February 20, 2024

🥛 A record week for crypto 👀

Today’s edition is brought to you by Sui – a Layer 1 blockchain that secured 64% of all assets transferred from Ethereum through Wormhole over the past month.

Get 20% off a standard pass to Sui Basecamp with the code “sui-milkroad-20”.

GM. This is Milk Road. We pack crypto insights like a suitcase for a weekend getaway – just what you need, nothing you don’t.

Today feels like Christmas morning all over again…

ETH (briefly) hit $3K for the first time since April 2022.

BTC closed the week above $52K for the first time in 2 years.

We could get used to this 🤑

Alright, here’s what else you missed this weekend:

  • A record week for crypto 📊

  • Bitcoin’s futures open interest hit a 3-year high 🤑

  • These NFTs just sold for $15M 👀

  • fkSBF’s first prison pic 📸

  • Bitcoin Miners vs. Angry Texans 🍪


The results are in…

Crypto investment products saw $2.45B of inflows last week. It’s the largest weekly inflow on record. 

According to CoinShares’ latest report:

  • Assets under management (AUM) are back at $67B. The recent inflows and positive price movements have elevated AUM to December 2021 levels. 

  • Year-to-date inflows now total $5.2B. For reference, there were $2.25B of total inflows in 2023. That’s over 2x last year’s total, in less than 2 months. (!) 

  • Regionally, the U.S. dominated with 99% of the inflows (~$2.4B). **Chants erupt in the background** U-S-A! U-S-A! U-S-A!

  • Blockchain equities saw big outflows last week (~$167M). This is likely just investors taking profits. 

  • Most altcoins saw minor inflows. ETH, AVAX, and MATIC had inflows ranging from $1M  to $21M. The big surprise? SOL had minor outflows. 

That’s 3 straight weeks of inflows, totaling $4B+ in that span. (noice)

We’ll see if the streak continues.


Sui, a pioneering Layer 1 blockchain, has emerged as a force in the digital asset space, capturing 64% of all asset transfers from Ethereum through Wormhole in the last month.

But that’s not all. 

Sui is also set to host its inaugural global conference, Sui Basecamp. 

Hear the latest and greatest ideas in Web3, converse with industry titans, and expand your network with fellow thought-leaders, crypto natives, and a community of builders at Sui Basecamp.

On April 10-11 in Paris, it’ll be a two-day celebration of the rapidly growing Sui ecosystem and a deep exploration into what the future of Web3 holds. 

Hear from luminaries like: 

  • Arianna Simpson, General Partner at a16z crypto

  • Balaji Srinivasan, Angel Investor, Tech Founder & author of The Network State

  • Nikola Plecas, Head of Product Commercialization at Visa

  • Logan Jastremski, Managing Partner at Frictionless Capital

  • Benoît Pellevoizin, Head of Marketing & Communications at CoinShares France

And many more!

In town for Paris Blockchain Week? Sui Basecamp’s venues are just a short walk from PBW.

Use the code “sui-milkroad-20” for 20% off a standard pass!


Bitcoin’s futures open interest on centralized exchanges hit $22.9B yesterday. 

It’s the highest level since November 2021 – when BTC was $69,000.

So what? Open interest (OI) is the total value of open Bitcoin futures contracts in the market. 

When open interest goes up, it’s (generally) a bullish sign. It means trading activity is increasing and there’s positive investor sentiment around BTC.

It’s like seeing a restaurant booked out weeks in advance – you know the chef’s cooking up something good and you’ve found a gem.


PSA: Digital scribbles are selling for millions again!

Over the weekend, a collection of 10 Autoglyphs NFTs sold for 5,000 ETH (worth $14.5M).

Here’s everything you need to know about the historic sale:

  • Autoglyphs are the “first on-chain generative art” on Ethereum. 

  • The collection was launched by Larva Labs (creators of CryptoPunks) back in April 2019. #OGstatus

  • The 10 Autoglyphs are part of what’s called a “dev set.” Only 3 of them exist. 

  • It’s the 6th-largest NFT sale ever. Btw, here’s a list of the Top 5 sales if you’re curious. 

Without further ado, here are the 10 Autoglyphs…

Crazy, I know.

The connect-the-dots art we used to do in kindergarten is now selling for millions…


They say a picture is worth a thousand words. 

If that’s the case, this one is worth a million…

It’s the first prison pic of fkSBF (formerly-know-as-Sam-Bankman-Fried, or fkSBF for short).

Rumor has it, fkSBF…

  • Is friends with former gang members. The guy to his left is “G-Lock”, a former Blood gang member. 

  • Has earned some “street cred.” Apparently, he’s gotten respect for not snitching. (Prison Rule #1: Snitches get stitches).

  • Doesn’t take showers. Can’t drop the soap if you don’t shower…

From rags → riches → prison. What a ride for the former billionaire.


Fashion icon Karl Lagerfeld's NFTs, RTFKTs, and other prominent names will launch on LUKSO Mainnet. The NFTs will be tradable on Universal Page, the latest NFT marketplace, providing a gasless experience with account abstraction and NFTs 2.0 at its core.*

There’s a war going on in the south… Bitcoin Miners vs. Angry Texans. The main issue? The noise. Apparently, living next to a mining facility is like living by train tracks… loud as f*ck. —DL News

Uniswap is launching its v2 across all L2 chains. V2 🤝 L2.

A.I. tokens rallied big time over the weekend. The tokens jumped 7.7% on average on Sunday. 

Japan’s government approved a bill that allows VC firms and investment funds to hold crypto assets. Now that the cabinet has approved the move, the amended bill will be introduced and debated in the current session of parliament.

Aptos is teaming up with Jambo Technology to launch a new web3 phone. It will cost $99 and is designed for users in Africa, Southeast Asia, and Latin America. 

Yuga Labs acquired Proof. In its statement, Yuga Labs said it planned to fold Moonbirds into its metaverse, Otherside.

*This is sponsored content





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.