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GM. This is Milk Road, your friendly neighborhood crypto paperboy - Extra! Extra! Read all about it!
Here’s what we got for you today:
- ETH is up BIG. Here’s why 🤑
- Learn how to automate crypto profits 🔄
- VCs are launching $100M+ crypto funds 👀
- Would you rather… 🧐
- The Walking Dead and Peaky Blinders are coming to the metaverse 🍪
Prices as of 7:00 AM ET. Click here for our Fear & Greed Index
ETH IS UP BIG. HERE’S WHY 🤑
Crypto prices have been pumping all year long.
But there’s one token that’s been lagging… ETH.
It’s been stuck in the $1,600 - $1,800 range and hasn’t rallied like other major tokens this year. (i.e. BTC is up +124% YTD and SOL is up +398% YTD.)
If the crypto market was a prison yard, ETH would be some guy named “Rico’s b*tch”.
Well, yesterday that all changed…ETH pumped 10% on the day and hit $2,000 for the first time in 7 months!
So why is ETH pumping? One word… BlackRock.
The largest asset manager in the world ($9T AUM) made a few big moves yesterday:
- Registered a new corporate entity named “iShares Ethereum Trust”. (It did something similar before filing for a spot Bitcoin ETF earlier this year.)
- Filed paper with Nasdaq to launch a new ETF product.
Both signs point toward one thing… BlackRock is trying to launch a spot ETH ETF.
Why this matters: ETFs offer a way for investors who aren’t comfortable buying tokens to get exposure to the industry.
And to meet the demand of ETF investors, institutions need to load up on the underlying asset (in this case ETH).
More demand + more adoption = higher token prices. (and a happy Milk Man.)
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VCS ARE LAUNCHING $100M+ CRYPTO FUNDS
Check it out. Crypto prices haven’t been the only thing rallying recently…
So hasVC funding. This week alone:
- LightSpeed Faction announced a new $285M crypto fund.
- Standard Chartered’s SC Venture and SBI Holdings announced they’re investing $100M into crypto startups.
- Maven announced it’s raising another $100M fund (and it’s already raised more than a third of the funds so far).
We found some live footage of crypto VCs taking calls this week…
Jokes aside…this is a positive sign for the industry.
More $$ in VC funds = more $$ deployed into crypto startups = more $$ to build and grow.
*Takes a deep breath* Ahhhh...
Prices are green. VCs are raising 9-figure funds. Nature is healing.
WOULD YOU RATHER… OWN 1 BTC, 20 ETH, OR 800 SOL?
This was a pretty interesting stat…
1 BTC will get you about about 20 ETH. It’s the highest ratio we’ve seen in 2 years…
We can also add SOL to the party…
1 ETH gets you about 40 SOL. The lowest ratio we’ve seen all year long.
(Btw - 4 months ago, 1 ETH could get you about 100 SOL)
So we got curious…
Which would you rather own?
Login or Subscribe to participate in polls.
Click on your answer above. We’ll share the results on Monday!
BITE-SIZED COOKIES 🍪
Wondering what the resolution of SBF’s trial means for crypto? Bakkt® shares its thoughts on what the trial has taught the crypto community about playing by the rules. Check it out here!*
The Sandbox is creating a new “cinematic-themed neighborhood” in its metaverse. The digital neighborhood will feature well-known Hollywood brands like "The Walking Dead," "Black Mirror," "Peaky Blinders", and "Cheech and Chong".
MicroStrategy’s Bitcoin position just reached $1B in unrealized gains. For Michael Saylor, there truly is no second best.
Kraken has helped U.K. police return $2M+ in stolen crypto to victims. Under “Operation Hyphen,” Kraken assisted the South East Regional Organised Crime Unit in converting the stolen funds into GBP before they could be paid back to the victims.
Celsius is making its way out of bankruptcy after a U.S. judge approved a plan to pay back creditors. Creditors voted in September in favor of a plan, which would distribute about $2 billion worth of bitcoin and ether to creditors.
Polygon Labs launched its new $85M grant program. It’s offering a total of 110M MATIC (its native token) to projects in decentralized finance (DeFi), gaming, social media, etc.
*This is sponsored content
MILKY MEMES 🤣
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ROADER REVIEW OF THE DAY
VITALIK PIC OF THE DAY
ETH ETF = two thumbs up
— Milk Road Images (@MilkRoadImages)3:11 PM • Nov 10, 2023
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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.
