May 27, 2024

🥛 Big week ahead: Hold on to your milk jugs! 🚀

Today’s edition is brought to you by Gryphon Digital Mining – a fast-growing Bitcoin miner led by a team of industry veterans.

Read a free report on Gryphon’s unique strategy today.*

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GM. This is Milk Road, your morning shot of crypto espresso – short, strong, and packed with punchy news.

Here’s what’s dripping today:

  • 4 things to watch this week 👀

  • We’re hosting an AMA 🥛

  • Graph of the day: Re-evaluating Saylor’s investment 🧐

  • Building a cross-chain DEX as an anon 😵‍💫

  • $25M in Hush Money: FTX’s Whistleblower Blackmail 🍪

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4 THINGS TO WATCH THIS WEEK 👀

Roadies, we’ve got a SHORT week ahead with the U.S. TradFi markets closed today. It’s gonna be full of U.S. economic data, major token unlocks, and politics in the arena.

1/ Token unlocks 🔓

$381.08M in various cryptocurrencies will be unlocked this week.

  • $80.55M worth of Optimism (OP) tokens unlock on May 31st (2.9% of supply)

  • $68.33M worth of dYdX (DYDX) tokens unlock on June 1st (11.9% of supply)

  • $67.94M worth of Sui (SUI) tokens unlock on June 1st (2.8% of supply)

P.S. – if you’re curious how unlocks affect prices, we got you covered here.

2/ U.S. macro data 📊

This week is loaded with crucial economic data that could set the tone for all the markets…

Here are the key ones: 

  • Consumer Confidence Data (Tuesday): Measures how optimistic consumers feel about the economy.

  • Q1 2024 GDP Data (Thursday): Provides insight into the economic performance of the first quarter.

  • April PCE Inflation Data (Friday): The Fed’s preferred inflation gauge.

  • Fed head’s go at it throughout the week giving their take on the economy 

Why this matters: These reports are like the crystal balls of the economy. 

Strong data might get investors feeling all warm and fuzzy, leading to a market rally. 

Weak data? Well, that’s like dropping your ice cream cone on Memorial Day—expect some tears and turbulence.

3/ Ethereum ETF S1’s 🚀

The SEC gave the green light to the 19b-4 filings for U.S. Spot Ethereum ETFs last week, and now we’re just waiting on the S-1 form approval so these ETFs can finally trade. 

It could take a while, but it could also happen this week, and this is a big deal for $ETH price movements so it’s worthy of being on the radar.

4/ Biden's potential veto on SAB 121 repeal🏛️

The bill to repeal the SEC's Staff Accounting Bulletin 121 (SAB 121) has landed on President Biden's desk, with a veto deadline of May 28th.

SAB 121 requires financial institutions to include customers’ digital assets on their balance sheets.

Why it matters:

  • Crypto Custody Costs: Repealing it would lower costs, making it easier and cheaper for banks to offer crypto custody services.

  • Political Drama: If Biden vetoes the repeal, Congress might try to override it, leading to more drama. With other bills like FIT21 in play, it's like a never-ending soap opera in D.C.

  • Market Reaction: A veto might spook the market, while repealing SAB 121 could boost confidence and investment in crypto.

This political blockchain saga could have a big impact on the crypto market!

To summarize… $381.08M in token unlocks + key macro data + Ethereum ETF hype + Biden's veto decision due = a recipe for a wild short week.

Buckle up and pack your milk!

THE BITCOIN MINER PERFECTLY POSITIONED FOR A CRYPTO BOOM

Over the past four months, a unique combination of events has set the stage for a potentially long-term crypto bull market.

The first domino to fall was the approval of Bitcoin ETFs in January 2024. 

Then, in April 2024, Bitcoin’s halving event, typically a catalyst for significant bull runs, occurred.

This “perfect storm” is exactly what Gryphon Digital Mining has been preparing for.

With a mining cost of $44,989 per Bitcoin, Gryphon boasts one of the lowest breakeven costs in the industry.

And the kicker? 

It’s powered by 28 megawatts of hydropower and was certified as 100% renewable in 2024 – making it one of the greenest and most efficient Bitcoin miners in the world.

Find out more in this new report about one of the most exciting miners in the industry.*

*Disclaimer: Hey Roadies! A reality check from the Milk Man: I know my dairy, not your dollars. This partner content isn't financial advice.

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GET YOUR MILK READY – WE’RE HOSTING AN AMA 🥛

We’re hosting a PRO-only AMA to answer your burning crypto questions! 🔥

Wen? 29th of May (Wednesday this week).

Where? In the Milk Road PRO Discord (the meetup channel).

Wanna join us? It’s your perfect opportunity to get any doubts ironed out & meet the Milk Road squad! Go PRO to gain access! 

If you are a PRO member yourself, there's still time to submit your burning questions here. If you don't, don't be surprised if we skip yours like a bad mixtape track.

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GRAPH OF THE DAY: RE-EVALUATING SAYLOR'S INVESTMENT 🧐 

By choosing Bitcoin over Ethereum, Michael Saylor missed out on a potential $5.7 billion in extra profits.

Since 2020, MicroStrategy (Michael Saylor) has been stacking Sats like no one else in the game.

He’s invested an impressive $7.57 billion to amass a total of 214,246 $BTC, which is now worth $14.76 billion—a juicy 95% ROI! 🚀 WOWZA!

But it could have been more! Wanna know why?

Here's what MicroStrategy's wallet could have looked like today if they had invested in $ETH instead:

  • They would hold 4,986,791 $ETH worth $18.6 billion USD

  • Instead of being up $7.19 billion (with $BTC) MicroStrategy would be up $11.06 billion (146% ROI)

But what if Saylor staked his $ETH? 

  • At 4% APY he would have earned an extra 489,985 $ETH worth $1.83 billion

  • The total investment would amount to 5,476,776 $ETH, worth $20.46 billion

Too bad, so sad. Missed the boat right? Not so fast:

  • If Michael trades in all of MicroStrategy's $BTC for $ETH right now he’d have almost 4 million $ETH

  • If it was all staked it would create ~$738 million in annual revenue (which is more than MicroStrategy has ever made in a year)

The Milk Man has been preaching about the power of staking for a while now and this show’s how powerful it can be!

Now, the same way a teacher loves all their students equally, the Milk Man loves all blockchains.

BUT, let's be real, with these numbers, $ETH is looking like the star student that's always raising their hand! 👨‍🏫

What do you think? Should Micro Strategy have mixed up their investment strategy to include some $ETH exposure?

A/ Hell yeah

B/ Nah, stick with $BTC

Hit reply and drop your thoughts!

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BUILDING A CROSS-CHAIN DEX AS AN ANON 😵‍💫

Ever wondered how you could swap Bitcoin for Ethereum without using centralized exchanges like Binance or Coinbase? 

Enter THORchain, a game-changer in the decentralized exchange (DEX) world.

In our latest episode, JP Thor, a founder of THORchain, dives into the creation of the world's biggest cross-chain DEX while remaining anonymous.

What You’ll Learn:

  • No More Middlemen: Learn how THORchain allows you to swap BTC for ETH in a single transaction without giving up custody of your assets. 🤝

  • The Tech Behind It: Discover how continuous liquidity pool formulas make decentralized trading efficient and secure. 🎱

  • Real-World Analogies: Understand complex crypto mechanisms through relatable examples, like using fruit baskets to explain how liquidity pools work. 🍋

Curious about how THORchain is pushing the boundaries of decentralized trading? 

Tune in and get the insider scoop from JP Thor himself! 👇

YouTube | Spotify | Apple Podcasts

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BITE-SIZED COOKIES FOR THE ROAD 🍪

The world's largest and longest-running global event for crypto and Web3 is happening in Austin NEXT WEEK. Get your IRL or Virtual pass now and save 20% with code MILKROAD.*

Ethereum Cracking Down on Shady Token Incentives. The Ethereum Foundation is racing to implement a formal conflict of interest policy after researchers pocketed fat EigenLayer token rewards.

$25M in Hush Money: FTX's Whistleblower Blackmail Exposed. A bombshell report reveals Sam Bankman-Fried's FTX forked over $25M to silence 7 whistleblowers before collapse – including one $16M payout. – DL News

Normie Memecoin 99% Nuked by Hack, But Fat Demands Could Save It? The meme-tastic $NORMIE token took a beating after an exploit drained its $42M market cap to just $200K. But in a bizarre twist, the hacker may return 90% of funds…if an influencer publicly reveals his weight. Crypto gonna crypto.

Donald Trump pledges to free Ross Ulbricht, stop CBDCs, and support self custody. In a speech at the Libertarian Convention, Trump vowed to protect Bitcoin from Elizabeth Warren and promote the U.S. as a leader in the crypto industry.

Wanna team up with the Milk Man? We currently have 3 positions open – check ‘em out and apply here!

*This is sponsored content

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MILKY MEMES 🤣

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RATE TODAY’S EDITION

ROADIE REVIEW OF THE DAY 🥛

ROADIE REPLY OF THE DAY 🥛

In Wednesday’s daily we asked you to reply on whether or not you are putting your stable coins to work… well 57% of you voted NO! 

And here is the reply of the day:

VITALIK PIC OF THE DAY

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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.