Today’s edition is brought to you by The Crypto Code — a research and education company teaching thousands worldwide how to automate crypto trading.
GM. This is Milk Road, we’re the crypto CliffsNotes for the pop quiz you didn’t know was coming.
Here’s what we got for you today:
4 big trends happening right now 🤑
Milk Road Poll Results: Would you rather… 🧐
FTX is trying to claw back $1B+ for its creditors 🍪
4 BIG TRENDS HAPPENING RIGHT NOW
I had a big decision to make this weekend:
a) Catch up on household errands before my wife got back in town, or…
b) Scroll through all the crypto articles, reports, and tweets so you won’t have to.
Then, I remembered I committed my life…. to my wife you, the Roaders.
So I went with the obvious choice: B.
Here are the 4 most interesting things from crypto this weekend:
1/ DIGITAL ASSETS HAVE SURPASSED $1B+ IN INFLOWS THIS YEAR
The results from CoinShare’s latest Digital Asset Fund Flows report are in…
There was $293M in total inflows last week. Bringing the total net inflows to $1B+ on the year.
Here are a few other highlights from the report:
Inflows are on a 7-week streak. There have been more inflows during the last 7 weeks than all of last year.
Bitcoin (Exchange Traded Product) ETP trading volumes made up ~19.5% of total Bitcoin trading volumes. CoinShares suggests this is because ETP investors are participating much more in this rally compared to 2020/2021.
ETH saw $49M in total inflows last week. It was the largest week of inflows since August 2022.
Solana rallies with another $12.4M in inflows. SOL is the 2nd most popular asset amongst crypto ETPs and has seen $120M+ in inflows this year.
Overall, total assets under management (AUM) are up 9.6% over the last week and up 99% since the beginning of the year. (!!)
Milk Road Translation: The suits (aka institutional investors) are coming for crypto.
2/ NFT BLUE CHIPS ARE UP 71% OVER THE LAST MONTH
The hype around NFTs has quieted down since 2021. Headlines have gone from…
“NFTs are worth millions!” → “NFTs are worth less than a bag of Doritos (not the family size).”
Well, turns out crypto’s favorite JPEGs have been rallying recently:
Daily NFT volume just hit a 3-month high.
CryptoPunks NFTs are being bought for $1M+.
EtherRock NFTs (aka pictures of pet rocks) are being bought for $100K+.
Plus, the floor prices for the Top 10 NFT projects are up 71% over the last month.
Ladies & gents, it’s the Return of the Expensive JPEGs.
3/ GAS FEES ARE UP BIG
Ok. I have good news and bad news…
The good news? Everything in crypto is up – prices, daily transactions, users, morale, etc.
The bad news? That includes gas fees.
You see, every time you make a transaction on a blockchain (i.e. Ethereum) you have to pay a fee – this is called “gas”.
With the recent rally, gas prices have spiked.
Just check out Ethereum’s gas prices from last week. They’re looking worse than California’s…
(Side note: With gas prices spiking, we predict a lot more investors will use Layer 2’s – like Optimism, Arbitrum, etc – for cheaper and faster transactions during the next bull run).
4/ “PONZI COINS” ARE SEEING TRIPLE DIGIT RETURNS
Pop Quiz: What do the following tokens have in common (LUNA, FTT, and CEL)?
Answer: All 3 were native tokens for crypto “Ponzi Schemes” and all 3 collapsed.
Well, turns out they’ve also been 3 of the best-performing tokens over the last month…
You can’t make this sh*t up.
Milk Road Take: If you’re thinking about joining the trend and investing in these Ponzi coins for a quick return – don’t.
These tokens are like the end slices of a loaf of bread: everyone touches them, but no one really wants them.
Ok. That’s enough trends for one day. (Plus my wife just walked in and asked why our backyard still looks like a jungle, so gotta go).
Stay thirsty, my friends.
-The Milk Man
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Spots are filling quickly, and this workshop won’t be around for long.
MILK ROAD POLL RESULTS: WOULD YOU RATHER…
We ended last week with a question to all Roaders…
What would you rather own – 1 BTC, 20 ETH, or 800 SOL?
(and no, Darcy. You can’t have all 3).
Well, the results are in… *drumroll*….
39.3% would rather own 1 BTC.
34.1% would rather own 20 ETH.
22.4% would rather own 800 SOL.
4.2% would rather own a bag of rocks (aka none of these coins).
BITE-SIZED COOKIES 🍪
Bankrupt FTX sues crypto exchange ByBit. FTX is seeking to claw back $1B on behalf of its creditors – DL News.
Midas (a new stablecoin) is set to launch in the coming weeks. The stablecoin will be backed by U.S. Treasuries and use Circle Internet Financial’s USDC stablecoin as an on-ramp.
Poloniex was hacked for $114M. Justin Sun’s exchange is vowing to reimburse victims and is offering the hacker a bounty of 5% for returned funds.
JP Morgan has enabled automatic payments using its JPM Coin. Previously, clients would need to set standing orders for payments to take place at a particular time. Now they can program them to kick in when the relevant criteria are met.
Near Foundation partners with Eigen Labs. The goal? Make transactions on Layer 2 rollups cheaper and quicker.
A fake Skype app is stealing user photos and crypto funds. ~$200K in crypto has been stolen so far.
MILKY MEMES 🤣
RATE TODAY’S EDITION
ROADER REVIEW OF THE DAY
VITALIK PIC OF THE DAY
— Milk Road Images (@MilkRoadImages)
Nov 13, 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.