June 22, 2022

🥛 Have no fear, SBF is here

GM. This is the Milk Road, the newsletter that takes the best of crypto and plays it back to you each morning like a vintage cassette.

You might be noticing something a little different today… the new brand! This will be our new look & feel going forward (we dropped a video about it yesterday).

Now let's get into the good stuff. Here's what we got today:

  • Sam Bankman-Fried rescues BlockFi

  • Magic Eden is cryptos newest unicorn

  • The weekly flows report


Have no fear, Sam Bankman-Fried is here.

Over the last few days, SBF has given out $750m+ to companies that were about to crumble. He's been a human ATM.

Here’s who he helped:

  • BlockFi – an exchange that offered juicy yields to attract users. They’ve lost close to $300m in the last 2 years and recently had to cut 20% of their workforce.

  • Voyager – a crypto brokerage firm that has lost $650m+ over the last few weeks. They were rumored to be going bankrupt.

SBF did what any friend would do…

He gave a $250m credit line to BlockFi and a $500m+ loan to Voyager. Anyone got Sam's #? Could use a friend.

Everything happening today reminds us of one thing: JP Morgan and the Panic of 1907. We’re all too young to remember.. but JP Morgan was actually a super-rich dude, not just a company name.

And in 1907, the United States economy was on the brink of collapsing.


  • Big Banks were on the verge on bankruptcy

  • There was an economic recession unfolding

  • Tons of money was lost on side bets at “bucket shops” (aka businesses that allowed gambling on prices of stocks & commodities at the time)

These things led to a nasty spiral of:

People losing faith in the system —> an increase in people that wanted to withdraw their money —> more bank runs

Sound familiar?

But then came the knight in shining armor: JP Morgan, who put in millions of his own money to save the banks in trouble.

He also convinced some of the other financial titans to put up some money to help. The day was saved!

How does this relate?

  • The Panic of 1907 = The Crypto Panic of 2022

  • SBF = the modern day JP Morgan

Sam is putting the team on his back.


Magic Eden, an NFT marketplace on Solana, raised $130m.

After just 9 months, they’re valued at $1.6b. And they're the newest crypto company to hit unicorn status.

It's not for nothing either. They’ve been growing at an insane rate and have even been outperforming OpenSea lately…

According to DappRadar, over the last 7 days Magic Eden has more:

  • Sales volume: $84m vs $65m

  • Active users: 122k vs 66k

OpenSea recently started offering Solana NFTs on their marketplace. Many people thought it would be the end for Magic Eden…

The reality so far? Magic Eden is still the top choice for Sol NFTs. By far.

The Milk Road's Take: Even though Solana goes down more than DirecTV on a windy day, Solana NFTs have been on the rise.

And Magic Eden is by far the leading marketplace for them.

Even at $1.6b, you could argue they're still undervalued when OpenSea is valued at ~$13.3b…


Yeah, that’s right. We’re taking up an ad in our own newsletter to give you a special offer.

In the past 5 months, we’ve grown this newsletter to 150k+ awesome subscribers, like you.

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Respond to this email with the word "MILKMAN" and we’ll hook you up with a special offer. Because we ride or die for our readers.


The results from the latest Digital Asset Fund Weekly Report are in…a total of $38.6m was sold off from crypto funds last week.

No surprise here since crypto has been going through Hell Week like it was a freshman playing on the varsity football team.

But let's take a look behind the numbers…

  • Bitcoin saw an inflow of $28m. This tells us that funds were actually buying the BTC dip over the last week

  • Ethereum saw an outflow of $70m. Another rough week for ETH.. the 11th straight week with more selling than buying from funds. Ouch.


See ya tomorrow!

Shaan aka “Elon’s chocolate milk” & Ben "2% Milk" Levy

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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.