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GM. This is Milk Road, the crypto newsletter that makes your inbox Snap, Crackle, and Pop. |
Here’s what we got for you today: |
4 big things to watch this week 👀 Graph of the Day: ETF flows are slowing down 📊 BTC drops below $63K 🍪 |
But first… crypto newsletters are under attack! Metaphorical shots have been fired at Milk Road and our emails are being flagged by Gmail. |
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4 BIG THINGS TO WATCH THIS WEEK 👀 |
We’ve got a BIG week ahead. Here’s everything you need to keep your eyes on: |
1/ Token unlocks |
$391.1M in various cryptocurrencies will be unlocked this week. |
$141.9M worth of $MEME tokens will unlock later today (31.9% of circ. supply) $69.33M worth of $DYDX tokens will unlock on May 1st (11.1% of circ. supply) $29.5M worth of $PRIME tokens will unlock on May 3rd (4.43% of circ. supply) |
2/ Macro stuff |
A bunch of important macro data is being released in the U.S. this week… |
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The big event will be on Wednesday when the Fed decides on interest rates. |
To raise or not to raise? That is the question. |
According to the CME FedWatch Tool, there’s a… |
97.1% probability for ‘no change’ 2.9% probability for an ‘ease’ 0% probability for a ‘hike’ |
Most experts believe interest rates will stay the same, but all eyes will be on Jerome Powell’s post-game speech. |
His tone, and any indication of future rate cuts, will determine how the markets react. |
P.S. - if you’re curious about how macro and global liquidity can affect crypto, we got you covered here. |
3/ Earnings reports |
It’s that time again… Earnings SZN. And some of the biggest names in the tech game are on deck to report their numbers this week. |
Amazon and PayPal will report tomorrow. Apple will report on Thursday. In total, about 20% of all S&P500 companies are releasing earnings reports this week |
4/ Airdrops |
**sniff sniff**… you smell that? |
It’s the sweet, sweet smell of airdrops. And some big ones are coming later this week… |
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(Btw… EigenLayer’s airdrop is confirmed for May 10) |
Milk Road’s Weekly Forecast: Interest rate decision + earnings reports + token unlocks + airdrops = 100% chance of volatility. |
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GRAPH OF THE DAY: ETF OUTFLOWS CONTINUE 📊 |
We’ve got good news and bad news… |
The good news: crypto investment product flows are on a 3-week streak! |
The bad news: It’s going in the wrong direction… |
Last week, digital asset investment products saw $435M in outflows - the 3rd straight week of sell-offs. |
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Here’s everything you need to know from the report: |
Trading volumes for digital asset investment products fell 34% - from $18B → $11.8B. Grayscale’s outflows are slowing down, but so are inflows for all the other Bitcoin ETFs. They only saw $126M in total inflows last week, down from $254M the week prior. BTC and ETH saw the majority of outflows. BTC saw $423M in sell-offs, while ETH saw $38M. While a broad range of altcoins saw inflows. SOL, LTE, and LINK all saw minor inflows. |
We’ll see if inflows can bounce back this week! |
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NAVIGATING THROUGH THE LAYER 2 LANDSCAPE |
L2Beat reports there are 50 active L2s. With 42 more coming on the way soon. |
It can be hard to navigate through all the noise… |
Well today, we sat down with James Ross, founder of Mode Network to dive into: |
The L2 landscape How to capitalize on all the hype …and more! |
Tune in on your favorite platform 👇 |
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YouTube | Spotify | Apple Podcasts |
P.S. - Mode is airdropping their own L2 token soon. |
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BITE-SIZED COOKIES FOR THE ROAD 🍪 |
Bitcoin price falls below $63K amid stagflation fears in the US economy. According to QCP Capitals recent report: "Some worrying data has come out of the U.S., with a weaker than expected GDP print that points to a more sluggish economy while the higher Core PCE warns of an inflation problem that continues to be a thorn in the Fed's side.” |
Australia’s largest stock exchange could list approved spot Bitcoin ETFs by the end of 2024. Several issuers, including VanEck and local firms BetaShares and DigitalX, have already submitted their ETF applications. |
The Runes protocol generated over $135M in transaction fees during its first week on Bitcoin. Runes allow for the minting of tokens, typically memecoins, directly on top of the Bitcoin network. |
Eminem is Crypto.com’s most recent celebrity spokesperson. Crypto.com said the new ad "will premiere Saturday during the Lakers NBA Playoff game held at the Crypto.com Arena." |
Wanna team up with the Milk Man? We currently have 6 positions open – check ‘em out and apply here! |
Yuga Labs announced it’s going through a company restructuring. The firm’s CEO Greg Solano said Yuga Labs “lost its way” and is focusing on building a smaller crypto-native team. |
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MILKY MEMES 🤣 |
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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. |
