset manager Franklin Templeton references Solana memecoin “Dog Wif Hat” in tweet. Honestly, never thought I’d see this.

Chart of the Week

Beluga in the News

Will the Ethereum ETF get approved this year or will Bitcoin hit $100k? Hear Beluga’s take on Bloomberg below!

Did you Know?

Over 15,000 companies worldwide accept Bitcoin as payment.

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.