June 12, 2023

🥛 Weekend Market Movers: 1 big winner 📊

Today’s edition is brought to you by CoW Swap — the most innovative DEX aggregator.

GM. This is Milk Road, the newsletter that packs you a daily crypto meal.

Plus, we’ll put it in a brown baggie and add a sticky note like your Mom did back in the day.

Here’s what we got for you today:

  • Weekend market movers: winners & losers 📊

  • 2 things to watch this week 👀

  • a16z moves to the U.K.🍪

Prices as of 10:30 AM ET


We’re back with another Market Movers segment.

This week, we’re gonna start with The Losers. And that’s because 99.9% of crypto was in the red over the weekend…

Why? The SEC (aka the 3 most feared letters in crypto).

The SEC sued Binance.US and Coinbase last week and named-dropped some of the most popular tokens (like SOL, MATIC, etc) as securities.

It sent shockwaves throughout crypto. As a result:

  • Crypto. com dropped big news it was shutting down its institutional exchange in the U.S. on Friday

  • Robinhood announced it would delist tokens like Cardano (ADA), Polygon (MATIC), and Solana (SOL) on Friday

  • Many tokens dropped over 30% 

This weekend felt like when you stub your pinky toe on the edge of a table. You know you aren’t gonna die but f*ck, it hurts.

But everyone knows the rules: one token’s pain is another token’s gain.

And there was 1 BIG WINNER throughout the madness…. drumroll…..


Why? Because BTC has already been determined to be a commodity by the U.S. government.

So while most other crypto cryptocurrencies are in trouble for being “securities”, BTC is in the safe zone (for now).

As a result, Bitcoin’s “coin dominance” jumped to ~49.5% for the first time since April 2021.

Source: TradingView

Coin dominance is the ratio of any token’s market cap to the cumulative market cap of cryptocurrencies.

It's a good way to see how big a coin is relative to the whole crypto market.

And right now, Bitcoin is a lot like Nikola Jokic in the NBA Finals – dominant as f*ck.


Move aside, AMMs. There’s a new DEX aggregator in town and it’s completely changing the game. Whales and pro traders have been making their way to CoW Swap.

The reasons are simple. CoW Swap offers:

  • The Best Swap Prices: CoW Swap’s solvers act like your personal broker — scanning on-chain and off-chain liquidity for every trade

  • Built-in MEV Protection: Did you know that MEV cost traders almost $2 million in price exploitation just last week? More cost savings = more purchasing power

  • Advanced Order Types: Peer-to-peer matched partial fills? Trading based on a price checker? Dumping multiple tokens from a wallet in one click? CoW swap has it all.

CoW Swap hasn’t stopped innovating. It’s no surprise 80% of the exchange’s trading volume comes from whales and DAOs.

And now all the great features the big guys use are available for retail traders too. Try it out and upgrade your trading experience on CoW Swap!

PS – CoW Swap currently looking for testers. If you are interested in a (compensated) chat with their research team, sign up here.


This is a MASSIVE week for crypto. There are 2 main things you need to keep an eye on…

1/ Regulation

There are a ton of regulation hearings, committees, and decisions happening this week. Here’s a round-up of the most important ones.

On Tuesday:

Phew, talk about a busy day. (Queue Drake 🎵 “It’s going up, on a Tuesday” 🎵)

Then on Wednesday, there’s the FOMC meeting and the U.S. rate decision. All eyes will be on Jerome Powell and the Fed's decision on interest rates.

To raise, or not to raise – that is the question.

2/ Token Unlocks

We’ve already talked about why token unlocks are a big deal and why investors need to keep an eye on them.

Milk Road Rule #58: where there is a token unlock, there is price volatility.

There are a bunch more happening this week:

  • Blur ($BLUR) will be unlocking 196M tokens (worth ~$63.7M)

  • BitDAO ($BIT) will be unlocking 187M tokens (worth ~$79.3M)

  • ApeCoin ($APE) will be unlocking 15M tokens (worth ~$35.5M)

In total, there are about $197M worth of tokens being unlocked this week.

Regulatory hearings + interest rate decision + token unlocks = A rocky week.


A group of hackers stole $3M by impersonating crypto journalists on Twitter and Discord. Apparently, these hackers are trying to impersonate Milk Road too. Beware Roaders, there is only one Milk Man.

a16z announced it’s opening a new office in the U.K. to invest in crypto and web3. The Great Crypto Migration out of the U.S. has begun…

Hong Kong regulators invite Coinbase to set up operations in their country. When one door shuts in the U.S., another one opens up in Hong Kong.



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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.