April 1, 2023

🥛 4 numbers in 4 minutes 👀

GM. This is Milk Road – the crypto newsletter that doesn’t care about scoring, we’re just here for the assists. And whether it’s behind-the-back, between-the-legs, or a no-look pass, we’re always gonna find a way to get you a bucket.

It’s Saturday, y’all. Let’s get it.

  • Numbers of the Day: 4 Warhols & 1M BTC crabs 🔢

  • Visual of the Day: BTC logo 🪙

  • Coinbase CEO doesn’t like Elon Musk’s anti-AI letter 🍪

Prices as of 8:30 AM ET

Today’s edition is brought to you by Hundrx, the browser extension that integrates your Twitter profile into Web3.


~1M – How many unique addresses now hold 1+ BTC

We’ve all heard of Bitcoin whales, the market-moving holders with at least 5,000 BTC. But did you know there’s a whole hierarchy of crypto fish?

Octopuses, shrimp, crabs. Enough to rival a Long John Silver’s.

And today, we’re talking about the crabs. Those are the addresses that hold between 1 and 10 BTC ($28,500 to $285,000.) And there are now 1M crabs walkin’ around – a new milestone for Bitcoin.

So what’s behind the growth? Partly that whales are distributing Bitcoin at a faster rate at the moment.

This is good in the long run. That means more Bitcoin will be distributed across a wider group of investors. More BTC holders = more mass adoption

Even shrimps (the bottom of the bitcoin-holding food chain) are in accumulation mode. Glassnode said shrimps now hold 6.6% of circulating supply; crabs hold 10.5%.

4 – The number of Andy Warhol pieces now tokenized on Ethereum

You might think of a few things when you think of Warhol: Campbell’s soup, his $195M “Marilyn” painting… that hairdo.

Blockchain tech may not be among them.

But in May, people will be able to invest in prints of four Warhol pieces…

  • “Marilyn” – 1967

  • “Double Mickey” – 1981

  • “Mick Jagger” – 1975

  • “Rebel without a Cause (James Dean)” – 1985

… by buying tokenized shares of the IRL artworks. Each print will offer 1,000 tokenized units, priced between $250 and $860.

And the best part? All of this got the SEC’s blessing.

Yep, the same federal agency that’s gone HAM on crypto said it was okay to fractionalize shares of fine art in the form of Ethereum-based security tokens.

This is a big deal, and not just because Gary G. signed off on it. Looping in famous artists like Warhol could give the NFT market a nice boost.

~1M – The amount of ARB tokens stolen since March 23 airdrop

A hacker stole $1.27M worth of Arbitrum’s (layer-2 solution) recently-airdropped token via phishing and “address poisoning.”

That’s when a hacker will send a random transaction to a user’s wallet from an address that looks like one the user has traded with before. So it might have the same first and last few characters of a real address.

The goal is to get the victim to later copy and paste the hacker’s address instead of one they’ve transacted with before into a new transaction, instead of taking time to carefully check it. Then the funds end up with the hacker, not the intended recipient.

Keep in mind that addresses can look like what your cat types when it steps on your keyboard. Here’s an example (this is the hacker’s): 0xbd4E92f80DB95677Bd5a9e55141Fc327Afc69dCb

The attacker scammed ~600 wallets for 933,375 ARB on March 24, the day after the airdrop.

They converted the ARB into 713 ETH, and then bridged the funds to Ethereum on Thursday. An on-chain investigator wrongly said the attacker was a “super airdrop hunter.”

Plus, another phisher stole 105K ARB (~$144K) and transferred it to two other wallets. (We don’t know if it was through the same means.)

Say it with me folks: “Hard wallets or nothing.”

1 – The number of years left until Bitcoin’s next halving

We like halving an avocado as much as the next person. But halving Bitcoin’s issuance? That really gets us going.

A halving does a few things:

  • Keeps Bitcoin’s inflation rate steady. The halving slows how often new Bitcoins are minted, making it more scarce and valuable.

  • Reduces mining rewards by 50%. They’ll go from 6.25 BTC a block to 3.125 BTC. Miners really get the short end of the stick with halvings…

  • Will likely raise Bitcoin’s price. With the new scarcity, demand may go up as investors anticipate a slowed growth in supply.

That’s what’s happened in the years following past halvings. But there was also a lot going on at the same time.

Like when Bitcoin’s price was ~$11 in November 2012, when a halving occurred. A year later, it was ~$1,100. This was also when early adopters jumped onboard.

And in December 2017, a year after the 2016 halving when Bitcoin’s price was $650, it rose to ~$20K. That was one of Bitcoin’s infamous bull runs, and initial coin offerings were popping up everywhere.

And then came 2020’s halving, when Bitcoin was at ~$9K. A year later, it hit its ATH of ~$69K. *Sigh* …the good ole days…

That was the pandemic crypto boom. Everyone and their mother (Joe Shmoe, big companies, investment funds, etc.) were getting in on the market.

So who knows what exactly will happen after the next halving in April 2024. But we’ll be there talking you through it when that time comes.🥛


There’s never a dull day on Twitter. The app is full of news, drama, memes, and million-dollar crypto bets.

But there’s a problem: it’s hard to engage. As of now, we’re limited to digital likes and IRL laughs.

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  • Create fundraising campaigns with hashtags

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A giant Bitcoin logo was projected onto the European Central Bank building in Frankfurt, Germany.

And who was behind the stunt? None other than the Dark Bitcoin Knight himself… Bitman.

It’s all to boost awareness for a social campaign that’s using the hashtag “gesundesgeld,” which means healthy money (AKA BItcoin.)

Not the hero we need… but the hero we deserve.


Coinbase CEO Brian Armstrong isn’t a fan of Elon Musk’s open anti-AI letter. He tweeted we “should keep marching” without central control, despite potential dangers.

Matt Damon finally responded to his ridiculous Crypto.com ad. He said he did the commercial because he needed money for his charity.

A U.S. Space Force major told the Pentagon the nation needs to mine Bitcoin to remain a superpower. He wrote an MIT masters thesis about how Bitcoin could be a self-defense weapon.

Circle wants to hold its cash reserves with the Federal Reserve. It wants to avoid another SVB-like scenario, which saw $3.3B of its reserves that back its USDC stablecoin temporarily trapped.


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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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.