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Today's edition is brought to you by RYSE - the smart home company that aims to become the Ring and Nest of the smart shades industry. |
Earn bonus shares when investing in RYSE! |
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GM. This is Milk Road, the newsletter that quenches your crypto thirst like a Kool-Aid Burst on a hot summer day. |
Here's what we got for you today: |
BTC ETFs are flowing again and the ETH ETF debate heats up 🔥 How we track flows between blockchains 🔍 London Stock Exchange 🤝 Crypto
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BTC ETFS ARE FLOWING AGAIN AND THE ETH ETF DEBATE HEATS UP 🔥 |
There were 2 pieces of big news in ETF-land… |
1/ BTC ETFs are seeing inflows again. |
Last week was rough for Bitcoin ETFs… 5 straight days of sell-offs. $888M in total outflows. |
Our sources tell us institutional investors spent the week sulking over the better days while listening to "Marvin's Room" (aka the 'sad boy' anthem). |
Well, it's a brand new week, baby! And we're off to a strong start… |
BTC ETFs saw $15.7M in net inflows yesterday. |
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Why this matters: There's been a correlation between BTC ETF flows and BTC's price... |
When there are inflows, BTC's price usually goes up. Since the BTC ETFs launched, they've seen $11.2B in total inflows. BTC's price is up +52% in that time. When there are outflows, BTC's price usually goes down. For example, last week's 5-day streak of outflows sent BTC to the clearance rack. (It was down -8%).
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And speaking of ETFs… |
2/ Grayscale's Chief Legal Officer believes ETH ETFs "should be approved". |
Now that the BTC ETFs have been approved, all eyes are on… ETH ETFs. |
They're similar to BTC ETFs - except instead of getting exposure to BTC, you get exposure to ETH. |
But there's been a lot of debate on whether an ETH ETF will be approved. Eric Balchunas (Bloomberg's ETF guru) thinks there's a 25% chance of approval this year. |
Well, a new fighter has entered the ring… Craig Salm, Grayscale's Chief Legal Officer. |
(Side note: Cartels call Saul Goodman to keep them out of trouble. Grayscale calls Craig). |
And he thinks there's a good chance an ETH ETF does get approved soon… |
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Why this matters: If an ETH ETF does get approved, it could lead to a big ETH rally - similar to what BTC ETFs did for BTC. |
P.S. - it could also lead to a rally for 'ETH-beta' investments (i.e. Ethereum L2s and ETH staking protocols). |
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| | VCs know how difficult it is to spot promising early investment opportunities. | Even the all-knowing Sharks from Shark Tank declined the offer to buy 10% of Ring for $700K. | It's a decision they would regret when Amazon acquired Ring, turning $700K into $10M. But what made Ring blow up and change doorbells forever? | Retail distribution. | RYSE has launched in 100+ Best Buy stores, but did you know they pitched on Canada's Shark Tank — Dragons Den — and received two offers? | Exits in the smart home industry have yielded massive returns for early investors (look at Ring and Nest's billion-dollar acquisitions) and the Dragons believe they've spotted the next success story in RYSE. | Don't make the same mistake the sharks did - invest now. | |
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HOW WE TRACK FLOWS BETWEEN BLOCKCHAINS |
Check it out. We came across a new analytics tool to track crypto transferred between blockchains. |
It's a good way to see… |
Which blockchains investors are sending funds to, and Which blockchains investors are withdrawing funds from.
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Why this is useful: New narratives and blockchains are popping up every day. It's getting harder to keep up with than the Kardashians. |
This helps you easily "follow the money" to see where most investors are looking… or sometimes, you can find hidden gems where people aren't looking. |
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BITE-SIZED COOKIES FOR THE ROAD 🍪 |
Navigating the complexities of crypto tax filing can be overwhelming. On the plus side, there are services — such as CoinTracker — to simplify this process, making it as straightforward as managing traditional tax filings. Check out Milk Road's Tax Software guide here. |
The London Stock Exchange plans to list crypto ETNs (exchange-traded notes) at the end of May. The stock exchange will accept applications for trading BTC and ETH crypto exchange-traded notes starting April 8. |
Nilam Resources entered into a Letter of Intent (LOI) to purchase 24,800 BTC, worth ~$1.7B. The crazy part? Nilam is a tiny gold mining company with a $4M market cap. Hmm… smells fishy. (This is like if I - a guy who can barely jump over a rock and whose height starts with a '5' - declared for the NBA draft). |
BTC's price volatility led to $193M in liquidations yesterday. The majority of them ($129M) were short positions. |
Coinbase International's daily trading volume is soaring. There have only been five days in March where daily trading volume fell below the $1B on the platform. |
On today's episode of "Sh*t-You-Only-See-In-Crypto-And-Hollywood-Movies"... a Binance executive has escaped custody and fled Nigeria. Nadeem Anjarwalla had been in custody since late February but recently escaped after "guards had escorted him to a nearby mosque" to pray. |
The SEC is reportedly seeking $2B in fines and penalties from Ripple Labs. And I thought my $30 parking ticket the other day was bad… |
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MILKY MEMES 🤣 |
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when you wake up and your portfolio is still green |  | | | Mar 26, 2024 | | |  | | | 0 Likes 0 Retweets 0 Replies |
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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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