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  • đŸ„› 50 Shades of Green đŸ€‘

đŸ„› 50 Shades of Green đŸ€‘

PLUS: Will BTC hit a new ATH before or after the halving? đŸ€”

Today’s edition is brought to you by CoinTracker – 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).

Here’s what we got for you today:

  • Prices are 50 shades of green đŸ€‘

  • Will BTC hit a new all-time before or after the Halving? đŸ€” 

  • Graph of the Day: Stablecoins are on the rise 📈

  • 3 reasons ETH has outpaced BTC this year đŸȘ

PRICES ARE 50 SHADES OF GREEN đŸ€‘

Sometimes in life
 you just gotta let the money do the talking. 

So today we’re 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 what’s behind the recent pump? Two words
 

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 Saylor’s 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 memo


“Previously, only a fraction of the world’s investors could access Bitcoin—mostly self-directed retail investors and technologists. That group drove the price above $40,000. Now, thanks to the ETFs, every investor in the world—financial advisors, family offices, institutions, endowments, and others—can access Bitcoin. It’s 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, that’s more than $1 trillion of buying 
 a figure that exceeds Bitcoin’s current market capitalization.

To put it differently, it’s like Bitcoin had its initial public offering and the market is now finding its true price.”

- Matt “Mr. CIO” Hougan

So, how’s the crypto community been reacting to the rally? The only way they know how


Memes. A whole lot of them. 

Here are some of our favorites:

Ah, tax season - the annual ritual that's about as exciting as watching paint dry, with the added thrill of stress and headaches. But there’s good news!

CoinTracker can turn that tax frown upside down and make everything as smooth as butter this tax season.

CoinTracker conveniently integrates with TurboTax, H&R Block, or your CPA, and offers complete coverage for Coinbase. You can seamlessly connect your wallets, NFTs, and 23,000+ DeFi smart contracts, allowing you to generate accurate reports and file in just *checks watch* minutes.

(And then, once you’re set up, you’ll have access to year-round performance tracking on both desktop and mobile).

CoinTracker has been one of the most trusted brands in crypto taxes since launching in 2017. Since then, they’ve served over 2 million satisfied users. 

But that’s not all. CoinTracker is the official partner of Coinbase, Uniswap, OpenSea, TurboTax, and H&R Block. And just last month, they shipped CoinTracker 2.0 – a massive product release driven entirely by user feedback.

Peace of mind awaits. 

WILL BTC HIT A NEW ALL-TIME HIGH BEFORE THE HALVING? đŸ€”

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.

I’d 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 usual


So we got curious
 what do you think?

Will BTC hit a new all-time high BEFORE or AFTER the halving?

Login or Subscribe to participate in polls.

Click on your answer above to vote! We’ll share the results tomorrow.

GRAPH OF THE DAY: STABLECOINS ARE ON THE RISE 📈

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 “thermometer” for whether money is flowing in or out of crypto. 

Here’s a quick cheat sheet you can scribble on your hands (you’re welcome): 

  • Increase in stablecoin supply = market heating up. 

  • Decrease in stablecoin supply = market cooling down. 

Right now, the temperature’s heating up like Sean Paul’s hit single.

BITE-SIZED COOKIES FOR THE ROAD đŸȘ

Get your hands on the Milk Man’s 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) Ethereum’s 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 “memecoin industry” 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.

Lido’s 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 “new treasury strategy.” According to the company’s press release, “Bitcoin held in reserve may be deployed through direct sales, option strategies or other approaches.”

*This is sponsored content

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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.