🥛 Rektember is officially canceled 🙅
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GM. This is Milk Road. The newsletter that helps you get smarter about crypto, one analogy at a time.
Here’s what we got for you today:
✍️ Sept. is about to clock the highest returns on record (what’s next?)
✍️ What to look out for this month
🎙️ The Milk Road Show: Global Economic Update: China's Stimulus, US Recession Fears, and Crypto's Future w/ Sankalp Shangari
🍪 World Liberty Financial has opened KYC verification on its website
Going to Permissionless? Reply to this email w/ your Telegram handle for an invite to our meetup (and 30% off tickets below)
SEPT. IS ABOUT TO CLOCK THE HIGHEST RETURNS ON RECORD (WHAT’S NEXT?) 🚀
“September, I’ma let you finish – but it looks like you’re about to have your best performance of all-time”
Did we just reference Kanye at the 2009 VMAs? Yes.
Isn’t that a little dated? Absolutely.
Is the point we’re making still accurate? Very much so.
‘Cause while there’s still a few hours left in the month of September, it’s looking like we’re about to close with the highest $BTC returns on record.
I.e. ‘Rektember’ may be in need of a rebrand this year:
That – right there ☝️ – is worth getting excited about! Because historically, when $BTC outperforms in September, big gains follow in Q4!
Ok, that’s nice for $BTC, but what about altcoins? Check this out…
While $BTC has appreciated after the recent Fed rate cuts, its market dominance has been falling.
This is a bullish sign! Because the only way Bitcoin’s price can go up, while its market dominance falls, is if altcoins outperform $BTC.
Here’s why this is getting us excited:
This ‘goldilocks zone’ of price appreciation is the one best suited to support a potential Altcoin Season. 👀
We talked about it last month – but to save you a click, here’s a quick recap of what that means:
Altcoin Season is like Christmas for alts – a magical time of year when 75% of the top 50 coins outperform Bitcoin over the trailing 90 days
The last time we wrote about it, the Altcoin Season indicator was at 22 (0-25 = $BTC Season, 75-100 = Altcoin Season).
Here’s where it’s at today:
So let’s set the scene…
Christmas (Altcoin Season) isn’t here just yet. 🎅
There aren’t any decorations up
Our winter coats are still sitting at the back of our closets
Mariah Carey’s “All I Want For Christmas” is yet to harass us at the grocery store.
…but you can feel it coming.
The weather is cooling, the leaves are starting to brown, and ‘shorts n’ a t-shirt’ are no longer a safe bet when leaving the house.
And all the while, Bitcoin remains strong!
The takeaway: Q4 might be about to get crazier than our neighbor Allen, who spends his afternoons yelling at ducks in his front yard…
(HINT: The ducks don’t exist).
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*Disclaimer: Hey Roadies! A reality check from the Milk Man: I know my dairy, not your dollars. This partner content isn't financial advice.
WHAT TO LOOK OUT FOR THIS MONTH 📅
If September was ‘HEFTY’ on the chonk scale, October’s forecast would be shaping up to hit ‘OH LAWD HE COMIN.’ 👇
Here’s what’s on the horizon!
1/ Macro events 📊
The month is starting out with a macro event-fueled bang!
Here’s what’s coming down the pike this week:
As you read this, market analysts will be scouring the speech J-Powell just made at the National Association for Business Economics Annual Meeting a few hours back – mining for insight into future Fed policy.
(And we’re about to join them!)
Beyond that, we’ll be keeping a keen eye on all things jobs (JOLTs, Jobless Claims, Sept. Jobs Report, and Nonfarm Employment data).
We’ll be watching to make sure employment data remains in its ‘sweet spot’ – where unemployment:
Isn’t increasing fast enough to spook the market
Isn’t falling fast enough to warrant a pause on rate cuts.
2/ Token unlocks 🔓
We're about to see a milk-curdling amount of token unlocks this month!
Get a load of this:
There’s ten projects on that list – but we can only see one…
Celestia is unlocking $1.1B worth of tokens on October 30th – representing 81% of its circulating supply!
Good news is: We’re coming into Q4 of a halving year (a historically bullish period) – so anyone selling these unlocks should have solid incentive to put some of their profits back into the market.
3/ Conferences 🤝
Messari’s Mainnet starts today in New York, kicking off three days of back-to-back programming at Pier 36 (keep your eyes peeled for any big announcements!).
Followed by Permissionless III in Salt Lake City, from Oct 9-11, which the Milk Road team will be attending.
…in fact, we want you to join us!
If you don’t already have a ticket, we’ve sorted out a 30% discount for all Roadies (just click this link, and use the code MILK30 at checkout)!
Now, here’s the really important part:
If you’re going to be at Permissionless III – reply to this email with your Telegram handle.
We’ll set up a group chat and organize a Roadie hang out!
4/ Podcast guests 🎙
The Milk Road Show is bringing on some GOATED guests this month!
We’ve got:
Stani Kulechov (Founder and CEO of Aave)
Anthony ‘Pomp’ Pompliano (Founder & CEO of Professional Capital Management)
Kyle Samani (Managing Partner at Mulitcoin Capital)
Joe McCan (Founder, CEO, and CIO of Asymmetric)
In fact, we’re kicking the party off early, with today’s guest Sankalp Shangari (Managing Director of Rising Capital) – where we talk all things macro! Including:
The potential of a US recession
China’s money printer going brrrr…
How macro poses to effect crypto in the coming months
Click below to watch it now! 👇
YouTube | Spotify | Apple Podcasts
BITE-SIZED COOKIES FOR THE ROAD 🍪
Agoric’s Orchestration API might sound technical, but it’s solving real problems by enabling one-click multi-chain transfers. By simplifying crypto’s user experience, it's paving the way for wider adoption across the space. *
Tether has teamed up with the DOJ to freeze over $6M tied to a Southeast Asian crypto scam. This marks part of Tether’s ongoing effort to combat illegal activities, with over $1.8 billion in illicit USDT frozen to date. – DL News
Matrixport has acquired Crypto Finance AG from Deutsche Börse in an all-cash deal. The acquisition strengthens Matrixport’s regulatory footprint in Switzerland and will allow it to expand compliant crypto asset management services.
The CleanSpark CEO expects Bitcoin to peak at just under $200,000 in the next 18 months. He believes this could trigger a long-term price increase, with factors like the upcoming U.S. elections influencing the market.
Trump-backed World Liberty Financial has opened KYC verification on its website. The project aims to sell non-transferable governance tokens, with access limited to accredited investors and non-U.S. persons.
*this is sponsored 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.
