🥛 50 Shades of Green 🤑
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GM. This is Milk Road. We track crypto trends like your nosy neighbor – always watching (and occasionally gossiping).
Here’s what we got for you today:
Prices are 50 shades of green 🤑
Will BTC hit a new all-time before or after the Halving? 🤔
Graph of the Day: Stablecoins are on the rise 📈
3 reasons ETH has outpaced BTC this year 🍪
PRICES ARE 50 SHADES OF GREEN 🤑
Sometimes in life… you just gotta let the money do the talking.
So today we’re gonna do exactly that. No witty intro. No funny story. Nada.
Instead, enjoy the view:
Beautiful, innit?
BTC moonwalked past $57K for the first time since November 2021.
ETH cha-cha slid past $3,200 for the first time in 22 months.
Many altcoins are seeing double-digit gains, with some jumping over 50% in a day.
The fear & greed index is almost at 80, for the first time in 2+ years.
So what’s behind the recent pump? Two words…
Institutional flows (which, btw, would also be a great name for a rap album).
The 9 Bitcoin ETFs hit $2.4B in trading volume yesterday, a new all-time high.
Institutional crypto funds saw $598M in total inflows last week, the 4th straight week of inflows.
Not to mention… Michael Saylor’s been eating BTC for breakfast, lunch, and dinner. His firm (MicroStrategy) recently bought another $155M in BTC.
The bottom line: the Bitcoin ETFs changed the crypto game.
Matt Hougan (Chief Investment Officer at BitWise) summarized it best in his latest memo…
So, how’s the crypto community been reacting to the rally? The only way they know how…
Memes. A whole lot of them.
Here are some of our favorites:
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WILL BTC HIT A NEW ALL-TIME HIGH BEFORE THE HALVING? 🤔
The Bitcoin Halving is right around the corner… T-54 days.
(Btw, you can track the countdown here).
The big event usually leads to 2 things:
1/ Grumpy Bitcoin miners. Just imagine if every 4 years your boss came up to you and said your pay was going to double get cut in half.
I’d be pretty mad too.
2/ BTC hits a new all-time high (ATH) price. This usually happens after the Halving.
Well, check it out.
BTC is A LOT closer to its ATH than usual…
So we got curious… what do you think?
Click on your answer above to vote! We’ll share the results tomorrow.
GRAPH OF THE DAY: STABLECOINS ARE ON THE RISE 📈
The stablecoin market cap just hit $140B+ for the first time since December 2022.
Why this matters: Some analysts view the changes in stablecoin supply as a “thermometer” for whether money is flowing in or out of crypto.
Here’s a quick cheat sheet you can scribble on your hands (you’re welcome):
Increase in stablecoin supply = market heating up.
Decrease in stablecoin supply = market cooling down.
Right now, the temperature’s heating up like Sean Paul’s hit single.
BITE-SIZED COOKIES FOR THE ROAD 🍪
Get your hands on the Milk Man’s On-chain Crypto Toolkit. There are a ton of tools out there, and it is impossible to know and cover them all but these are some tools that are free to use and we have experience with personally.
ETH has outpaced BTC so far this year. There are 3 big reasons… 1) an ETH ETF is expected to launch later this year, 2) Ethereum’s next big upgrade is in a few weeks, and 3) ETH held on exchanges is at an all-time low.
Memecoins like PEPE and WIF jumped 50% yesterday. According to CoinGecko, the “memecoin industry” saw an average gain of 13% on the day.
Uniswap launched 3 new tools to make token swapping easier. The tools include a Uniswap extension tool, a function for limit orders on its web app, and a new data and insights web page.
Lido’s total value locked (TVL) jumped to over $30B. The liquid staking protocol now controls 32% of staked ETH.
OKX is launching a new localized version of the platform in Turkey. OKX will offer USDT/TRY, BTC/TRY, and ETH/TRY trading pairs for its local customers.
Hut 8 announced it will use its BTC reserves in a “new treasury strategy.” According to the company’s press release, “Bitcoin held in reserve may be deployed through direct sales, option strategies or other approaches.”
*This is sponsored content
MILKY MEMES 🤣
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ROADER REVIEW OF THE DAY
VITALIK PIC OF THE DAY
The shirt says it all…
— Milk Road Images (@MilkRoadImages)
Feb 27, 2024
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.
