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GM. This is Milk Road, back again with your daily crypto download.
Hereβs whatβs on tap today:
- 4 KEY things to watch this week π
- Graph of the day: Weekly ETF Inflows π
- Cryptoβs big problem π¨
- Jack Dorsey calls BTC to $1M πͺ
Prices as of 9:30AM ET. Click here for our Fear & Greed Index
4 THINGS TO WATCH THIS WEEK π
Once again , weβve got a FULL TILT week ahead. It's full of U.S. macro data, Fed events, earnings reports, and token unlocks.
ICYMI: after 3 years of silence, the reddit $GME guru that spurred the short squeeze is back.
Last night Keith Gill posted the image above and $GME is up 110% today (as of 10am ET).
NYSE even blocked the buy button, $GME was halted 5 times for volatility this morning!
Pleasant reminder: Blockchain fixes this.
You canβt halt trading on decentralized and permissionless protocols like Uniswap - this is great advertising for why we need crypto!
Letβs get into it:
1/ Red-Hot Macro Data π₯
A bundle of high-stakes economic reports are slated to drop in like the Aurora Borealis.
Here are the most important ones:
- Producer Inflation (PPI) on Tuesday: Tracks stability in production costsβkey for anticipating product price changes.
- Consumer Inflation (CPI) on Wednesday: Measures changes in living costs, impacting consumer spending and investment decisions.
- Retail Sales on Wednesday: Indicates consumer spending trends, reflecting economic health.
- Philly Fed Manufacturing on Thursday: Gauges manufacturing sector strength, a signal for economic momentum.
Milk Road Take: The bureau of labor statistics (BLS) decides the products included in the inflation calculation.
BLS decided to discontinue using coffee prices.
Hmmmm and coffee prices just so happen to be up 78% in last 3 monthsβ¦
These numbers will be crucial for gauging if the Fed stays hawkish.
Markets continue to wait on edge for macro data⦠even if the BLS continues to move the goalposts.
P.S. When volatility rises with new macro data itβs normal to be curious if youβre prepared for a pullback.
We have you covered here!
2/ The Federal Reserve Circus πͺ
A whole squad of Fed heads will be grabbing the mic this week to give their take on inflation, rates, and money supplying our nightmares.
Here's what's on the queue:
- Chairman Powell speaks on Tuesday
- 11 total other Fed speeches this week
With so many speakers, expect mixed messages and more uncertainty than playing Monopoly with the fam.
3/ More Earnings π£
It's that time again - when some of the biggest companies in the world crack open their books!
A few highlights include Alibaba, Cisco, Walmart, and...Home Depot π
Similar to Nvidia sparking AI tokens, we are keeping our eye on if any earnings:
- spark rallies
- trigger sell-offs
- or just general Β―\_(γ)_/Β― from investors.
4/ Token Unlocks π
$1.43B in various cryptocurrencies will be unlocked this week.
- $1.02B worth of $AEVO tokens will unlock on May 15th (752% of circ. supply)???
- $93.2M worth of $ARB tokens will unlock on May 16th (3.5% of circ. supply)
- $77.44M worth of $STRK tokens will unlock on May 14th (8.79% of circ. supply)
If prior unlocks are any indicator, these could catalyze fresh volatility as investors take profits or rotate capital.
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GRAPH OF THE DAY: WEEKLY CRYPTO FUND FLOWS π
The results are in... digital asset investment products saw $130M in net total inflows last week.
That's the first inflows in 5 weeks. π
Here's everything you need to know from the report:
- BTC led the way with $144M in inflows. Bitcoin inflows recovered after a weak month.
- ETH saw $14M in outflows. Low US regulatory engagement on spot ETFs dampened Ethereum inflows.
- The US saw $135M in inflows, with Grayscale seeing the lowest outflows since January.
- Hong Kong ETFs saw just $19M in inflows after the prior week's record launch numbers.
We'll see if the positive momentum can continue this week.
We want to know! Are you stacking crypto ETFs? Let us know by replying to this email with βYesβ or βNoβ.
CRYPTO HAS A BIG PROBLEM β COMMUNICATION π£οΈ
How do blockchains communicate with their developers, partners, token holders, and builders?
Often through X, Telegram, or Discordβa messy experience where messages fall through the cracks and fail to reach the right audience.
With that in mind, Anthony Pompliano & Jacquelyn Melinek have built Token Relations β a tool that connects projects with their communities.
What is it exactly? How does it work? What issue is it solving? Tune in to find out. π
YouTube | Spotify | Apple Podcasts
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Jack Dorsey Sees Bitcoin Hitting $1 Million. The former Twitter CEO and crypto advocate @Jack predicted that the price of bitcoin will surpass $1 million by the end of 2030, aligning with bullish forecasts from other industry leaders like Cathie Wood.
Mark Cuban slams SEC's Gensler, says "crypto voters will be heard". The billionaire's comments reflect crypto's growing political influence amid regulatory battles. Cuban claims Gensler is to thank if Trump wins.
Victim recoups $71M after "address poisoning" attack. A victim has managed to recover their funds following negotiations with the attackers. Itβs wild how it happenedβ¦
Ripple's CEO sounds the alarm of the US stance on Tether. The US government is eyeing Tether, and it could shake up the crypto world like a 9.0 on the Richter scale. WOWZA.
Runesβ Activity 3 weeks after launch. After a blockbuster launch, the Runes project is facing declining activity. Volatility and rapid changes in the crypto market is not new. Projects rising and falling quickly in popularity is on full display here.
Solana will ride memecoin election hype to $400, says analyst. Analyst Ryan McMillin predicts Solana will surge before the US elections, driven by hype around the president-themed memecoins Donald Tremp and Jeo Boden. β DL News
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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.
