February 15, 2024

🥛 Can’t stop, won’t stop 🤑

Today’s edition is brought to you by Sui – a Layer 1 blockchain that has recently climbed into the top 10 chains by TVL, and is hosting its inaugural global conference on April 10-11 in Paris.

Join Sui Basecamp and get 20% off a standard pass with the code “sui-milkroad-20”.

GM. This is Milk Road, the newsletter that's like a secret recipe for crypto knowledge – tried, true, and tasty.

Here’s what we got for you today:

  • Here’s why the BTC rally is just getting started… 🤑

  • EigenLayer becomes the 5th largest DeFi protocol 🍪


BTC just moonwalked past $52K and is back into the trillion-dollar asset club. The first time since 2021. 

Suddenly, investors are Zillow-shopping for fat mansions and picking out names for future yachts like they were pets. 

But there’s still one question in everyone’s mind… how long will the party last?

Well, here are 5 signs the crypto rally is just getting started:

1/ For the first time, BTC has consistent inflows.

Where’s it coming from? Institutional investors. 

  • Bitcoin ETFs have seen 13 straight days of net inflows (in green below).

  • In the 23 trading days since launch, there have been 11 days with $100M+ in net inflows. 

  • This includes $2B+ in net inflows over the last 4 days. That’s half a billy… Every. Single. Day. 

On top of that, firms like Fidelity are allocating 1% of their funds to buy more BTC. 

  • These are usually “conservative” bets. AKA boring investments that get old people like my Uncle Ed excited. 

  • Includes things like investment-grade debt, U.S. equities, international equities, etc.

Now, crypto is on that list. 

Side note: it’s funny how crypto went from “a risky asset used by drug dealers and terrorists” → “a conservative asset your grandma should invest in.” 

No complaints here though. This will normalize exposure to BTC and help bring in slow, but steady, flows. 

2/ ETF issuers are buying up more BTC than miners are producing.

Here are some numbers for you:

  • On Monday, Bitcoin miners produced ~1,050 BTC, worth ~$51M.

  • That same day, Bitcoin ETF issuers bought ~10,280 BTC, worth $493.4M.

I know this sounds like a 5th-grade math problem (if Robert has 9 apples… and Julie takes 4…how many apples are left)... sorry, didn’t mean to trigger any PTSD. 

We just wanted to point out that a lot more BTC is being bought than mined daily. And it’s been a trend in 14 out of the last 23 trading days:

I’m no mathematician but… lots of demand + little supply = PGO (price go up).

*static noise*

We interrupt your regularly scheduled programming to bring you a quick word from our sponsor…


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: 

  • Meltem Demirors, Aspiring Cult Leader 

  • Rachel Conlan, CMO of Binance 

  • Greg Siourounis, Managing Director of Sui Foundation 

  • Evan Cheng, CEO & Co-Founder of Mysten Labs

  • Sam Blackshear, CTO & Co-Founder of Mysten Labs, Creator of Move 

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!

*static noise*

And now back to your regularly scheduled programming…

3/ Gold is losing its shine.

Here’s an interesting trend… investors are dumping Gold ETF shares, for BTC. 

According to Bloomberg analysts, the 14 leading Gold ETFs have experienced $2.4B in outflows this year. 

4/ Institutional investors are finding new (weird) ways to promote crypto.

A lot of these 60-year-old investment firms have been leaning in on “culture-first marketing.”

  • Franklin Templeton ($1.5T in assets under management) changed its Twitter profile pic to Benjamin Franklin, with Bitcoin-laser eyes

  • VanEck ($76.4B in assets under management) made its ETF ticker ‘HODL’.

  • It’s like seeing your grandpa pull up to the family reunion in brand-new Jordans and a Supreme hat…

The latest stunt? VanEck launched crypto-themed Valentine’s Day candies. 

I’ll be honest… “Billion-dollar asset manager launching I <3 Satoshi candies” was not on my Bingo card this year. 

Sounds silly, but stuff like this will help get more eyes on crypto.

5/ Retail investors aren’t here yet.

Tracking ‘Google Searches’ is a good way to spot trends and gauge interest from the Average Joe.

(i.e. if someone’s curious about something, they’ll Google it!)


  • The last time BTC was at $50K, Google search volumes had a score of 70. 

  • Now that BTC is back at $50K, Google search volumes have a score of 20. 

The big takeaway: retail investors haven’t gotten to the party yet.

We’re still in the pregame.


GSD Capital is a quantitative hedge fund that pioneers the use of AI-driven trading strategies to help guide their investments in global commodity, currency, and crypto markets. Clients around the world have access to Standard Investment Accounts for entry-level investors, and also Accredited Investment Accounts, designed for accredited investors who wish to make large investments. Learn more here.*

Taurus and Lido are teaming up to bring liquid ETH staking to Swiss banks. Swiss-based FINMA-regulated banks can now offer liquid staking via Taurus and Lido.

Genesis got court approval to offload $1.6B in GBTC shares. The motion allows the debtors to sell the shares at their discretion and does not set up a timeline.

The UK’s Financial Conduct Authority (FCA) issued 450 warnings to crypto firms in the final months of 2023. They also removed 35 apps from the App Store by the end of December.

An Australian officer is being accused of stealing millions in seized BTC. An Australian Federal Police (AFP) officer has been accused of stealing over 81.616 Bitcoin from an online drug trafficking investigation in 2019.

EigenLayer is now the 5th largest protocol in DeFi. The liquid staking platform has seen $4.3B in inflows over the last 10 days. 

The first gallery dedicated to Bitcoin Ordinals artwork is opening up in San Francisco. The San Francisco gallery aims to be a permanent fixture, continually offering new exhibitions and spotlighting artists that capture the attention of the Ordinals space.

The U.S. Treasury debunked the narrative that terrorists rely on crypto. The Treasury's top official on terrorism, Brian Nelson, said Hamas and other groups still prefer traditional financing, and crypto isn't figuring into their funding in a big way.

*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.