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- 🥛 Big week ahead: Hold on to your milk jugs! 🚀
🥛 Big week ahead: Hold on to your milk jugs! 🚀
PLUS: Re-evaluating Saylor's investment
Today’s edition is brought to you by Gryphon Digital Mining – a fast-growing Bitcoin miner led by a team of industry veterans.
GM. This is Milk Road, your morning shot of crypto espresso – short, strong, and packed with punchy news.
Here’s what’s dripping today:
4 things to watch this week 👀
We’re hosting an AMA 🥛
Graph of the day: Re-evaluating Saylor’s investment 🧐
Building a cross-chain DEX as an anon 😵💫
$25M in Hush Money: FTX’s Whistleblower Blackmail 🍪
4 THINGS TO WATCH THIS WEEK 👀
Roadies, we’ve got a SHORT week ahead with the U.S. TradFi markets closed today. It’s gonna be full of U.S. economic data, major token unlocks, and politics in the arena.
1/ Token unlocks 🔓
$381.08M in various cryptocurrencies will be unlocked this week.
$80.55M worth of Optimism (OP) tokens unlock on May 31st (2.9% of supply)
$68.33M worth of dYdX (DYDX) tokens unlock on June 1st (11.9% of supply)
$67.94M worth of Sui (SUI) tokens unlock on June 1st (2.8% of supply)
P.S. – if you’re curious how unlocks affect prices, we got you covered here.
2/ U.S. macro data 📊
This week is loaded with crucial economic data that could set the tone for all the markets…
Here are the key ones:
Consumer Confidence Data (Tuesday): Measures how optimistic consumers feel about the economy.
Q1 2024 GDP Data (Thursday): Provides insight into the economic performance of the first quarter.
April PCE Inflation Data (Friday): The Fed’s preferred inflation gauge.
Fed head’s go at it throughout the week giving their take on the economy
Why this matters: These reports are like the crystal balls of the economy.
Strong data might get investors feeling all warm and fuzzy, leading to a market rally.
Weak data? Well, that’s like dropping your ice cream cone on Memorial Day—expect some tears and turbulence.
3/ Ethereum ETF S1’s 🚀
The SEC gave the green light to the 19b-4 filings for U.S. Spot Ethereum ETFs last week, and now we’re just waiting on the S-1 form approval so these ETFs can finally trade.
It could take a while, but it could also happen this week, and this is a big deal for $ETH price movements so it’s worthy of being on the radar.
4/ Biden's potential veto on SAB 121 repeal🏛️
The bill to repeal the SEC's Staff Accounting Bulletin 121 (SAB 121) has landed on President Biden's desk, with a veto deadline of May 28th.
SAB 121 requires financial institutions to include customers’ digital assets on their balance sheets.
Why it matters:
Crypto Custody Costs: Repealing it would lower costs, making it easier and cheaper for banks to offer crypto custody services.
Political Drama: If Biden vetoes the repeal, Congress might try to override it, leading to more drama. With other bills like FIT21 in play, it's like a never-ending soap opera in D.C.
Market Reaction: A veto might spook the market, while repealing SAB 121 could boost confidence and investment in crypto.
This political blockchain saga could have a big impact on the crypto market!
To summarize… $381.08M in token unlocks + key macro data + Ethereum ETF hype + Biden's veto decision due = a recipe for a wild short week.
Buckle up and pack your milk!
Over the past four months, a unique combination of events has set the stage for a potentially long-term crypto bull market.
The first domino to fall was the approval of Bitcoin ETFs in January 2024.
Then, in April 2024, Bitcoin’s halving event, typically a catalyst for significant bull runs, occurred.
This “perfect storm” is exactly what Gryphon Digital Mining has been preparing for.
With a mining cost of $44,989 per Bitcoin, Gryphon boasts one of the lowest breakeven costs in the industry.
And the kicker?
It’s powered by 28 megawatts of hydropower and was certified as 100% renewable in 2024 - making it one of the greenest and most efficient Bitcoin miners in the world.
*Disclaimer: Hey Roadies! A reality check from the Milk Man: I know my dairy, not your dollars. This partner content isn't financial advice.
GET YOUR MILK READY - WE’RE HOSTING AN AMA 🥛
We’re hosting a PRO-only AMA to answer your burning crypto questions! 🔥
Wen? 29th of May (Wednesday this week).
Where? In the Milk Road PRO Discord (the meetup channel).
Wanna join us? It’s your perfect opportunity to get any doubts ironed out & meet the Milk Road squad! Go PRO to gain access!
GRAPH OF THE DAY: RE-EVALUATING SAYLOR'S INVESTMENT 🧐
By choosing Bitcoin over Ethereum, Michael Saylor missed out on a potential $5.7 billion in extra profits.
Since 2020, MicroStrategy (Michael Saylor) has been stacking Sats like no one else in the game.
He’s invested an impressive $7.57 billion to amass a total of 214,246 $BTC, which is now worth $14.76 billion—a juicy 95% ROI! 🚀 WOWZA!
But it could have been more! Wanna know why?
Here's what MicroStrategy's wallet could have looked like today if they had invested in $ETH instead:
They would hold 4,986,791 $ETH worth $18.6 billion USD
Instead of being up $7.19 billion (with $BTC) MicroStrategy would be up $11.06 billion (146% ROI)
But what if Saylor staked his $ETH?
At 4% APY he would have earned an extra 489,985 $ETH worth $1.83 billion
The total investment would amount to 5,476,776 $ETH, worth $20.46 billion
Too bad, so sad. Missed the boat right? Not so fast:
If Michael trades in all of MicroStrategy's $BTC for $ETH right now he’d have almost 4 million $ETH
If it was all staked it would create ~$738 million in annual revenue (which is more than MicroStrategy has ever made in a year)
The Milk Man has been preaching about the power of staking for a while now and this show’s how powerful it can be!
Now, the same way a teacher loves all their students equally, the Milk Man loves all blockchains.
BUT, let's be real, with these numbers, $ETH is looking like the star student that's always raising their hand! 👨🏫
What do you think? Should Micro Strategy have mixed up their investment strategy to include some $ETH exposure?
A/ Hell yeah
B/ Nah, stick with $BTC
Hit reply and drop your thoughts!
BUILDING A CROSS-CHAIN DEX AS AN ANON 😵💫
Ever wondered how you could swap Bitcoin for Ethereum without using centralized exchanges like Binance or Coinbase?
Enter THORchain, a game-changer in the decentralized exchange (DEX) world.
In our latest episode, JP Thor, a founder of THORchain, dives into the creation of the world's biggest cross-chain DEX while remaining anonymous.
What You’ll Learn:
No More Middlemen: Learn how THORchain allows you to swap BTC for ETH in a single transaction without giving up custody of your assets. 🤝
The Tech Behind It: Discover how continuous liquidity pool formulas make decentralized trading efficient and secure. 🎱
Real-World Analogies: Understand complex crypto mechanisms through relatable examples, like using fruit baskets to explain how liquidity pools work. 🍋
Curious about how THORchain is pushing the boundaries of decentralized trading?
Tune in and get the insider scoop from JP Thor himself! 👇
The world's largest and longest-running global event for crypto and Web3 is happening in Austin NEXT WEEK. Get your IRL or Virtual pass now and save 20% with code MILKROAD.*
Ethereum Cracking Down on Shady Token Incentives. The Ethereum Foundation is racing to implement a formal conflict of interest policy after researchers pocketed fat EigenLayer token rewards.
$25M in Hush Money: FTX's Whistleblower Blackmail Exposed. A bombshell report reveals Sam Bankman-Fried's FTX forked over $25M to silence 7 whistleblowers before collapse - including one $16M payout. – DL News
Normie Memecoin 99% Nuked by Hack, But Fat Demands Could Save It? The meme-tastic $NORMIE token took a beating after an exploit drained its $42M market cap to just $200K. But in a bizarre twist, the hacker may return 90% of funds...if an influencer publicly reveals his weight. Crypto gonna crypto.
Donald Trump pledges to free Ross Ulbricht, stop CBDCs, and support self custody. In a speech at the Libertarian Convention, Trump vowed to protect Bitcoin from Elizabeth Warren and promote the U.S. as a leader in the crypto industry.
Wanna team up with the Milk Man? We currently have 3 positions open – check ‘em out and apply here!
*This is sponsored content
MILKY MEMES 🤣
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ROADIE REVIEW OF THE DAY 🥛
ROADIE REPLY OF THE DAY 🥛
In Wednesday’s daily we asked you to reply on whether or not you are putting your stable coins to work… well 57% of you voted NO!
And here is the reply of the day:
VITALIK PIC OF THE DAY
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.