January 25, 2024

🥛 Why this crypto rally is different 👀

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GM. This is Milk Road, where we deliver crypto insights faster than your old dial-up internet – no annoying screeching sound included.

Here’s what we got for you today:

  • This rally vs. previous rallies 🧐

  • How much money do Bitcoin miners make? 🤑

  • Say hello to “token extensions” 🍪


THIS RALLY VS. PREVIOUS RALLIES 🧐

It’s always interesting to see how crypto rallies compare to each other… 

Which tokens were popular, which tokens are still popular, etc. 

Well, check it out. Pantera Capital dropped a blog post called The Year Ahead.” (It’s a little long, but it’s a banger).

In it, they talk about how this crypto rally looks different than previous ones. Just check out the top tokens from each of the last 3 rallies:

There are 2 big takeaways:

1/ Previous rallies have seen massive churn in the top tokens.

  • 14 out of the top 20 tokens in 2017 lost their top spots during the following bull run in 2021. 70% of the top tokens changed! 

  • In 2021, the top tokens were replaced by ones that didn’t exist during the previous bull run in 2017 (i.e. Shiba Inu, Uniswap, etc.).

2/ The current rally has been the complete opposite – very little change.

  • The top 6 tokens from this rally are the same ones from the 2021 peak. Just a different order. 

  • 16 out of the top 20 tokens have stayed the same since 2021. The churn rate for the top tokens dropped from 70% → 20%. Impressive. 

Why this matters: There’s a saying in crypto… “The top tokens of the next bull run haven’t even launched yet.”

Historically speaking, that’s been true. 

But this rally looks different. The battle-tested veterans will likely lead this next bull run, not the rookies.

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HOW MUCH MONEY DO BITCOIN MINERS MAKE? 🤑

Mining Bitcoin is a lucrative business. 

How lucrative? Bitcoin miners are averaging $12.3B in annual revenue. 

(*Alexa, play “Make It Rain”*)

Here’s how Bitcoin mining revenue stacks up:

Pretty crazy. Bitcoin mining was once considered a “side hobby for nerds”….

Now it makes more money than some of the largest companies in the world! 

BITE-SIZED COOKIES FOR THE ROAD 🍪

Solana is launching “token extensions.” It will allow developers to hard-code special rules and controls into tokens created on Solana.

The U.S. Securities and Exchange Commission (SEC) has increased its enforcement actions by 53% year-over-year. There were 46 total enforcement actions carried out last year – the highest annual total since 2013. 

The SEC has delayed its decision to approve/deny BlackRock’s proposed spot ETH ETF. The delay pushes any decision on the proposed fund to March 10.

Magic Eden is expanding its reward program. Magic Eden users can earn “diamonds” (not real ones, sorry) by buying, selling, or making offers on NFTs.

Warning: A bunch of phishing emails are being sent to Trezor users. The phishing email told users to update “assets” via a fake link. Trezor disabled the email link, but some users may have exposed recovery seeds.

MILKY MEMES 🤣

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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.