July 7, 2023

🥛 A peek into $10M+ wallets 👀

Today’s edition is brought to you by Flow Blockchain – the fast and decentralized blockchain with a BIG hackathon coming up.

P.S. There’s $500K, a PS5, and more on the line! 🎁


GM. This is Milk Road – we hit harder than a stiff one at 5 PM on a Friday.

Here’s what we’re serving up today:

  • A peek into $10M+ wallets 🐳

  • 2023 temp check 🔮

  • Unmoved BTC hits ATH 📈

  • 1st leveraged BTC ETF sees 500K shares traded 🍪

Prices as of 8:40 AM ET.


WHALE WATCHING: A PEEK INTO $10M+ WALLETS 🐳

We have one motto here… Keep It Simple™.

That’s why we keep the pizza hot, the milk cold, and the crypto trades basic.

But every once in a while, we wanna get the adrenaline pumping. That’s when we look to make a crypto bet.

Sometimes it’s a degen bet. (i.e. high-risk, high-reward bet. WARNING: not for the faint of heart.)

Other times, it’s an educated gamble.

But before making any bet, we always do one thing: whale watch. (i.e. see what other crypto whales are investing in)

So we sent the Milk Man out to do some research. There was only one requirement… the whales needed to have $10M+ in their wallet. BDE (big dollar energy) only.

Let’s dive in…

In total, we looked at 6 whale wallets that held a combined $180M.

Here’s a quick peek at the 3 most interesting ones:

1/ EverydayWhale ($21.5M in assets)

This wallet is doing 3 big things…

  • Lending tokens out on Maker (a DeFi platform). In total, the whale has lent out $15M+ worth of stETH and is getting a small % interest on it.

  • Providing liquidity to decentralized exchanges like Uniswap. The whale put ~$7M into Uniswap v3’s liquidity pool. In return, the whale gets a small slice of each trade.

  • NFT loans on platforms like NFTfi and Blur. They’ve supplied $1M+ in NFT loans (i.e. the whale supplies ETH and in return, they get an NFT as collateral.)

This whale is all about yield farming and getting those juicy returns.

2/ Ethereum ($19.3M in assets)

This was the most diverse wallet we saw. It was also the only one that had its assets spread across 4+ blockchains.

  • 57% of assets are on Ethereum (ironically it had the least % allocated to Ethereum out of all the wallets we looked at, even though the name of the wallet is Ethereum)

  • 31% of assets are on Arbitrum

  • 4% of assets are on Avalanche

  • 4% of assets are on BNB Chain

  • 3% of assets are on Optimism

But no matter the chain, this whale is doing the same on them all… yield farming.

They’re either staking, lending, or providing liquidity on a ton of different protocols. Check it out.

Source: DeBank

3/ No name wallet ($58.9M in assets)

This wallet didn’t have a “name” so we’re calling it Vin Diesel.

Why? Because this mfer is Fast & Furious when it comes to crypto trading.

They make a lot of trades and invest in a sh*tton of tokens. (60+ tokens in the wallet)

They also try to stay “liquid” and don’t lock up their tokens. (i.e. they don’t stake, lend, etc.)

Here are some of the biggest holdings:

  • $10.3M in ETH

  • $8.4M in SHIB

  • $2.6M in VRA

  • $1.4M in SAND

  • $1.2M in FTM

This wallet is by far the riskiest one we’ve come across and is now in the lead for Degen Whale of the Year.

Milk Road Take: If there’s one big takeaway from all this, it’s that… it might be time for the Milk Man to start taking a more serious look at yield farming.

5 of the 6 wallets were all heavily active in staking, providing liquidity, and lending out tokens.

Source: Tenor

(btw, R.I.P to a legend ^^^)

SHAPE THE FUTURE OF WEB3 WITH FLOW’S HACKATHON! 🌐

Rewrite the rules, unleash your creativity, and be part of the most exciting event in the blockchain world. From June 15 to July 15, immerse yourself in Flow, the fast, decentralized, and developer-friendly blockchain revolutionizing games, apps, and digital assets.

With $500K in prizes, this virtual hackathon welcomes pioneers of the web3 world to explore the potential of on-chain logic using Flow’s revolutionary smart contract language, Cadence.

Whether you’re into gaming, AI, mobile, or DeFi, or have an innovative idea, there’s a track for you.

Also, do you know a fren who might also be interested?

Well, then join our referral program and invite as many frens as you wish — and stand a chance to win a PS5, a Monitor, or a Mechanical keyboard!

P.S. – You get your unique referral link once you’ve completed your registration!

Join virtually or at IRL locations worldwide. Register now for the Flow to the Future Hackathon

Unleash your creativity, win prizes, and be part of the revolution! Let’s build the future together!

HOW MANY 2023 PREDICTIONS HAVE WE GOTTEN RIGHT SO FAR? 🔮

At the beginning of the year, we made 4 big predictions.

  • It’ll be another year without crypto legislation

  • Ethereum’s Shanghai upgrade would be delayed again

  • ETH and BTC would drop another 50%

  • The first mainstream Web3 application will be a Web3 video game

6 months in, our predictions aren’t lookin’ too good – we’re 1 for 4.

(Turns out the Milk Man shouldn’t quit his day job to become a fortune teller.)

Let’s dive in…

Prediction 1: It’ll be another year without crypto legislation

The result: Correct.

All we’ve seen is more regulation by enforcement, lawsuits against Coinbase & Binance, crypto players leaving the U.S., and more evil S-word (securities) labels.

We’re about as close to having regulatory clarity as the Milk Man is to going lactose intolerant. But there are still some bills working their way through Congress, so fingers crossed.

Now for all our misses…

Source: Tenor

Prediction 2: Ethereum’s Shanghai upgrade would get delayed (again)

The result: Wrong.

The Shanghai (or Shapella) upgrade happened on April 12 and went as smoothly as a baby’s bottom. Folks were scared that people would unstake their ETH and sell it, pushing the price down.

But staking is actually up, big time. And so is ETH’s price.

Which brings us to…

Prediction 3: ETH & BTC would drop another 50% in price

The result: Wrong. So, so wrong.

  • Bitcoin is up almost 100%.

  • ETH is up ~50%.

Prediction 4: The first mainstream Web3 application will be a Web3 video game

The result: To be determined.

But giants like Sega, Animoca Brands & Unisoft are making strides. The latter just released its second blockchain game. 👀

So there’s still plenty of time this year for Web3 gaming’s time in the sun.

As for the rest of 2023… we caught up with some MILK ROAD FRIENDS to give us their predictions:

0xDesigner (Crypto Twitter staple) predicts consumer applications will be “powered by crypto, that you won’t know they are crypto.”

They think these consumer apps will be centered around music, gaming, and niche social platforms.

Stephan Livera (big-time Bitcoin podcaster) has 3 big predictions…

1. More government regulatory actions coming on altcoins

2. No US Bitcoin spot ETF this year (bold one, Stephan)

3. Increasing rationalisation towards Bitcoin in the space, and refocused understanding on holding your own Bitcoin private keys

Guess we’ll have to wait and see.

VISUAL OF THE DAY: BITCOIN UNMOVED SUPPLY HIT ATH 📈

ARK Invest

Bitcoin just broke a new record…

~70% of Bitcoin’s entire circulating supply hasn’t moved in over a year.

So what does that mean? Bitcoin investors are HODLing.

All this Bitcoin ETF talk has made BTC holders (including its OG investors) hopeful.

Institutional interest in the crypto space is like that one kid wearing silly bandz to school in the 4th grade:

It makes everyone wanna follow suit.

MILK & COOKIES 🍪

Kraken re-introduces Kraken Pro for traders. The offering allows traders of all shapes and sizes to level up their trading through a clean user interface, advanced tools and analytics, and full customization.*

The first U.S. leveraged BTC futures ETF has seen more than 500K shares traded since launching last week. Name a better debut…

It was SBF that pulled out of that $100M sponsorship deal with Taylor Swift, and her team actually signed before he backed away. So much for “due diligence.”

Bitfinex (crypto exchange) recovered $312K+ in cash that was stolen in a 2016 hack. Alexa, play Bitch Better Have My Money

Galaxy Digital’s CEO said he wants to expand the business overseas. Anotha one…

*This is sponsored ad content

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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.