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GM. This is the Milk Road, the only crypto newsletter that gives you the same feelings as waking up to Saturday morning cartoons. Man, those were the days.
Here’s what we got for you today:
- Weekly recap: 5 big things that happened 👀
- Michael Saylor’s personal BTC holdings are worth $1B+ 🍪
- Catch up on this week’s Milk Road ⏪
Prices as of 12:00 PM ET. Click here for our Fear & Greed Index
WEEKLY RECAP: 5 BIG THINGS THAT HAPPENED 👀
It was another wild week in crypto (shocker).
Just in case you missed something, here are the top things that happened:
1/ BTC jumped from $51K → $62K.
It feels like a distant memory, but BTC started the week sitting pretty at ~$51K.
Then it got injected with 2 types of steroids…
- Institutional flows. On Monday, the 9 Bitcoin ETFs broke their total daily volume record. A few days later, they broke the record again - this time doubling it!
- Investor FOMO (fear of missing out). AKA the crack cocaine of crypto investing.
…. and in the blink of an eye, BTC soared to $62K.
2/ Memecoins saw big gains.
The biggest winners this week? Memecoins.
Just look at the top 7 performing cryptocurrencies…
6 of them are dog or frog tokens!
Only in crypto 😂
3/ Coinbase saw a big surge in traffic.
The leading U.S. crypto exchange soared through the App Store rankings this week…
The surge in traffic got so crazy it caused Coinbase’s app to crash!
Side note: This has historically been a GREAT sign for crypto.
That’s because every time Coinbase crashes it’s because BTC is close to hitting an all-time high.
It happened in 2017. Then again in 2020. And again in 2021 as BTC hit $69K (nice).
History doesn’t always repeat, but it sure as hell rhymes.
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And now back to your regularly scheduled programming…
4/ Some CryptoPunks received $10M+ offers.
Check it out. Something wild happened in NFT land at the end of the week…
- A rare “alien” CryptoPunk received a 4,250 ETH (worth $14.78M) offer.
- If accepted, it’d be the 2nd largest CrytoPunk sale ever.
- But it wasn’t accepted fast enough (I guess?), so the bidder took back their offer and placed it on ANOTHER rare “alien” CrytoPunk.
Now, this CryptoPunk has the $14.78M offer on it.
It’ll be interesting to see if the owner accepts the bid (yooo @Peruggia, the ball is in your court!) or whether the bidder gets tired of waiting and offers it to someone else.
P.S. - speaking of NFTs…
5/ There’s a new King of NFT Marketplaces.
Move aside Blur and OpenSea, there’s a new top dog in the NFT marketplace race…Magic Eden. Magic Eden did over 2x the volume of #2 marketplace Blur yesterday and nearly 6x OpenSea. These other marketplaces are probably sweating pixels right now.
BITE-SIZED COOKIES FOR THE ROAD 🍪
Get your hands on the Milk Man’s Onchain Crypto Toolkit. There are a ton of tools out there, and it is impossible to know and cover them all but these are some tools that are free to use and we have experience with personally.
Michael Saylor’s personal BTC holdings are estimated to be worth over $1B. Back in 2020, Saylor said he personally owned 17,732 BTC - if he's still holding, that’s now worth ~$1.1B at today’s prices.
Bitcoin ETFs now hold nearly 4% of all BTC. The spot Bitcoin ETFs hold 776,464 BTC worth $47.7B (!!)
Nigeria is demanding $10B from Binance. Nigeria alleges that the crypto exchange’s illegal transactions “harmed the country’s economy.”
A U.S. government survey to get data on cryptocurrency mining companies' electricity usage has been tabled. The Texas Blockchain Council and bitcoin mining company Riot Platforms then sued the Department of Energy last week and said the survey was a product of a "sloppy government process."
Bitcoin futures open interest hit an all-time high. According to CoinGlass, the aggregated open interest for bitcoin futures reached over $26 billion on Friday, higher than the final quarter of 2021, when open interest peaked at $24 billion.
CATCH UP ON THIS WEEK’S MILK ROAD EDITIONS ⏪
If you missed an edition this week (tsk tsk tsk)... don’t worry, we got you covered:
Monday: Satoshi’s Long-Lost Emails
Tuesday: 50 Shades of Green
Wednesday: BTC’s Going Up, Up, and Away
Thursday: 4 Phases of the Bull Run
Friday: 4 Things to Watch This Month
Alright, see ya on Monday!
MILKY MEMES 🤣
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ROADER REVIEW OF THE DAY
VITALIK PIC OF THE DAY
Everyone checking their portfolio's this week
— Milk Road Images (@MilkRoadImages)1:40 PM • Mar 2, 2024
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.
