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Weekly Beluga Insights

While many traders had been patiently waiting for “Uptober” to begin, this week wasn’t exactly the hot start we’d been looking for. There’s a trend in crypto where prices tend to dump around conferences, and it seems like Messari Mainnet is no exception. It has however been a refreshing change of pace versus the Solana Breakpoint conference of 2 weeks ago which was basically just a series of massive parties. Messari being the data-provider it is naturally attracted a lot of institutions and more “serious” crypto companies, with most of the conversations we saw centering around DeFi as well as the intersection of AI and blockchain technology. Historically most of the AI projects we’ve seen in crypto have been grifts simply designed to extract money from the industry by riding the AI narrative, however with the way the technology is advancing the doors to real innovation are opening.

The biggest story of the week so far has been the Eigen token launch, which has seen massive controversy over the last few months regarding their airdrop mechanics. I’m not sure what we were expecting, but following the token going live it was discovered that an investor wallet was selling tokens which should have been locked on the open market. It turns out following a short investigation that this was not an investor and rather a scammer group, which had managed to social engineer their way into a few million dollars worth of free tokens. It’s really surprising to me to see teams continue to fall for unsophisticated attacks like this, and hope it’s a wake up call to be more diligent in the future.

Major Movers of the Week

Yes you’re reading that correctly, FTX’s token is actually top of the leaderboard this week. We have no idea why.

Public Trading Wallet Update

Given the performance of BTC and the market this week it’s not surprising to see the Trading Wallet portfolio pull back a bit, but overall at time of writing things look to be recovering into the weekend. Looking at FTM, from a structural perspective a pullback was likely needed anyway given how quickly its price has risen in recent weeks, and if we see the market continue to recover I expect to see it racing over $0.70 once again. We don’t yet have a date for the FTM migration to Sonic however that’s the major catalyst we’ve been looking for, so until that comes we will likely just sit on our bag.

At this point we are now fully deployed into the market with $CRV being the most recent addition, which means we are now in sit-and-wait mode until we can rotate out of positions. I don’t employ strict selling strategies at specific intervals, so exit points will instead depend on a variety of factors such as how the market feels, what catalysts are in the near future, and whether our theses are tracking. Selling is by far the most difficult part of trading in my experience, so if you want to follow along with both our timing and reasoning be sure to check out the Public Trading Wallet page regularly.

Quick Quips: Catch Up on What You Missed

• EigenLayer investigates suspicious wallet that sold $5.5 million worth of EIGEN tokens, potentially violating the lockup schedule

• Coinbase to delist non-compliant stablecoins in EU following implementation of MiCA guidelines

• ‘Free Ross:’ Why Trump wants Ross Ulbricht released from prison

• New HBO documentary aims to reveal Bitcoin creator Satoshi Nakamoto’s true identity

Tweet of the Week

Memecoin trading app Moonshot goes viral once again:

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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