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Today's edition is brought to you by Gain presented by Kelp DAO – a single strategy to diversify L2 airdrops and DeFi rewards while remaining liquid. |
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GM. This is Milk Road, the crypto newsletter with more sparks flying than a Trump and Musk interview live on X. |
Here's what we got for you today: |
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$ETHE ETF OUTFLOWS ARE SLOWING – ETH PUMP LOADING ⛽ |
The Grayscale Ethereum ETF (aka $ETHE) had its first day without outflows 🎉 |
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$ETHE stopped bleeding out for a day? We love that! |
…but why does it matter? |
First, it's part of a broader trend – outflows of $ETHE have been trending down pretty darn consistently ever since the ETF launched, indicating that the larger majority of $ETHE sellers may have already exited. |
(Less outflows + steady or increased inflows = more green days for $ETH and its ETFs). |
Second, the $ETHE outflows are outpacing that of GBTC (Grayscale's $BTC ETF) – in a good way! It took GBTC almost four months to see its first day of zero outflows – $ETHE speed-ran it in three weeks 👇 |
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(Beautiful, no? 🥲) |
Third, $ETH's supply dynamics work a little differently to our old friend Bitcoin. $ETH gets burned the more it's used, helping to not only keep the supply steady, but potentially reduce it over time. |
(Plus, ~40% of $ETH is locked up in smart contracts, reducing circulating supply even further). |
Add that together, throw some milk n' flour into the bowl, mix it all up and you get this doughy little morsel of insight: |
ETF driven demand for $ETH is trending up faster than previously expected, while the amount of new $ETH hitting the market each day is currently lower than $BTC 👇 |
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These same ETF-driven supply/demand dynamics lead Bitcoin to make history by reaching its new all-time high before the halving. |
And we may just be witnessing the same for $ETH. |
🥛 Milk Road Take: In the short term, this outflow trend could totally reverse itself (this is crypto we're talking about – expect the unexpected). |
That said – once the Fed starts cutting rates (confirming a risk-on environment), we expect the cash spigots to turn on and for $ETH to soak a whooole lot of it up, flipping inflows green 🧽 💵. |
…now, who wants a running chest bump?? |
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COTD: WEEKLY CRYPTO FUND FLOWS 📊 |
In a single sentence? |
Market vibes are down, but fund flows are up! Let's dig in… |
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Here're the headlines: |
Global crypto funds saw net-inflows of $176M this week (translation: the big-dogs bought the dip) Ethereum won the most hearts last week, netting +$155M (seriously, who's ready for a chest bump?) Summer's ending → shorts are out! Short Bitcoin ETPs (funds that bet against the growth of $BTC) saw their largest outflows since May of last year.
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Here's who's leading the buying: |
The US vacuumed up $89M worth of crypto Switzerland took a $20M nibble Brazil followed closely at $19M
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Here're our biggest takeaways: |
Every region saw inflows last week (that's rare)! Which means that, while the market vibes were down, smart money got-to-buying.
And with $BTC only juuust flipping positive (+$13M), this put $ETH (+$155M) well and truly in the lead for weekly inflows! |
(Please. Do not make us ask again. Chest. Bump.) |
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PRO "WHERE ARE WE IN THE CYCLE?" INDICATORS 🤔 |
Crypto moves in cycles, and knowing where we are in the current cycle is crucial for capturing the best opportunities. |
The goal is to spot the bull market peak before the inevitable bear market hits your bags hard. 🥊 |
Since timing the top perfectly is almost impossible, we use various indicators to give us a better shot at taking profits before it's too late. 🚦 |
Below are the 5 indicators we track, with a color-coded system to show how close they are to signalling the market peak: |
🟢 Plenty of room to run 🏄 |
🟡 Getting closer to the top signal, but haven't yet reached the mark ⚠️ |
🔴 We've hit the market top indicator 🚨 |
Every Tuesday, we update these 5 indicators exclusively for PRO members. |
Our advice? Don't wait for all of them to hit 🔴. It's better to take profits as they get closer to that point. |
Let's dive in and see if we're anywhere near the top of this bull market. 👇 |
| GO PRO AND UNLOCK: | Full access to the 5 bull market peak indicators above. 👆 Full access to the Milk Road PRO Portfolio. 📈 Our weekly reports that help you invest successfully in crypto. 💰 Full access to the Milk Road PRO community. 🫂 50% off Milk Road's NEW crypto investing masterclass.
| | PRO REVIEW OF THE WEEK | |
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BITE-SIZED COOKIES FOR THE ROAD 🍪 |
Coincall is a standout centralized crypto exchange specializing in options contracts. Founded by industry veterans from giants like JPMorgan and top crypto exchanges, it combines deep financial expertise with cutting-edge crypto technology. Want to know more? Check out our full review! |
Grayscale introduces crypto fund for Maker's $MKR. Saylor's Grayscale launched a new single-asset fund focused on Maker's governance token, the fund is available to accredited investors. The announcement sent $MKR up over 5% in an hour, reaching $2,100. |
Bitcoin and Ethereum rally could spark a 'sexy shitcoin soiree' ahead of election. Arthur Hayes predicts that if $BTC and $ETH break $70K and $4K, respectively, it could ignite a wild altcoin rally. He also believes the U.S. government will boost market liquidity before the election. |
Hut 8 sees 72% revenue jump but $72M net loss in Q2. The public company's revenue soared to $35.2M, driven by growth in computing services and lower mining costs. Despite this, a $71.8M fair value adjustment led to a $71.9M net loss. |
Canadian crypto exchange 'ezBtc' founder guilty in $9.5M fraud. David Smillie, founder of ezBtc, defrauded investors of $9.5M, misusing over 2,300 Bitcoin and 600 Ethereum for personal expenses and gambling. The exchange went offline in 2019, leaving investors unable to access their funds. |
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MILKY MEMES 🤣 |
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ROADIE REVIEW OF THE DAY 🥛 |
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VITALIK PIC OF THE DAY |
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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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