Today’s edition is brought to you by SX Bet – a revolutionary sports betting platform shaking up the industry for all crypto junkies.
GM. This is Milk Road, the crypto newsletter that makes your inbox Snap, Crackle, and Pop.
Here’s what we got for you today:
- 4 big things to watch this week 👀
- Graph of the Day: ETF flows are slowing down 📊
- BTC drops below $63K 🍪
But first… crypto newsletters are under attack! Metaphorical shots have been fired at Milk Road and our emails are being flagged by Gmail.
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Prices as of 9:30 AM ET. Click here for our Fear & Greed Index
4 BIG THINGS TO WATCH THIS WEEK 👀
We’ve got a BIG week ahead. Here’s everything you need to keep your eyes on:
1/ Token unlocks
$391.1M in various cryptocurrencies will be unlocked this week.
- $141.9M worth of $MEME tokens will unlock later today (31.9% of circ. supply)
- $69.33M worth of $DYDX tokens will unlock on May 1st (11.1% of circ. supply)
- $29.5M worth of $PRIME tokens will unlock on May 3rd (4.43% of circ. supply)
2/ Macro stuff
A bunch of important macro data is being released in the U.S. this week…
The big event will be on Wednesday when the Fed decides on interest rates.
To raise or not to raise? That is the question.
According to the CME FedWatch Tool, there’s a…
- 97.1% probability for ‘no change’
- 2.9% probability for an ‘ease’
- 0% probability for a ‘hike’
Most experts believe interest rates will stay the same, but all eyes will be on Jerome Powell’s post-game speech.
His tone, and any indication of future rate cuts, will determine how the markets react.
P.S. - if you’re curious about how macro and global liquidity can affect crypto, we got you covered here.
3/ Earnings reports
It’s that time again… Earnings SZN. And some of the biggest names in the tech game are on deck to report their numbers this week.
- Amazon and PayPal will report tomorrow. Apple will report on Thursday.
- In total, about 20% of all S&P500 companies are releasing earnings reports this week
4/ Airdrops
**sniff sniff**… you smell that?
It’s the sweet, sweet smell of airdrops. And some big ones are coming later this week…
(Btw… EigenLayer’s airdrop is confirmed for May 10)
Milk Road’s Weekly Forecast: Interest rate decision + earnings reports + token unlocks + airdrops = 100% chance of volatility.
IS THIS CRYPTO BETTING PLATFORM THE END OF FANDUEL AND DRAFTKINGS? 👀
FanDuel is valued at $20B.
DraftKings takes second place with a value of $15B.
With angel investors like the co-founder of Polygon, Nailwal, and founder of wikiHow, Makkik…SX Bet is predicted to take the industry crown in the upcoming years.
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Over 2,000,000 total bets powered by Ethereum on SX Network.
User ownership was the killer feature behind FanDuel and DraftKings’ meteoric rise. SX’s decentralized model, with $450,000 in betting volume, takes online sports betting to the next level.
Get in early and join the SX Movement today.*
*SX Bet is not available in the United States or other prohibited jurisdictions.
GRAPH OF THE DAY: ETF OUTFLOWS CONTINUE 📊
We’ve got good news and bad news…
The good news: crypto investment product flows are on a 3-week streak!
The bad news: It’s going in the wrong direction…
Last week, digital asset investment products saw $435M in outflows - the 3rd straight week of sell-offs.
Here’s everything you need to know from the report:
- Trading volumes for digital asset investment products fell 34% - from $18B → $11.8B.
- Grayscale’s outflows are slowing down, but so are inflows for all the other Bitcoin ETFs. They only saw $126M in total inflows last week, down from $254M the week prior.
- BTC and ETH saw the majority of outflows. BTC saw $423M in sell-offs, while ETH saw $38M.
- While a broad range of altcoins saw inflows. SOL, LTE, and LINK all saw minor inflows.
We’ll see if inflows can bounce back this week!
NAVIGATING THROUGH THE LAYER 2 LANDSCAPE
L2Beat reports there are 50 active L2s. With 42 more coming on the way soon.
It can be hard to navigate through all the noise…
Well today, we sat down with James Ross, founder of Mode Network to dive into:
- The L2 landscape
- How to capitalize on all the hype
- …and more!
Tune in on your favorite platform 👇
YouTube | Spotify | Apple Podcasts
P.S. - Mode is airdropping their own L2 token soon.
BITE-SIZED COOKIES FOR THE ROAD 🍪
Bitcoin price falls below $63K amid stagflation fears in the US economy. According to QCP Capitals recent report: "Some worrying data has come out of the U.S., with a weaker than expected GDP print that points to a more sluggish economy while the higher Core PCE warns of an inflation problem that continues to be a thorn in the Fed's side.”
Australia’s largest stock exchange could list approved spot Bitcoin ETFs by the end of 2024. Several issuers, including VanEck and local firms BetaShares and DigitalX, have already submitted their ETF applications.
The Runes protocol generated over $135M in transaction fees during its first week on Bitcoin. Runes allow for the minting of tokens, typically memecoins, directly on top of the Bitcoin network.
Eminem is Crypto.com’s most recent celebrity spokesperson. Crypto.com said the new ad "will premiere Saturday during the Lakers NBA Playoff game held at the Crypto.com Arena."
Wanna team up with the Milk Man? We currently have 6 positions open – check ‘em out and apply here!
Yuga Labs announced it’s going through a company restructuring. The firm’s CEO Greg Solano said Yuga Labs “lost its way” and is focusing on building a smaller crypto-native team.
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.
