🥛 Have no fear, SBF is here
- Writer Milk Man
- June 22, 2022
- •3 Min Read
GM. This is the Milk Road, the newsletter that takes the best of crypto and plays it back to you each morning like a vintage cassette.
You might be noticing something a little different today... the new brand! This will be our new look & feel going forward (we dropped a video about it yesterday).
Now let's get into the good stuff. Here's what we got today:
- Sam Bankman-Fried rescues BlockFi
- Magic Eden is cryptos newest unicorn
- The weekly flows report
SAM BANKMAN-FRIED TO THE RESCUE?
Have no fear, Sam Bankman-Fried is here.
Over the last few days, SBF has given out $750m+ to companies that were about to crumble. He's been a human ATM.
Here’s who he helped:
- BlockFi - an exchange that offered juicy yields to attract users. They’ve lost close to $300m in the last 2 years and recently had to cut 20% of their workforce.
- Voyager - a crypto brokerage firm that has lost $650m+ over the last few weeks. They were rumored to be going bankrupt.
SBF did what any friend would do…
He gave a $250m credit line to BlockFi and a $500m+ loan to Voyager. Anyone got Sam's #? Could use a friend.
Everything happening today reminds us of one thing: JP Morgan and the Panic of 1907. We’re all too young to remember.. but JP Morgan was actually a super-rich dude, not just a company name.
And in 1907, the United States economy was on the brink of collapsing.
- Big Banks were on the verge on bankruptcy
- There was an economic recession unfolding
- Tons of money was lost on side bets at “bucket shops” (aka businesses that allowed gambling on prices of stocks & commodities at the time)
These things led to a nasty spiral of:
People losing faith in the system —> an increase in people that wanted to withdraw their money —> more bank runs
But then came the knight in shining armor: JP Morgan, who put in millions of his own money to save the banks in trouble.
He also convinced some of the other financial titans to put up some money to help. The day was saved!
How does this relate?
- The Panic of 1907 = The Crypto Panic of 2022
- SBF = the modern day JP Morgan
Sam is putting the team on his back.
MAGIC EDEN - THE NEWEST CRYPTO UNICORN
Magic Eden, an NFT marketplace on Solana, raised $130m.
After just 9 months, they’re valued at $1.6b. And they're the newest crypto company to hit unicorn status.
It's not for nothing either. They’ve been growing at an insane rate and have even been outperforming OpenSea lately...
According to DappRadar, over the last 7 days Magic Eden has more:
- Sales volume: $84m vs $65m
- Active users: 122k vs 66k
OpenSea recently started offering Solana NFTs on their marketplace. Many people thought it would be the end for Magic Eden...
The reality so far? Magic Eden is still the top choice for Sol NFTs. By far.
The Milk Road's Take: Even though Solana goes down more than DirecTV on a windy day, Solana NFTs have been on the rise.
And Magic Eden is by far the leading marketplace for them.
Even at $1.6b, you could argue they're still undervalued when OpenSea is valued at ~$13.3b…
TODAY'S NEWSLETTER IS BROUGHT TO YOU BY...YA BOYS, SHAAN & BEN!
Yeah, that’s right. We’re taking up an ad in our own newsletter to give you a special offer.
In the past 5 months, we’ve grown this newsletter to 150k+ awesome subscribers, like you.
But this isn’t the first time we’ve used writing to get RESULTS.
Between us, we’ve used writing to:
- Grow a big audience (250k+ twitter followers in 1 year)
- Sell millions of dollars via email (for our ecom store)
- Emailed a billionaire to get a job in Silicon Valley
And now we’ve packaged all the best stuff we’ve learned about writing into 4 hands-on workshops. We call it POWER WRITING because writing is a superpower.
Even if we lost our jobs, our homes, our cars, and the shirts off our backs… we’d be able to get it all back in 1-2 years. Why? Because we know how to write to get results.
If you wanna learn how to do the same, the next batch of workshops starts July 11th (~3 weeks).
It's usually $950, but for Milk Road readers we're taking some dough off.
Respond to this email with the word "MILKMAN" and we’ll hook you up with a special offer. Because we ride or die for our readers.
WEEKLY CRYPTO FUNDS REPORT
The results from the latest Digital Asset Fund Weekly Report are in...a total of $38.6m was sold off from crypto funds last week.
No surprise here since crypto has been going through Hell Week like it was a freshman playing on the varsity football team.
But let's take a look behind the numbers…
- Bitcoin saw an inflow of $28m. This tells us that funds were actually buying the BTC dip over the last week
- Ethereum saw an outflow of $70m. Another rough week for ETH.. the 11th straight week with more selling than buying from funds. Ouch.
CHART OF THE DAY
See ya tomorrow!
Shaan aka “Elon’s chocolate milk” & Ben "2% Milk" Levy
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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.
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