🥛 2 key levels to watch this week 😰

GM. This is Milk Road, we cut the crusts off your crypto news sandwich – just the way you like it.

Here’s what we got for you today:

✍️ What to look out for this week
🎙️ The Milk Road Show: Is the Bull Market Almost Over? w/ Joshua Frank
🍪 Gemini is set to IPO

Chainlink is the global standard and platform integrating the world to the onchain economy. They just announced the “Chainlink Reserve”, read more about it here.

Prices as of 2:00 PM ET. Click here for our Fear & Greed Index.

WHAT TO LOOK OUT FOR THIS WEEK (P1) 📆

Powder your hands for better grip… now reach down…and hold on to your butts.

We’ve got a stacked calendar of potentially market-moving events on the horizon, alongside a handful of key price levels to watch for this week.

Ready? Let’s go…

1/ Macro 🌎

Geopolitical unrest. The mood at the Federal Reserve. Increases/decreases in global wholesale purchasing (PMI)…

All of these things can act as market catalysts, and we’re getting news on each of them this week:

Source: @MilkRoadMacro

The event circled in big red marker on our calendar is Jerome Powell’s speech at Jackson Hole – ‘cause it could give insight on how the Fed is thinking re: September rate cuts.

(Rate cuts = bullish for risk assets, like crypto.)

Our guess is J Powell will stay tight-lipped, not wanting to affect markets in the lead up to the actual decision…

BUT! If he veers either side of neutral, it will likely have a clear effect on markets, making it a must-watch.

Btw: we’re about to drop the mother of all Macro PRO reports this week – so keep your eyes peeled – you won’t want to miss it!

(And if you’re not already PRO, you can upgrade here!)

2/ Podcast 🎙️

It’s a big week for podcasts!

The headline event? We’re launching the Milk Road Degen Podcast – a twice-weekly show where LG will use his patented baritone to drop insights and angles on all-things degen. 💪

(Subscribe on YouTube here so you don’t miss the alpha.)

…but it’s not just the degen scene that’s in the spotlight this week – our entire podcast ecosystem is firing on all cylinders:

Tuesday Aug 19: Ian Debode – Chief Strategy Officer at Ondo Finance – The Milk Road Show
Wednesday Aug 20: OSF – Founder of the Rekt NFT series/token/beverage company – Milk Road Degen Podcast
Thursday Aug 21: Kyle (Head of Research at Milk Road) & John (host of the Milk Road Macro podcast) talk all things markets – Milk Road Macro Podcast
Friday Aug 22: Clemente – your favorite trader’s favorite trader – Milk Road Degen Podcast

Not in the mood to wait? We’ve got you.

We just sat down with Joshua Frank, co-founder and CEO of The Tie (a leading information services provider for digital assets) to talk:

The $27B of cash earmarked for Ethereum
Why you shouldn't ignore fundamentals in these moments
The latest crop of corporate L1s and what it tells us about the future of crypto

Go on – get your fill! 👇

YouTube | Spotify | Apple Podcasts

Ok, appetizers, served. ✅ Now it’s time for the main course:

Recent public market movements and key levels to watch this week.

Keep scrolling to get everything you need to know. 👇

CHAINLINK UNVEILS STRATEGIC LINK RESERVE

Ever wonder how Chainlink will accelerate its dominance across DeFi and TradFi?

With trillions in tokenized assets set to come onchain, the answer is no longer a mystery.

Introducing the Chainlink Reserve: a strategic reserve of LINK tokens.

Here’s how it works:

Funded by onchain and offchain revenue from large enterprises adopting Chainlink
Accumulates LINK over time
Built to support the long-term growth of the Chainlink Network

Demand for Chainlink has already created hundreds of millions of dollars in revenue.

With Chainlink being uniquely positioned to power and benefit from the accelerating tokenization wave, the strategic LINK reserve is the jet fuel that propels Chainlink’s journey there.

WHAT TO LOOK OUT FOR THIS WEEK (P2) 📆

Ok, where were we?

Oh, right – recent public market movements and key levels to watch this week…

3/ Public markets 🏪

Let’s stack a couple of stats and ask an obvious question…

Thanks to its recent buying spree, Bitmine ($BMNR) is not only the biggest Ethereum treasury company in the world – it’s one of the largest crypto treasuries in the world, period.

(Second only to $MSTR). 👇

Source: @MilkRoadDaily

And while $BMNR was gobbling up Ethereum last week, the $ETH ETFs were busy doing the same. 👇

Source: @TheDeFinvestor

Ok…so, why the hell has Ethereum’s price dropped ~10% from its highs last Thursday??

(And it’s not just Ethereum. The entire market is slumping.)

The answer? 👇

4/ Charts 📈

Remember last Friday when we covered the beginning of this current PPI-driven sell-off?

Saying: “Crypto prices were already due for a breather after this recent run-up.”

Yeah, well – this is part of that breather …but it’s not without its concerns.

The levels that will take us from “this is just a breather” to “ah jeez, why’d you have to go and spoil our fun” are:

$4,100 for Ethereum.

Source: @MilkRoadDaily

$112,000 for Bitcoin.

Source: @MilkRoadDaily

Remember: these lines are acting as support right now (meaning the price will likely struggle to break below it).

But if/when these breaks occur – these ‘supports’ will flip into ‘resistance’ (meaning the price will struggle to break above these levels).

The good news is: from where we’re standing – whether these levels break or hold – they will likely be short-term movements within a larger uptrend.

(Hell yeah.)

Alright, that’s it. Mark your calendars, pray to the crypto gods – and if you’re prone to market-based motion sickness, make sure you have some Dramamine within reach this week!

Milk Man out. 🫡