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- š„ 50 Shades of Green š¤
š„ 50 Shades of Green š¤
PLUS: Will BTC hit a new ATH before or after the halving? š¤
Todayās edition is brought to you by CoinTracker ā a crypto tax solution that simplifies filing with thousands of seamless integrations and auto-import to TurboTax.
GM. This is Milk Road. We track crypto trends like your nosy neighbor - always watching (and occasionally gossiping).
Hereās what we got for you today:
Prices are 50 shades of green š¤
Will BTC hit a new all-time before or after the Halving? š¤
Graph of the Day: Stablecoins are on the rise š
3 reasons ETH has outpaced BTC this year šŖ
PRICES ARE 50 SHADES OF GREEN š¤
Sometimes in life⦠you just gotta let the money do the talking.
So today weāre gonna do exactly that. No witty intro. No funny story. Nada.
Instead, enjoy the view:
Beautiful, innit?
BTC moonwalked past $57K for the first time since November 2021.
ETH cha-cha slid past $3,200 for the first time in 22 months.
Many altcoins are seeing double-digit gains, with some jumping over 50% in a day.
The fear & greed index is almost at 80, for the first time in 2+ years.
So whatās behind the recent pump? Two wordsā¦
Institutional flows (which, btw, would also be a great name for a rap album).
The 9 Bitcoin ETFs hit $2.4B in trading volume yesterday, a new all-time high.
Institutional crypto funds saw $598M in total inflows last week, the 4th straight week of inflows.
Not to mention⦠Michael Saylorās been eating BTC for breakfast, lunch, and dinner. His firm (MicroStrategy) recently bought another $155M in BTC.
The bottom line: the Bitcoin ETFs changed the crypto game.
Matt Hougan (Chief Investment Officer at BitWise) summarized it best in his latest memoā¦
āPreviously, only a fraction of the worldās investors could access Bitcoināmostly self-directed retail investors and technologists. That group drove the price above $40,000. Now, thanks to the ETFs, every investor in the worldāfinancial advisors, family offices, institutions, endowments, and othersācan access Bitcoin. Itās like we went from 10 normal people bidding on a house to 100 very wealthy people bidding on a house, overnight. Not surprisingly, the price is going higher.
How big a deal is this?
Globally, asset and wealth managers control $115 trillion of capital, according to PWC. Almost none of this money could access Bitcoin in 2023. Today it can. If we see a 1% allocation to Bitcoin, thatās more than $1 trillion of buying ⦠a figure that exceeds Bitcoinās current market capitalization.
To put it differently, itās like Bitcoin had its initial public offering and the market is now finding its true price.ā
So, howās the crypto community been reacting to the rally? The only way they know howā¦
Memes. A whole lot of them.
Here are some of our favorites:
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CoinTracker has been one of the most trusted brands in crypto taxes since launching in 2017. Since then, theyāve served over 2 million satisfied users.
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The Bitcoin Halving is right around the corner... T-54 days.
(Btw, you can track the countdown here).
The big event usually leads to 2 things:
1/ Grumpy Bitcoin miners. Just imagine if every 4 years your boss came up to you and said your pay was going to double get cut in half.
Iād be pretty mad too.
2/ BTC hits a new all-time high (ATH) price. This usually happens after the Halving.
Well, check it out.
BTC is A LOT closer to its ATH than usualā¦
So we got curious⦠what do you think?
Will BTC hit a new all-time high BEFORE or AFTER the halving? |
Click on your answer above to vote! Weāll share the results tomorrow.

The stablecoin market cap just hit $140B+ for the first time since December 2022.
Why this matters: Some analysts view the changes in stablecoin supply as a āthermometerā for whether money is flowing in or out of crypto.
Hereās a quick cheat sheet you can scribble on your hands (youāre welcome):
Increase in stablecoin supply = market heating up.
Decrease in stablecoin supply = market cooling down.
Right now, the temperatureās heating up like Sean Paulās hit single.

Get your hands on the Milk Manās On-chain Crypto Toolkit. There are a ton of tools out there, and it is impossible to know and cover them all but these are some tools that are free to use and we have experience with personally.
ETH has outpaced BTC so far this year. There are 3 big reasons⦠1) an ETH ETF is expected to launch later this year, 2) Ethereumās next big upgrade is in a few weeks, and 3) ETH held on exchanges is at an all-time low.
Memecoins like PEPE and WIF jumped 50% yesterday. According to CoinGecko, the āmemecoin industryā saw an average gain of 13% on the day.
Uniswap launched 3 new tools to make token swapping easier. The tools include a Uniswap extension tool, a function for limit orders on its web app, and a new data and insights web page.
Lidoās total value locked (TVL) jumped to over $30B. The liquid staking protocol now controls 32% of staked ETH.
OKX is launching a new localized version of the platform in Turkey. OKX will offer USDT/TRY, BTC/TRY, and ETH/TRY trading pairs for its local customers.
Hut 8 announced it will use its BTC reserves in a ānew treasury strategy.ā According to the companyās press release, āBitcoin held in reserve may be deployed through direct sales, option strategies or other approaches.ā
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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.