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GM. This is the Milk Road, the crypto newsletter that gives you the same feeling as when you put your hand out the window and do that little wavey-dolphin motion.
Here’s what we got for you today:
- ✍️ Germany has officially sold all of its Bitcoin
- ✍️ 4 things to watch this week
- 🎙️ The Milk Road Show: Investment Insights from Top Crypto Conference: Ethereum CC
- 🍪 BlackRock is joining MakerDAO’s $1B push to tokenize RWAs
(Note: The Milk Man heard about what happened with Donald Trump and is glad he’s alive. No matter your political feelings, it’s never nice to see someone get shot. Despite what happened, he’ll still be speaking at Bitcoin 2024 later this month)
Prices as of 9:30AM ET. Click here for our Fear & Greed Index
GERMANY HAS OFFICIALLY SOLD ALL OF ITS BITCOIN! 🫙
The German government made a colossal mistake. 🤦
They sold off the last of their 50,000 Bitcoin stash.
And guess what? Since then, $BTC's price has shot up by about $5,000. That's roughly $250M in lost opportunity in just a few days!
And it's hard to imagine what this will sum up to in fiat a few years from now. 😵💫
This chart is bound to go down in history as one of the worst financial decisions ever…
And get this, the German government is already €2.6T in debt.
The cash they made from selling this $BTC isn’t even enough to cover one month’s interest payments on their national debt. 🤡
In fact, the sale made up just 8% of their annual interest payments, which rack up to around €40B.
🥛 Milk Road Take: Despite $3.5B in sell pressure, $BTC bottomed out at $53,000 on the FIRST DAY they started selling (Friday, July 5th).
Over the next 7 days, they dumped 250 $BTC per hour, and guess what? The price is up 18% !
All this while we're still heading into the up-only stage of the cycle.
Talk about missing the forest for the trees…
This move is going to bite Germany in the schnitzel later. 🤦
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4 THINGS TO WATCH THIS WEEK 📅
Welcome to another Milky week in the crazy world that is crypto! Here are the key events and data trends that could shape the market dynamics this week:
1/ Macro madness 🔥
The Federal Reserve and economic data releases are set to dominate the week.
Events:
- Monday: Fed Chair Powell speaks
- Tuesday: June retail sales data (aka how are those IRL stores doing)
- Wednesday: June building permits data (aka new residential constructions)
- Thursday: Philly Fed Manufacturing data (measure of regional manufacturing growth)
- All Week: Total of 11 Fed speaker events
These events are crucial for understanding the Fed's next moves on interest rates and the overall economic health, which can have ripple effects on the crypto market.
Keep an eye out for market volatility based on these announcements.
2/ Earnings galore 💣
Many major companies are reporting their Q2 2024 earnings. Retail traders, be prepared and don’t get hooked by a bad earnings report.
The big opening week for Q2 earnings reminded the Milk Man of when Patrick and Spongebob thought they were at the carnival…
Key lineup:
- Monday: Goldman Sachs, BlackRock
- Tuesday: Bank of America, Morgan Stanley, State Street
- Wednesday: ASML, United Airlines, Johnson & Johnson
- Thursday: Netflix, Cintas, Blackstone
- Friday: American Express, Fifth Third Bank, Comerica
Earnings reports from financial giants can impact market sentiment in big ways. Positive earnings might boost investor confidence, while misses could lead to sell-offs.
Watch for any surprising results that could create market buzz or FUD.
3/ Token unlocks 🔓
Significant token unlocks totaling $130.92M are scheduled for the week, potentially impacting prices.
Schedule:
- ARB: $67.90M worth of ARB tokens unlock July 16th (2.9% of circulating supply)
- AXS: $14.07M worth of AXS tokens unlock July 16th (1.7% of circulating supply)
- APE: $11.83M worth of APE tokens unlock July 17th (2.3% of circulating supply)
Large token unlocks can lead to increased supply in the market, potentially driving down prices as investors take profits.
Keep an eye on these tokens for potential buying or selling opportunities.
4/ ETH ETFs set to go live this week 🚀
Ethereum ETFs are set to go live this week, marking a significant milestone in the crypto investment landscape.
Bitwise CIO Matt Hougan will be making an appearance on The Milk Road Show tomorrow to discuss insights on the future of Ethereum ETFs and their impact on the crypto market.
In addition to Matt, we also have another special guest on the show this week: Dean Skurka, CEO at WonderFi where Kevin O'Leary (Mr. Wonderful) is an investor.
Set your notifications and don’t miss out.
INSIGHTS FROM EUROPE'S BIGGEST CRYPTO CONFERENCE: ETHEREUM CC! 💎
6,500 crypto builders descended on Brussels for Europe's biggest Ethereum conference, ETHCC.
Our Head of Growth, Raul, was on the ground and he's spilling the tea on the hottest trends and price predictions.
And what does this mean for your bags? We dive into this on today’s episode of The Milk Road Show — we cover:
- ETHCC Insider Scoop! 🎤
- The latest stats on onchain app development. 📈
- Why user experience is everything in the world of crypto and how developers are tackling this challenge. 🎮
- Takeaways from Vitalik’s talk 💬
Tune in and catch up on everything that happened at ETHCC this week.👇
YouTube | Spotify | Apple Podcasts
BITE-SIZED COOKIES FOR THE ROAD 🍪
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North Korean hackers are applying for crypto jobs with fake resumes. The UN says 4,000 North Koreans are trying to penetrate the tech industry by getting jobs. Hiring in the crypto industry has never been easy. - DL News
BlackRock’s BUIDL is joining MakerDAO’s $1 billion push to tokenize real-world assets. They are bringing their tokenized treasury fund, BUIDL, to support this initiative. The Spark Tokenization Grand Prix will kick off on August 12.
Crypto funds just saw $1.44 billion inflows as Bitcoin hit $62K again. This influx marks the fifth-largest weekly inflow on record for Bitcoin. Total inflows into digital asset investment products have reached $17.8 billion year-to-date.
Hong Kong's regulator named seven suspicious crypto exchanges. The list aims to warn investors about unlicensed and potentially fraudulent firms. The alert list now includes 39 entries.
TOP is investing in Akedo to create games on Telegram’s TON blockchain. The first game, Akedog, launches on July 18th and lets players collect and trade virtual pets. Akedo aims to tap into Telegram’s 900 million user base.
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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.
