🥛 The new inflation report is in: What’s been hit the hardest?
GM. This is the Milk Road, the crypto newsletter you can enjoy at any time of the day. Like pizza – good for breakfast, lunch, or dinner. We even taste good cold.
Here’s what’s cookin' today:
Buckle up, the new inflation numbers are out
The top 300 traders on Ethereum
A historic day for crypto funds
3AC founder breaks month long silence
BUCKLE UP, THE NEW INFLATION NUMBERS ARE OUT…
BREAKING: U.S inflation hit 9.1% in June.
The highest it’s been in over 40 years!
— The Milk Road (@MilkRoadDaily)
Jul 13, 2022
U.S inflation hit 9.1% last month – the highest it's been in over 40 years.
Just look at the increase in prices across the board over the last 12 months:
Gas: +60.2%
Airline fares: +41.6%
Eggs: 33%
Chicken: +18.6%
Milk: +16.4%
The Milk Road: Still free (thank god!)
Brace yourselves. Inflation data drives interest rate policy which drives market prices up and down!
ALAMEDA RESEARCH IS THE MOST PROFITABLE TRADER IN THE PAST YEAR
2/x This week, @Blockanalia analyzes our newest label: Smart DEX Trader, given to the 300 most profitable addys on Ethereum according to DEX trading PnL
Includes analysis on the most profitable overall wallet, a few influencers making an appearance, & unusually efficient traders https://t.co/f5GKaSQdSd
— Nansen🧭 (@nansen_ai)
Jul 10, 2022
Some claim to be the best traders in crypto.
But here at the Milk Road, we trust numbers.
Milk Road Rule #85: People lie. (Numbers lie too. But People lie more).
So let’s look at the numbers.
Nansen analyzed the 300 MOST PROFITABLE ETH WALLETS (they can track every wallet like a Profit & Loss statement).
Here are the top performers:
Most Profitable: The crypto trading company that Sam Bankman-Fried's founded, Alameda Research. This address tied to Alameda made $550m in trading profit. It was also the most active with over 135,000 trades in the last 9 months.
Most Efficient: This person got into the top 300 with just 7 trades… and might be the highest-value & easiest address to copy trade on the entire list. It’s the definition of play smart, not hard.
One to Watch: Analytico.eth made $19.5m in 318 trades. We don’t like doing public math but that’s ~$61k every time they hit “buy” or “sell”. Sheesh!
Wanna know what’s in their wallet right now? Mainly stablecoins, ETH, staked ETH, and WBTC.
Other interesting takeaways:
Patience: Many of them aren’t currently trading in these conditions. Could be that they’re waiting for more liquidity or waiting for better opportunities.
Some popular Twitter accounts: CMS Holdings, Wintermute, and Pranksy are on the leaderboard. “See Ma! I can do more than just tweet!”
TODAY'S NEWSLETTER IS BROUGHT TO YOU BY THE RIDGE WALLET
It’s summertime and our bodies aren't the only thing we're slimming down. We're looking to cut some lbs on our wallet too.
That’s why the Ridge is perfect. It’s a slim, durable, carbon fiber wallet that's built to last a lifetime.
Wanna know the best part? There's a sale going on right now. Over the next 48 hours, you can get yourself one for just $99.
$9 BILLION GOES TO CRYPTO FUNDS
Over $9b of fresh capital was announced for crypto funds yesterday. That’s $9B that is earmarked to invest in crypto companies.
Don’t worry, we got you covered with all the details:
Lightspeed launched 4 new funds with over $7b in capital. Some people are impressed. $7B. But not me. I spent that on gas yesterday.
Multicoin dropped a new $430m fund.
Protagonist raised a new $100m fund focused on early-stage crypto companies. It’ll also be an incubation lab.
Shanghai's government is kicking off a new $1.5b fund for metaverse development.
Magic Eden blue-balled everyone by announcing a new fund but not for how much. All they said is that it’s focused on web3 gaming.
1 USD = 1 EURO
BREAKING: The Euro has fallen to parity with the US Dollar
— The Spectator Index (@spectatorindex)
Jul 12, 2022
For the first time since 2002, the Euro is equal to the U.S dollar.
It’s official… 1 USD = 1 EURO.
But we just received Breaking News: Italian food is still better than American food.
STEPN GENERATED $122.5 MILLION IN PROFITS IN Q2
https://t.co/HO9hTEehtx
— STEPN | Public Beta Phase IV (@Stepnofficial)
Jul 12, 2022
Check it out. StepN (the app that pays you in crypto when you walk/run) announced they made $122.5m through platform fees last quarter.
What are they gonna do with all that moolah?
Beef up their security & servers
Improve their anti-cheat system
Expand the team
Buyback & burn some of their tokens to help with price stability. GMT and GST are down ~70% over the last quarter.
SU ZHU FINALLY BREAKS HIS SILENCE
Sadly, our good faith to cooperate with the Liquidators was met with baiting. Hope that they did exercise good faith wrt the StarkWare token warrants. https://t.co/CF73xI8r6n
— Zhu Su 🔺 (@zhusu)
Jul 12, 2022
After almost a month of silence, Su Zhu finally speaks out.
But instead of apologizing or explaining what's been going on, he pulled out the ole' Victim Card.
He claims he's been baited by liquidators and that they are the ones that aren't cooperating.
Because of that, he refused to appear in court yesterday. It's rumored no one knows where he actually is…
So the judge made two decisions yesterday:
The remaining 3AC assets will be frozen and handed over to liquidators
3AC and a bunch of other banks and crypto firms are being subpoenaed for any info about the assets & transfers
That's all for today folks. See ya mañana!
Shaan "Chocolate Milk" Puri, Ben "2% Milk" Levy & Diego "El Lechero" Salinas
A Review from the Road…
I can only imagine the bars he's writing…
"People jockin' my style, but there's only one Vitalik.
When times get tough I stand tall. You're italic."
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.
