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GM. This is Milk Road, we’re the crypto CliffsNotes for the pop quiz you didn’t know was coming.

Here’s what we got for you today:

• 4 big trends happening right now 🤑

• Milk Road Poll Results: Would you rather… 🧐

• FTX is trying to claw back $1B+ for its creditors 🍪

4 BIG TRENDS HAPPENING RIGHT NOW

I had a big decision to make this weekend: 

a) Catch up on household errands before my wife got back in town, or…

b) Scroll through all the crypto articles, reports, and tweets so you won’t have to.

Then, I remembered I committed my life…. to my wife you, the Roaders.

So I went with the obvious choice: B. 

Here are the 4 most interesting things from crypto this weekend:

1/ DIGITAL ASSETS HAVE SURPASSED $1B+ IN INFLOWS THIS YEAR

The results from CoinShare’s latest Digital Asset Fund Flows report are in… 

There was $293M in total inflows last week. Bringing the total net inflows to $1B+ on the year. 

Here are a few other highlights from the report:

• Inflows are on a 7-week streak. There have been more inflows during the last 7 weeks than all of last year. 

• Bitcoin (Exchange Traded Product) ETP trading volumes made up ~19.5% of total Bitcoin trading volumes. CoinShares suggests this is because ETP investors are participating much more in this rally compared to 2020/2021.

• ETH saw $49M in total inflows last week. It was the largest week of inflows since August 2022. 

• Solana rallies with another $12.4M in inflows. SOL is the 2nd most popular asset amongst crypto ETPs and has seen $120M+ in inflows this year. 

Overall, total assets under management (AUM) are up 9.6% over the last week and up 99% since the beginning of the year. (!!) 

Milk Road Translation: The suits (aka institutional investors) are coming for crypto.

2/ NFT BLUE CHIPS ARE UP 71% OVER THE LAST MONTH

The hype around NFTs has quieted down since 2021. Headlines have gone from...

“NFTs are worth millions!” → “NFTs are worth less than a bag of Doritos (not the family size).”

Well, turns out crypto’s favorite JPEGs have been rallying recently: 

• Daily NFT volume just hit a 3-month high.

• CryptoPunks NFTs are being bought for $1M+.

• EtherRock NFTs (aka pictures of pet rocks) are being bought for $100K+.

Plus, the floor prices for the Top 10 NFT projects are up 71% over the last month. 

Ladies & gents, it’s the Return of the Expensive JPEGs. 

3/ GAS FEES ARE UP BIG

Ok. I have good news and bad news…

The good news? Everything in crypto is up - prices, daily transactions, users, morale, etc. 

The bad news? That includes gas fees. 

You see, every time you make a transaction on a blockchain (i.e. Ethereum) you have to pay a fee - this is called “gas”. 

With the recent rally, gas prices have spiked. 

Just check out Ethereum’s gas prices from last week. They’re looking worse than California’s... 

(Side note: With gas prices spiking, we predict a lot more investors will use Layer 2’s - like Optimism, Arbitrum, etc - for cheaper and faster transactions during the next bull run).

4/ “PONZI COINS” ARE SEEING TRIPLE DIGIT RETURNS

Pop Quiz: What do the following tokens have in common (LUNA, FTT, and CEL)?

Answer: All 3 were native tokens for crypto “Ponzi Schemes” and all 3 collapsed.

Well, turns out they’ve also been 3 of the best-performing tokens over the last month… 

• FTT: +213%.

• CEL: +105%.

• LUNA: +92%.

You can’t make this sh*t up. 

Milk Road Take: If you’re thinking about joining the trend and investing in these Ponzi coins for a quick return - don’t. 

These tokens are like the end slices of a loaf of bread: everyone touches them, but no one really wants them. 

Ok. That’s enough trends for one day. (Plus my wife just walked in and asked why our backyard still looks like a jungle, so gotta go).

Stay thirsty, my friends.

-The Milk Man

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MILK ROAD POLL RESULTS: WOULD YOU RATHER…

We ended last week with a question to all Roaders…

What would you rather own - 1 BTC, 20 ETH, or 800 SOL? 

(and no, Darcy. You can’t have all 3).

Well, the results are in… *drumroll*….

• 39.3% would rather own 1 BTC.

• 34.1% would rather own 20 ETH.

• 22.4% would rather own 800 SOL.

• 4.2% would rather own a bag of rocks (aka none of these coins).

BITE-SIZED COOKIES 🍪

Bankrupt FTX sues crypto exchange ByBit. FTX is seeking to claw back $1B on behalf of its creditors - DL News.

Midas (a new stablecoin) is set to launch in the coming weeks. The stablecoin will be backed by U.S. Treasuries and use Circle Internet Financial's USDC stablecoin as an on-ramp.

Poloniex was hacked for $114M. Justin Sun’s exchange is vowing to reimburse victims and is offering the hacker a bounty of 5% for returned funds.

JP Morgan has enabled automatic payments using its JPM Coin. Previously, clients would need to set standing orders for payments to take place at a particular time. Now they can program them to kick in when the relevant criteria are met.

Near Foundation partners with Eigen Labs. The goal? Make transactions on Layer 2 rollups cheaper and quicker.

A fake Skype app is stealing user photos and crypto funds. ~$200K in crypto has been stolen so far.

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.