π₯ The institutional FOMO is real π
Todayβs edition is brought to you by Safe{Wallet} β a decentralized custody protocol and collective asset management platform that secures over $100 billion in digital assets with multi-layered security.
Secure your digital future β explore Safe{Wallet} today.
GM. This is Milk Road, weβre that friend in the group that tries the hot wings first, just to make sure you donβt burn your taste buds off.
Hereβs the sauce for today:
The institutions are coming π
DeFi gaming: not quite what we expected π°
Prices are up, what happened? π
Circle is heading home πͺ
THE INSTITUTIONS ARE COMING FOR CRYPTO π
Imagine Paul Revere riding through Wall Street shouting βThe Institutions are coming! The institutions are coming!β
And this time, he's talking about the big boys jumping into Bitcoin ETFs.
In case you havenβt been following: the largest institutions in the game are now invested in BTC ETFs.Β
In fact, these ETFs saw 884% MORE unique owners than gold ETFs in their first quarter.
Note: Unique owners = professional funds like state pension funds, banks, insurance companies, family offices and hedge funds.
Millennium Management is the big dog in hedge funds, holding almost $2 billion in Bitcoin ETFs! π€―
But theyβre not alone. Here are some of the next biggest holders:
2/ Susquehanna with $1.1B
3/ Horizon Kinetics with $989M
4/ Schonfeld Strategic Advisors with $479M
5/ Bracebridge with $404M
6/ Boothbay with $303M
And here are some others worth noting:
The state of Wisconsin investment board dropped $150M into BTC
Royal Bank of Canada (top 25 global bank) has a small allocation
Switzerlandβs largest bank with over $1 trillion AUM, UBS, has a small allocation
Fortress Investment Group (the group behind the LA to Las Vegas bullet train) holds $54M
Staples like JP Morgan and Wells FargoΒ joined the party as well
Morgan Stanley holds $270M (all in GBTC)
The only one missing from the party? Endowments. Harvard we got our eyes on your $50B.
Total US endowments (think slush funds for universities) sits just under $1Tβ¦
Whoβs next? The $27T AUM (assets under management) pension fund market is in the crosshairs too.Β
Michael Saylor, the mastermind behind Microstrategy, also chimed inΒ βthey will all need someβ when referring to pension funds holding BTC.
Speaking of things weβve been waiting forβ¦Β Vanguard with $7T in AUM has appointed a new CEO, Salim Ramji.Β
Why this matters: Vanguardβs old CEO said βNo Bitcoin here,β and then got cannedβ¦
And now theyβve hired Ramji, the BlackRock guy who launched the biggest Bitcoin ETF. Talk about a 180!
The good news? He loves BitcoinΒ more than Kanye loves Kanye.Β
The meh news? Salim recently said he has no intention of changing Vanguardβs approach to crypto
More and more institutions are flocking toward crypto and eventually, the floodgates will bust wide openβ¦
π₯ Milk Road Take: This just highlights the need for new, crypto-friendly leaders entering the arena. We all long for the day when we can finally say βThe old guard is out, and the fresh minds are in.β
Just like the internet revolution, it will take time. This is nothing new, itβs human nature. Older generations become resistant to change and younger generations will fight for the new thing.
And this wave of institutional money is only getting started.
SAFEGUARD ASSETS WITH UNMATCHED SECURITY
Keep your digital assets safe with Safe{Wallet}, the trusted choice of industry leaders like Vitalik Buterin.
Safe{Wallet} provides battle-tested, multi-layered security with features like:
Multisig
Batched transactions
Simulated transactions
Free risk scanningΒ
Integration with over 200 top dApps
Eliminate vulnerabilities and enhance your transaction capabilities today.
Don't just store β secure your wealth and digital asset legacy with Safe{Wallet}.
BLOCKCHAIN GAMING IS HEREβ¦ JUST NOT THE WAY WE THOUGHT π°
Blockchain gaming didn't turn out to be the playground of interoperable skins and in-game items we all had hoped forβ¦
Instead, it's evolved into something we didn't quite see coming: SocialFi and memecoins.
Both have underlying themes of gamification and speculation of activity.
And right now, the intersection of SocialFi, memecoins and gambling is HOT!Β
3 of them are on fire actually. (like NBA Jam)
1/ Friend.Tech
Friend.Tech brings social networking onchain by introducing token-gated private chats.Β
Users can mint (purchase) account keys to join exclusive chats, effectively selling access.
Friend.Tech has made a recent resurgence:
$68M USD in key swap volume since token launch (May 3rd)
Total Wallets continue to climb, at ATH of 329K
Note: If you really want your mind blown check out this PRO Report about the money thatβs flowing to the blockchains that Friend.Tech is built on.
2/ Fantasy.Top
Fantasy.Top is a SocialFi Trading Card Game (TCG) enabling players to utilize trading cards featuring Crypto Twitter influencers in an online game. Gotta catch βem all.
Players build decks and compete, leveraging their research prowess for rewards.Β
Here are some card sales for example:
3/ Pump.fun
Pump.fun is a platform dedicated to the creation and trading of memecoins.
It addresses common beef with traditional token launches: unfair distributions and rug pulls.
The platform ensures a fair and transparent distribution process by eliminating pre-sales and team allocations.
Hereβs a simple chart showing how active it is (via deployments aka new memecoins created):
The craziest part? It recently flipped Solana in 24 hour revenue!
π₯Milk Road Take: While some like to discard these protocols because theyβre allowing users to launch memecoins and bet on Twitter All Stars, we suggest taking another look.
New tech is often cringe when it launches⦠TikTok was silly dances and Instagram was food photos but look at them now.
These SocialFi and memecoin platforms are creating new forms of engagement that blend social interaction with financial incentives. And thatβs huge!
But here are the big questions:
Is this just the next wave of degen capital?
Could gamified social apps drive mainstream web3 adoption?Β
Or will it be a transition period blending the two?
Weβre not sure which one (if any) will be the next big thing, but thereβs definitelyΒ something to pay attention to here.Β
Let us know what you think though by replying to this email:
A/ Bullish: SocialFi and memecoins will continue to grow
B/ Neutral: Call me Switzerland
C/ Meh: More hype that will die down
PRICES ARE UP. HEREβS WHATS HAPPENING π
The crypto market was 50 Shades of Green yesterdayβ¦
Light Green. Dark Green. Emerald Green. Picasso would be proud.
Hereβs a list of bullish announcements we think are driving prices:
CME Group, the worldβs largest futures exchange, is planning to launch Bitcoin trading
CPI results coming in at expectations
The head and shoulders pattern (bullish signal from price action) we pointed out in yesterdayβs cookies
AND of course, the wave of institutional confidence riding into Bitcoin ETFs
BITE-SIZED COOKIES FOR THE ROAD πͺ
Fyde Treasury is a new protocol that combines the best of AI and DeFi, for hands-off investing. The platformβs liquid vaults do most of the heavy lifting, including continuously rebalancing portfolios, automated risk management, and boosting liquidity. Learn more here. *
Robinhood Revs Up Solana Staking in Europe, Offers Juicy Bonus.Β New users get a 10% USDC bonus. As the no-fee trading app expands to Italy, Poland and Lithuania, these localized perks could spark a fresh wave of crypto curious to join the hood.
El Salvador's Volcanic Bet: 474 Bitcoins Mined, 5,750 BTC Stash.Β Using geothermal energy from the Tecapa volcano, the country has 300 new volcanic processors. Bukeleβs crypto hoard sits around $380 million USD.Β
Circle Catches Americana Wave, $55B USDC Issuer Returns to US.Β While pricier tax-wise, the US redomicile could grease the wheels for a smoother public listing and better regulatory clarity.
MIT Genius Siblings Allegedly Swindle $25M from Ethereum Bots.Β By exploiting a Flashbots flaw, they tricked the automated traders into buying illiquid tokens to siphon liquid crypto reserves. β DL News
Blast Token Airdrop Postponed to June 26, Allocation Increased. Half will go to developers via Blast Gold points for building dApps, while the other half rewards early users who transferred over $2.3 billion to the network before its mainnet launch.
Wanna team up with the Milk Man?Β We currently have 4 positions open β check βem out andΒ apply here!
*this is sponsored content
MILKY MEMES π€£
RATE TODAYβS EDITION
ROADIE REVIEW OF THE DAY π₯
VITALIK PIC OF THE DAY π₯
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.