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Weekly Beluga Insights

While crypto markets were rocky this week, Michael Saylor’s strategy of aggressively acquiring as much Bitcoin as possible for MicroStrategy’s balance sheet continues to pay off with $MSTR reaching a new all-time-high valuation today. Saylor has recently gone on record saying he intends to be the leading Bitcoin bank, and with 1.2% of the BTC supply worth about $15 billion already secured he is well on his way.

Interestingly, while most outspoken crypto investors have endorsed Donald Trump due to his support of the industry this year (including launching his own token??), Ripple co-founder Chris Larsen announced his donation of $1 million in XRP to the Harris Campaign. This comes as Trump reached his highest lead on Polymarket since Kamala entered the race, indicating the crypto market believes his chances to win are quickly rising.

The biggest success story of the week by far has been Web3 game “Off the Grid” which has 150k live viewers on livestreaming platform Twitch right now, making it the first blockchain game in my memory that normies actually enjoy playing. Not only do they enjoy it, but it’s quickly become the most talked about launch in the Web2 gaming world. Off the Grid is a third person extraction-shooter game, where rare items you find in games can be sold onchain for $GUN, their native token which is expected to launch soon. Could this be what finally brings Web3 gaming to the masses? Check out the trailer here to find out more!

Major Movers of the Week

Public Trading Wallet Update

Bitcoin looked shaky through the week even dropping under $60,000 briefly before rallying hard today up over $63,000 at time of writing. It’s looking like this push might once again test the top of this range we’ve been stuck in since April, and if we break through the market is going for a ride. I know I’ve mentioned it a few times in previous newsletters but the price action so far this October feels eerily similar to that of October 2023, which started shaky but ended as one of the best months in Bitcoin history.

Our Public Trading Wallet balance is basically the same as our update last week, and it looks like our second entry of $0.26 on $CRV was a good spot based on how well it held up through BTC weakness. Fantom continues to be my highest conviction play here and with memecoins picking up on the chain, it looks like the market is starting to rotate there. If we look back to the major runs that alt-Layer 1’s like Sui and even Solana had, a lot of the price action and excitement stemmed from memecoin trading on those respective chains. What we’re seeing here could be the early stages of a big run for the FTM ecosystem as they make their transition to the Sonic upgrade.

Catch Up on What You Missed

• Ripple co-founder Chris Larsen donates $1 million in crypto to PAC supporting Kamala Harris’ campaign

• Permissionless III: DeFi phoenix looms as OG builders forecast next phase

• Arkham Intelligence plans to launch a derivatives exchange next month: report

• Binance exec Tigran Gambaryan denied bail in Nigeria

• MicroStrategy eyes trillion-dollar valuation in bitcoin bank endgame, Michael Saylor tells Bernstein

Tweet of the Week

Ok the memecoin supercycle might be real:

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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