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Weekly Beluga Insights

This was an action-packed week in the crypto markets between the shaky launch of Trump’s WLFI presale, the arrest of the man behind the fake SEC Bitcoin ETF approval tweet earlier this year, and of course the massive BTC ETF inflows pushing Bitcoin itself over the $68,000 line. Unfortunately for Trump, those inflows did not translate into inflows for his token which still sits under 10% of their raise target so far. Even if it were successful it’s odd timing considering the election is a month from now and the idea of an American citizen launching a DeFi protocol with an associated token is very risky with our current regulatory regime.

While I believe this was an unnecessary risk on his campaign’s part, his odds on Polymarket have never been higher with a 20 point lead over Kamala Harris. It’s clear even without digging under the hood that this differential is way too large, however evidence has now surfaced that indicates a single party has been bidding Trump with 10’s of millions resulting in what we see now. Could this be a campaign insider trying to build momentum, or is it just an over-confident bettor?

Major Movers of the Week

Public Trading Wallet Update

With Bitcoin’s strong performance it’s not surprise to see the Beluga wallet trending up as well, with all of our holdings in the green over the last 24 hours. The major red spots remain our Ethereum-focused holdings which still have not managed to catch up to the rest of the market despite BTC nearing its all-time-high. I still hold on to the thesis that we’re seeing an attention shift towards DeFi protocols over the memecoin-mania that has held all the mindshare for most of this year, which would greatly benefit the Ethereum ecosystem given it is the home of DeFi with the lion’s share of TVL.

Curve has not yet received the attention I had hoped with all the conversation around Stablecoins recently, so I’ll be keeping a close eye there — if it can’t pump while everything pumps around it, the opportunity cost of waiting for it to move may be too high. Trading messaging still remains the same as previous weeks (even when BTC threatened to break down for new lows), we are in a bull market. If you missed this recent leg up there is no need to be rushing in to open late positions, because if this is just the start of the second leg of the bull run you have plenty of time to make money. Be patient, build conviction positions, and stay off the leverage.

Catch Up on What You Missed

• FBI arrests Alabama man for SEC X hack that spiked price of bitcoin

• A16Z’s new ‘State of Crypto 2024’ report

• Tapioca DAO stops 1,000 ETH worth $2.7 million from being stolen following exploit that drains majority of its funds

• Marc Andreessen-funded AI bot becomes a millionaire after ‘Fartcoin’ holdings rally

Tweet of the Week

Are you really gonna fade the McRib pump?

Recent Beluga Content

One of the entries on Beluga’s new Gold and Silver list deBridge has officially launched their token as of today! If you missed out on the first airdrop but want to get in on the second one, check out our article below:

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