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GM. This is Milk Road, the crypto newsletter that's as satisfying as hitting a hole-in-one on the mini-golf course.
Here’s what we have today:
- Polymarket betting is booming 🤯
- Chart of the day: Nvidia vs. Bitcoin 📈
- Election years move markets ↕️
- PRO “Where are we in the cycle?” indicators 🤔
- Thailand approves first spot Bitcoin ETF 🍪
Prices as of 9:30AM ET. Click here for our Fear & Greed Index
POLYMARKET BETTING IS BOOMING 🤯
Yo! The Milk Man's back with a fresh spotlight that's hotter than your GPU after a mining marathon.
Say hello to Polymarket, the decentralized prediction market that's been setting records and taking names. This bad boy just hit over $62M of betting volume in May alone, shattering ATHs like a pro.
What’s Polymarket?
Picture this: a platform where you can bet on real-world events, from politics to global happenings. Think of it as an onchain Vegas. 🎰 There’s plenty of money locked up in the house and a ton of active gamblers are in on the fun.
So, let's take a look at the numbers:
- $45M Series B Funding: Added in May, pushing their total funding to a cool $74M. 💰
- 14.7K Monthly Active Users: These users are stacking up like Satoshis on a bull run. 👤
- $23.7M Total Value Locked (TVL): Almost at an all-time high, proving the dapp’s solid traction. 📈
- $18.4M Weekly Trading Volume: Setting a new ATH last Sunday. 🔥
These record-breaking numbers in Polymarket are fueled by the US political season's buzz, bringing more speculation on-chain than a gossip column at a celebrity wedding.
The biggest bet? The US presidential election winner, already raking in a jaw-dropping $149M worth of bets.
And the top 10 biggest bets? All politics, baby! With eight out of the ten being US related, it's like the Super Bowl for political junkies.
Why it beats old-school betting sites:
- Lower fees: More money stays in your pocket, not the bookie’s.
- Global accessibility: Bet on anything, anywhere.
- You pick the bet: Anyone can become a market maker and decide what to bet on.
- Market sentiment: Feel the market's pulse and know what everyone's thinking (many used Polymarket to gauge the likelihood of the ETH ETF being approved).
- Transparency: All info is available onchain. No bookie gimmicks. Trustless betting at it’s finest!
The Milk Man thinks this is a prime example of a real-world use case in crypto.
To keep the winning streak alive, he believes there are still three more reasons why there are more Ws ahead:
- US Election Season = Boom Time: As seen above, with the US elections continuing to heat up, Polymarket's user base and volume are expected to go parabolic.
- No Token Generation Event (TGE) Yet: Right now, this activity isn't incentivized; people are just having fun. But a potential airdrop would reward true users, supercharging the protocol's activity and user base to new heights.
- Community Engagement: Polymarket’s Twitter game is on point. They're not just riding the wave; they're leading the charge. Their community presence keeps them at the forefront of everyone’s minds.
One thing’s crystal clear: Polymarket is legit. No gimmicks, no inflationary tactics—just pure, unadulterated growth.
Hey Roadies, have you tried Polymarket yet?
A/ Yes, and it’s awesome! 😍
B/ Yes, but not my thing 😒
C/ Not yet, but I’m game! 🚀
D/ No, and I’m not interested 🙅
Hit reply and spill the beans!
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CHART OF THE DAY: NVIDIA VS. BITCOIN 📈
Ever wondered what happens when AI battles crypto?
It’s like watching a supercomputer arm-wrestle a blockchain – andNvidia just slammed Bitcoin’shand to the table.
In this decade-long showdown, Nvidia’s AI chips outpaced Bitcoin’s digital gold. Check out the graph:
Yes, that is indeed 24,840% and 19,920% gains respectively… As of June 3, 2024:
- Nvidia’s market cap is stratospheric at $2.8T. That's right, trillion with a “T” 🚀.
- Bitcoin's market cap also saw an impressive rise, to $1.4T, but couldn’t keep up with Nvidia's rocket ship pace.
Nvidia’s Highlights:
- Revenue Boom: From $26.97 billion in 2023 to a projected $146.87 billion by 2026 📈.
- Data Center Dominance: A whopping 409% YoY revenue increase in Q4 2024.
- AI Powerhouse: Major boosts from generative AI use cases.
In the grand duel of digital titans, Nvidia is leading the charge. As AI continues to evolve, Nvidia's future looks like it's been programmed for success.
Reminds the Milk Man of something else… cough cough$BTC? And as always in the wild world of crypto and tech, things can change faster than you can say “HODL” 🚀.
So whether you're team AI or team crypto (or both like the Milk Man 😎 ), there's no denying the powerhouse Nvidia has become.
ELECTION YEARS MOVE MARKETS ↕️
Election years aren't just about picking new leaders; they're often record years for the stock market. But what about crypto?
We've already seen $Boden and $Tremp memecoin mania, and the last few days have been wild! In yesterday’s daily we asked you: Is the crypto election one of the most important influences in crypto right now? 73% of you voted YES! We explore how political shifts over the next 6 months could impact your crypto in today’s episode of Milk Road Radio.
Stay on top of the Crypto Election and tune in 👇 🎧
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PRO “WHERE ARE WE IN THE CYCLE?” INDICATORS 🤔
Crypto moves in cycles, and knowing where we are in the current cycle is crucial for capturing the best opportunities.
The goal is to spot the bull market peak before the inevitable bear market hits your bags hard.
Since timing the top perfectly is almost impossible, we use various indicators to give us a better shot at taking profits before it's too late.
Here are the 5 indicators we track, with a color-coded system to show how close they are to signaling the market peak:
🟢 Plenty of room to run 🏄
🟡 Getting closer to the top signal, but haven’t yet reached the mark ⚠️
🔴 We’ve hit the market top indicator 🚨
Every Tuesday, we update these 5 indicators exclusively for PRO members.
Our advice? Don't wait for all of them to hit 🔴. It's better to take profits as they get closer to that point.
Let's dive in and see if we're anywhere near the top of this bull market. 👇
