Todayโs edition is brought to you by MetaMask โ the leading self-custodial wallet to manage your identity, digital assets and to explore web3.
Secure your crypto journey today!
GM. This is Milk Road, back again with your daily crypto download.
Hereโs whatโs on tap today:
- 4 KEY things to watch this week ๐
- Graph of the day: Weekly ETF Inflows ๐
- Cryptoโs big problem ๐จ
- Jack Dorsey calls BTC to $1M ๐ช
Prices as of 9:30AM ET. Click here for our Fear & Greed Index
4 THINGS TO WATCH THIS WEEK ๐
Once again , weโve 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 canโt halt trading on decentralized and permissionless protocols like Uniswap - this is great advertising for why we need crypto!
Letโs get into it:
1/ Red-Hot Macro Data ๐ฅ
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 costsโkey 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 monthsโฆ
These numbers will be crucial for gauging if the Fed stays hawkish.
Markets continue to wait on edge for macro dataโฆ even if the BLS continues to move the goalposts.
P.S. When volatility rises with new macro data itโs normal to be curious if youโre prepared for a pullback.
We have you covered here!
2/ The Federal Reserve Circus ๐ช
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 ๐ฃ
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 ๐
Similar to Nvidia sparking AI tokens, we are keeping our eye on if any earnings:
- spark rallies
- trigger sell-offs
- or just general ยฏ\_(ใ)_/ยฏ from investors.
4/ Token Unlocks ๐
$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.
EXPERIENCE THE FREEDOM OF WEB3 WITH METAMASK
Why juggle multiple platforms when MetaMask simplifies buying crypto directly into your wallet?
Skip the centralized exchanges and gain immediate access with just a few clicks.
Hereโs what you get with MetaMask:
- Versatile Payment Options: Choose from credit/debit cards, Apple Pay, PayPal (exclusive to the US), bank transfers, and various local payment methods.
- Competitive Rates: Get real-time prices from top providers like Robinhood, Revolut, MoonPay, and Transak โ tailored to your region.
- Expansive Token Selection: Explore hundreds of tokens and buy directly on major networks including Ethereum, Arbitrum, Base, Polygon, Linea, Binance Smart Chain, and Optimism.
- Global Reach: Supported in over 175 countries, MetaMask supports a wide array of fiat currencies.
Explore limitless crypto possibilities with MetaMask.
GRAPH OF THE DAY: WEEKLY CRYPTO FUND FLOWS ๐
The results are in... digital asset investment products saw $130M in net total inflows last week.
That's the first inflows in 5 weeks. ๐
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 โYesโ or โNoโ.
CRYPTO HAS A BIG PROBLEM โ COMMUNICATION ๐ฃ๏ธ
How do blockchains communicate with their developers, partners, token holders, and builders?
Often through X, Telegram, or Discordโa 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 โ 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. ๐
YouTube | Spotify | Apple Podcasts
BITE-SIZED COOKIES FOR THE ROAD ๐ช
Safe Wallet is a battle-tested solution for creating and managing secure, multi-signature, โsmartโ crypto accounts. With a breezy UX and hundreds of dapp integrations, itโs perfect for collaborative use โ ensuring on-chain business decisions are made as a team. Check out our review here. *
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. Itโs wild how it happenedโฆ
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.
Runesโ 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. โ DL News
Wanna team up with the Milk Man? We currently have 4 positions open โ check โem out and apply here!
*this is sponspored content
MILKY MEMES ๐คฃ
RATE TODAYโS EDITION
What'd you think of today's edition?
Login or Subscribe to participate in polls.
ROADIE REVIEW OF THE DAY
VITALIK PIC OF THE DAY ๐ฅ
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.
