GM. This is Milk Road. We’re like that cool aunt that changes the subject when your grandma asks if you’re dating anybody. We’ve got your back. *wink*
Here's what we're serving up for you today:
Graphs of the Day 📈
Ticketmaster launches NFT-gated services 🎟️
The best jobs in Web3 📝
Kwon stays in Montenegro for 30 days 👀
Prices as of 8:30 AM ET
Today's edition is brought to you by Wander, the go-to platform for smart home rentals across the U.S.
GRAPHS OF THE DAY 📈
Today we're gonna talk about the one thing crypto investors love: graphs.
They're the hieroglyphs of the crypto investment world – they're hard as f*ck to understand, make cool shapes, but often have important messages hidden in them.
Lucky for you, we've decoded three of the most important graphs for you. Check it out:
1/ Just 10.3% of Ethereum’s total supply is sitting on centralized exchanges
That’s the lowest amount of ETH on exchanges in 8 years (!!)
Why? People are learning two things:
1/ How to stake their ETH ahead of the Shanghai upgrade
2/ The importance of self-custody. You can’t lose your money if you don’t give it to someone who can lose it. And remember kids: there’s no safe CEX in crypto.
So what? It’s a bullish sign when a digital asset’s total supply is low on exchanges. It means people are in HODL mode.
When the total supply is high, that means people are in Sell, Sell, Sell mode. That’s why it’s a bearish sign when the total supply on exchanges goes up.
2/ Digital asset investment products saw $160M in inflows
The Weekly Crypto Asset Flow Report is here…there was a total of $160M in fund inflows last week.
And it’s the first time in 6 weeks that we didn’t see outflows. The streak is officially over. Can I get a hell yeah?!
Bitcoin led the way with $128M in inflows. It’s the safer option right now for investors with the government going after crypto company after crypto company, and it being the only asset not deemed a security.
It's the largest inflow since July 2022. That's right, it hasn’t been this good since Beyonce’s Renaissance dropped.
Ethereum saw $5.2M in outflows last week. CoinShares said it might be due to nervous investors ahead of April’s Shanghai upgrade.
3/ Banking deposits fell $98B from March 8 to March 15
The Federal Reserve
Smaller, regional U.S. banks specifically saw the big drop-off. At the same time, $67B was deposited into the 25 biggest banks in the U.S.
Why? Two things are happening…
1/ There’s a broad movement out of cash and into stuff like T-bills, treasuries, etc. in order to earn yield.
2/ People want their money in banks that they perceive as being too big to fail.
Folks moving funds from lesser-known banks to the giants shows there’s fear around a bank crisis. They feel more secure putting money in what they see as the McDonald’s of banking instead of the local mom-and-pop burger joint.
Some people are also looking toward Bitcoin as an answer. Which is why everyone’s favorite orange coin is also up 35% in the last two weeks…
We know you love reading the Milk Road, but what if you could do it with a view?
I’m talking beach fronts, mountain sides – you name it. Views so nice you’d think it was a Bob Ross painting.
Introducing Wander – the go-to platform for smart home rentals across the U.S. Each hand-picked home comes with inspiring views, modern workstations, and 24/7 concierge service.
The best part? Wander just launched the first Vacation Rental REIT. Easily monitor & manage your portfolio, while enjoying a targeted 8% annual dividend and 14% total return.
Not only can you enjoy the views, but you can invest in them.
TICKETMASTER LAUNCHES NFT-GATED SERVICES 🎟️
Ticketmaster made a huge splash in crypto this week.
The ticketing giant is launching NFT-gated services that let artists reward fans with special presales, prime seats, exclusive concert experiences, and more, all using NFTs.
How it works: Fans buy the NFT tied to their favorite artists → Connect their wallet to Ticketmaster to verify ownership → BOOM! Just like that, exclusive access to all the good stuff.
The first artist that Ticketmaster is partnering with to roll out the new feature is…. Avenged Sevenfold, a heavy metal band. NFT holders will get to buy their tickets before anyone else in an exclusive presale days before the public ticket sale.
We’re stoked to announce the first leg of our Life Is But A Dream… North American Tour • July 18 through August 7 • with special guest @aof_official.
@DeathbatsClub members can unlock exclusive 1st access to request tickets now through Tues 12PM PT. https://t.co/QgDdcoLVjZ https://t.co/wP1U2VRJpC
— Avenged Sevenfold (@TheOfficialA7X)
Mar 27, 2023
Now I’ll be honest – I’m not a fan of heavy metal and haven’t listened to it since my 6th grade girlfriend broke up with me. (Everyone’s got that one weird phase in their life)
But the concept is pretty interesting. Now fans have the luxury of not having to worry about buying overpriced tickets from scalpers or competing with bots just to get a ticket.
There’s nothing worse than setting an alarm for a ticket sale, sprinting to your computer to get a ticket….
Then when you try to buy the same tickets on a secondary market it’s 4x the price. Scalpers will justify it all by saying: don’t hate the player, hate the game.
Well, these NFT-gated services can possibly change the game altogether. It’s a cool idea that has promise, but it’ll come down to whether big named artists end up offering NFTs to fans in the first place.
We’re back with another episode of Web3 Wednesday – where we highlight companies building cool sh*t that are hiring.
These are the jobs that’ll raise your parents’ eyebrows (in a good way) and are sure to impress them. Even if they still don’t understand wtf you do…
Product Manager at Gelato Network. Remote – Europe
Business Development Manager at Cere Network. Remote – Europe
Data Analyst at ConsenSys. Remote
Internal Communications Manager at Paxos. Remote – U.S.A.
Senior Product Designer at Uniswap Labs. New York or Remote
P.S. – Are you trying to hire in Web3? Learn how to get your open jobs in front of 250k+ crypto enthusiasts here.
🥛 MILK & COOKIES 🍪
Do Kwon is being kept in Montenegro for 30 days. Authorities are holding him there on charges of using forged travel documents. Looks like Kwon tried pulling a McLovin and used a fake ID…
The ex-Chair of the CFTC disagrees with the SEC and Gary Gensler. Christpher Giancarlo told Coindesk that the agency’s claim that all cryptocurrencies except Bitcoin are securities is “not correct.” The SEC and CFTC are the half-siblings that just never get along…
SBF was charged with attempting to bribe a Chinese government official with $40M. Now we can add gov't bribes to SBF's list of lies, fraud, and terrible haircuts.
Disney is shutting down its metaverse arm, per The Wall Street Journal. Another one bites the dust…
MILKY MEMES 🤣
That's a wrap for today. Meet us on Twitter to talk all about it. It’s kinda like a family BBQ but better – no screaming kids, awkward photos, or drunk uncles telling weird stories (@MilkRoadDaily)
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ROADIE REVIEW OF THE DAY
VITALIK PIC OF THE DAY
— Milk Road (@MilkRoadDaily)
Mar 29, 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.