Today’s edition is brought to you by ARCrypto - the #1 education platform for decentralized finance.
GM. This is Milk Road, the daily newsletter that gives you the “oohhs” and “aahhs” of crypto.
Here’s what we got for you today:
- 3 big things to watch this week 🚨
- Graph of the Day: Back-to-back weeks of outflows 📊
- Is restaking the biggest opportunity in crypto? 👀
- Shiba Inu is launching a Layer 3 🍪
Prices as of 1:30 PM ET. Click here for our Fear & Greed Index
3 THINGS TO WATCH THIS WEEK 🚨
Ladies & gents, we’ve got a BIG week ahead. It’s gonna be full of U.S. macro data, earnings reports, and token unlocks.
🚨The Holy Trinity of Volatility🚨
1/ U.S. macro data: Personal Consumption Expenditures (PCE) Index data will be released this week.
PCE is similar to CPI but focuses specifically on what people are buying and how much they pay for it.
2/ Earnings Reports: It’s that time again… earnings SZN.
And investors all pay attention to earnings season like Owen Wilson and Vince Vaughn do ‘wedding season’.
This week, 4 of the Magnificent 7 (AKA the seven largest stocks) are reporting - including Microsoft, Google, Facebook, and Tesla.
Depending on how earnings go, there could be some volatility in the stock market this week. Which could carry over to crypto…
3/ Token Unlocks: 11 projects are set to unlock a combined $92.88M in various tokens.
- Optimism will unlock $62.57M (2.3% of the circ. supply)
- YGG will unlock $15.92M (5.3% of the circ. supply)
- AGIX will unlock $8.8M (0.7% of the circ. supply)
P.S. – if you’re curious how unlocks affect prices, we got you covered here.
Milk Road Weekly Forecast: FOMC meeting + earnings reports + token unlocks = 100% chance of volatility.
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GRAPH OF THE DAY: BACK-TO-BACK WEEKS OF OUTFLOWS 📊
The results from the latest CoinShares report are in… digital asset investment products saw $206M in outflows last week.
That’s now back-to-back weeks of outflows. (**gulp**)
Here’s everything else you need to know from the report:
- Weekly trading volume is down. According to Coinshares’ analysts, “appetite from ETP/ETF investors continues to wane, likely off the back of expectations that the FED is likely to keep interest rates at these high levels for longer than expected.”
- Ethereum saw $34M in outflows. Can Vitalik do something?!
- Blockchain equities saw its 11th consecutive week of outflows, totaling $9M. When it rains, it pours…
We’ll see if crypto funds can bounce back this week.
RESTAKING: THE BIGGEST OPPORTUNITY IN CRYPTO? 👀
EigenLayer went from $1B to $14B in one quarter, making restaking the fastest-growing crypto use case in history. Just let that sink in…
The opportunity is huge, so we sat down with Mike Silagadze, CEO of EtherFi to chat about the future of restaking, and how you can capitalize.
This one’s juicy — tune in on your favorite platform. 👇
YouTube | Spotify | Apple Podcasts
P.S. - Restaking might just be the next big thing in crypto, and we’re putting together a Milk Road PRO report that reveals 4 ways you can capitalize on this exciting opportunity.
Keep an eye out & go PRO to get the full report this Saturday!
BITE-SIZED COOKIES FOR THE ROAD 🍪
There is finally a new regulated way to bet directly on major crypto events. Kalshi, founded by two MIT engineers, is the first legal exchange in the US where you can bet on any event, including when BTC will hit $100k, daily BTC highs, and hundreds of other events like how many cars Tesla will deliver, what inflation will be, will GPT-5 be released and more.*
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Shiba Inu raised $12M to develop a new Layer 3 blockchain. The new blockchain will be ‘privacy-focused’ and is slated to release a testnet in the third quarter of this year.
Hut 8 received a ‘buy’ rating from investment banking firm, Benchmark. In its evaluation, Benchmark factored in the Bitcoin miners’ "diversified business model" - including multiple new revenue streams from self-mining, managed services, high-performance computing, etc.
Bitcoin is having its ‘DeFi Summer’ moment. The new Runes token standard has helped spark record daily miner rewards and transaction fees. (Fun fact: miners have already raked in $100M in fees since the Halving)
FTX’s bankruptcy estate will be auctioning off the next batch of its locked SOL. $1.9B+ has already been sold to firms like Galaxy Digital and Pantera, but since there’s a lot of demand - the next batch will be auctioned off instead of a direct sale.
Bitcoin miners may shift their focus to AI after the Halving. And it's already begun… mining companies like BitDigital, TeraWulf, Core Scientific, and a few others already have existing AI operations or plans to grow in the space in the future.
*This is sponsored content.
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ROADER REVIEW OF THE DAY
VITALIK PIC OF THE DAY
— Milk Road Images (@MilkRoadImages)2:54 PM • Apr 22, 2024
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
