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GM. This is Milk Road, the crypto newsletter smoother than a jazz saxophonist on a moonlit night.
Here are the today’s hits:
- It’s Uptober! Here’s what to expect 💸
- Su Zhu gets arrest and Do Kwon gets exposed 👀
- A new $1B crypto fund gets launched 🍪
Prices as of 10 AM ET. Click here for our Fear & Greed Index
IT’S UPTOBER! WHAT TO EXPECT… 💸
The wait is over …
It’s UPTOBER. (Also known in the streets as Pumptober, Rocketober, and my favorite - Gainztober.)
In case you didn’t know, October is one of the best-performing months for Bitcoin.
Source: Deutsche Digital Assets
Here are a few more Milk Road NextGen stats about October:
- October is the most consistently green month for Bitcoin.
- BTC historically averages +29% returns in October.
- BTC has only had 2 “red” Octobers. (2014 and 2018)
- BTC and ETH have ended October in the green for the last 5 years.
The cherry on top… Bitcoin just ended September in the green.
Something that has only ever happened twice before.
The last 2 times it happened? Bitcoin had a green October….AND a green November…AND a green December.
In other words, a green September = a green Rest-Of-The-Year.
Well, we just had a green September. So now we wait and see how the rest of the year goes.
The first month up to bat: October.
Question of the day: What do you think will happen this October?
What do you think will happen this October?
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Click on your answer above! We’ll share the results in tomorrow’s edition.
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SU ZHU GETS ARRESTED AND DO KWON GETS EXPOSED 👀
Samuel Bankman-Fried. Do Kwon. Su Zhu. Kyle Davies.
These were 4 of the biggest (and most respected) names in crypto at one point.
Then.. they got caught running schemes that stole billions of dollars from millions of customers.
So now we just call them The Fraudulent Four™.
And it’s been an eventful couple of days for these guys…
SU ZHU GOT ARRESTED IN SINGAPORE
Su Zhu was one of the founders of Three Arrows Capital. (a former $10B hedge fund that collapsed last year)
Over the last year, he’s been playing real-life “Catch Me If You Can”.
Well, Zhu finally got caught. He was detained at an airport in Singapore while trying to leave the country over the weekend.
Su Zhu will spend the next four months in prison.
*sniff sniff* You smell that?
Nothing like the sweet, sweet smell of justice.
DO KWON GOT EXPOSED
Do Kwon was the founder of Terra. (a $40B stablecoin project that collapsed)
Well, recent court documents show Do Kwon faked trading volume.
And he admitted to it in text…
Side note - this sounds a lot like two 4th-grade crushes talking to each other.
Crush 1: “Wouldn’t it be funny if we pretended to be boyfriend/girlfriend and kissed?
Crush 2: “I won’t tell if you won’t 😉”
SAMUEL BANKMAN-FRIED’S TRIAL STARTS THIS WEEK
In other news, Sam Bankman-Fried’s trial is set to begin tomorrow.
And boy, do we have a lot of questions…
Will Sam take responsibility for his actions?
Or will he blame someone else (again)?
Will he show up as his normal self (i.e. long hair, don’t care)?
Or does he have a completely new look for a “new Sam”? (i.e. shows up with a bald head and a suit)
Who the hell knows… but we’re ready for the show.
And of course, we got you covered on all the crazy stuff that happens.
Just keep an eye on those inboxes later this week!
BITE-SIZED COOKIES 🍪
Yield App is a centralized crypto-earning platform offering up to 11% on certain crypto assets. Users can onramp fiat, while benefiting from no swap fees and access to structured product offerings. Check out the review we did of their platform.
Deus X Capital launched its new $1B office-backed investment firm. The company will invest in digital assets, blockchain projects, fintech apps, and more.
Grayscale has filed paperwork to convert its Grayscale Ethereum Trust (ETHE) to a spot Ethereum ETF. Grayscale’s ETHE has $5B in assets under management and is the biggest ETH investment product in the world.
$686M was stolen in crypto hacks last quarter. Stolen funds are up 59% year-over-year, according to the report from Immunefi.
Coinbase secured a payment license in Singapore. The crypto exchange also recently received licenses from Spain and Bermuda last week. #Mr.Worldwide
MILKY MEMES 🤣
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— Milk Road Images (@MilkRoadImages)2:44 PM • Oct 2, 2023
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.
