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GM. This is Milk Road, welcome back to your DAILY crypto news and please excuse the sour milk in yesterday’s subject line. We had one too many cups of milk….
Here’s what we got for you today:
- FTX creditors rejoice❓
- Chart of the day: The weekly crypto fund flows report 📊
- How do we value crypto assets? 👀
- Moonpay teams up with Bitpay 🍪
Prices as of 9:30 AM ET. Click here for our Fear & Greed Index
FTX CREDITORS REJOICE ❓
It’s been 544 days since FTX collapsed. 544 loooong days.
Creditors have been on the edge of their seats, waiting for good news.
Well, yesterday they finally got it… FTX creditors are set to receive 118% of their funds back.
Here’s everything you need to know:
- 98% of creditors receive up to 118% of allowed claims
- The other 2%? Fully repaid PLUS “billions in compensation”
- Proposal is waiting to be approved and finalized by Delaware courts
- Only creditors with approved claims under $50,000 will qualify for the 118% offer
- FTX predicts the total amount to be distributed to creditors will fall between $14.5 billion and $16.3 billion. (remember, they were only $8B short when they filed bankruptcy… leverage will do that to ya)
- Roughly 6% ($884M) of the payback was from a sale of anthropic shares in March (should’ve made them sell the shares at Nov. ‘22 prices…)
Did you see those early whispers that creditors might be refunded based on current market prices, flipping the script from the original November '22 price plans?
Well, it seems those hopes might not pan out after all. Stay tuned, though—that part of the story is still unfolding. AND everyone is wondering where that ~$15B being paid back will go next 👀
Finally, nature is (kinda) healing.
Who knew it would only take a Tom Brady roast special on Netflix for FTX to offer to pay back their creditors. (in case you missed it, here’s the joke)
That being said, we wanna know… How's the FTX Payout News Hitting You?
A/ Party Planner – "Time to pop the champagne! 🍾 Who's up for a 'We Survived FTX' bash?"
B/ Cautious Optimist – "I've got my party hat ready, but I'm not blowing up the balloons just yet."
C/ Puzzled Historian – "I'm just here for the future Netflix docuseries."
D/ Meme Maker – "Got my meme arsenal ready”
Hit “reply” to this email and let us know.
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HOW DO WE VALUE CRYPTO ASSETS? 👀
What metrics should you look at when valuing crypto assets and blockchains?
Is it fee revenue, MEV or something else?
Kyle & Michael Nadeau discuss all this & more in today’s Market Watch episode. Tune in. 👇
YouTube | Spotify | Apple Podcasts
CHART OF THE DAY: THE WEEKLY CRYPTO FUND FLOWS REPORT 📊
The results are in… digital asset investment products saw $251M in net total outflows last week.
That’s the 4th straight week of sell-offs. 🤬
Here’s everything you need to know from the report:
- BTC led the way with $284M in outflows. Unusually, BTC was also the only asset to see outflows.
- ETH finally saw positive flows! After 7 straight weeks of outflows, ETH saw $30M in inflows last week.
- The bright spot… Hong Kong’s new ETFs saw $307M in total inflows in their debut week.
- A wide range of altcoins saw inflows. The biggest winners… Avalanche, Cardano, and Polkadot.
We’ll see who can keep the momentum going this week.
Milk Road Take: $251M decided to take a hike from crypto funds…. Comparing absolute values of inflows and outflows does not do justice.
Instead…. looking at the flows as a % of total market cap is key. $284M is roughly 2% of the total net value of BTC ETFs, which is about $12B. Comparing that to the total BTC market cap of $1.23T… it is almost not even relevant.
BITE-SIZED COOKIES FOR THE ROAD 🍪
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Solana and Cosmos have been the biggest winners from the top 20 cryptocurrencies over the last week. 16 of the top 20 have seen price increases in the last week.
Aragon’s co-founder, Jorge Izquierdo, is launching a new self-custodial wallet. The wallet — which lets users buy, sell, and hold crypto — has been in private beta since February and is now available through a public waitlist.
MoonPay is teaming up with BitPay to make crypto transactions easier. The partnerships aims to make selling crypto faster and easier, in addition to streamlining how users send crypto to their bank account or debit card.
Over 20% of voters in swing states consider crypto a key issue in the U.S. elections. Of the states surveyed, Ohio voters are more negative towards crypto.
Botanix Labs raises $8.5 million to build a Bitcoin-native DeFi ecosystem. Investors include Polychain Capital, Placeholder Capital, Valor Equity Partners and ABCDE.
An ‘epic satoshi’ was bought for $2M and then inscribed with Grime’s AI-generated voice. A Bitcoin “epic satoshi” was sold for 33.3 BTC in April—around $2.1 million at the time. Now it has been used to inscribe an Ordinals asset with music and the AI-generated voice of Canadian electronic pop artist Grimes.
Wanna team up with the Milk Man? We currently have 5 positions open – check ‘em out and apply here!
*This is sponsored content
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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.
