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GM. This is Milk Road, gliding in like your favorite Friday playlist – the weekend groove is here, but first, let’s hit you with the freshest crypto beats.

Here’s what we got for you today:

THE 5 CRAZIEST CHARTS IN CRYPTO RIGHT NOW 📊

We’ve got that “It’s Friday baaaaby!” energy right now.

And we figured – why not double down on that feeling? 

So here’s a list of 5 crazy charts, filled with enough high-fructose corn syrup to give you a sugar rush leading into the weekend…

1/ Crypto betting platform, Polymarket, has seen insane trading volume this quarter – it’s already 3x more than Q2!

(And we’re only * counts fingers * 1.5 months into Q3!?)

2/ Memecoin platform, Pump.fun, has 24hr revenues that outpace the top 15 crypto protocols combined.

(@pump.fun J. Powell is going to want his money printer back at some point)

3/ Crypto game, Hamster Kombat, grew its YouTube faster than Mr. Beast in May/June.

(How? By stealing from Mr. Beast’s playbook and offering huge prizes in the form of airdrops)

4/ Base becomes the largest and fastest growing L2 by monthly users in history.

(Is there anything Brian Armstrong can’t do? And if you say “grow hair” – so help me god…)

5/ Worldcoin is down 87% since March – from $160B FDV to $14.7B.

(It’s almost as if the whole iris-scan-as-a-means-of-verification thing freaked people out?)

Alright, that’s a wrap on 5 of the craziest charts in crypto right now!

But, before you start bouncing off the walls, we’ve got one more thing…

Let us know if this is your jam, or if we should take our sugar rush somewhere else. 👇️ 

Your vote decides the future of our content. Choose wisely! 😉

ONCHAIN ACTIVITY IS BOOMING! (SO WHY ARE PRICES IN THE TOILET?) 🚽

Prices aren’t moving.

…but if blockchain activity is anything to go by – they absolutely should be.

1/ The Ethereum ecosystem’s active addresses continue to grow.

2/ Hell, the ENTIRE crypto ecosystem is seeing activity growth!

So what gives? Well…

Think of data points such as active addresses and transaction volume like gasoline soaked pieces of wood.

They make a great foundation for a roaring fire/bull market! 🔥 

…they just need a match to set everything off.

In the world of global finance, liquidity (aka: fresh cash) is that match.

And the spark…well, the spark can be made up of many things, but the two biggest factors are:

You’re probably already familiar with rate cuts and their ability to inject more money into the system:

Lowered rates = lower loan/credit repayments = more money in everyone's pockets / incentive for folks to take out loans and get-to-spending. 💸 

Quantitative easing? That’s just nerd talk for money printing. 

Central banks will bolster an economy by printing money and feeding it into the system, typically by purchasing shares in major financial institutions. 

(And when the big-dogs’ stock goes up, the rest of the market tends to follow).

All of this happens in cycles of expansion (number go up) and contraction (number go down) – and right now, we’re likely entering an expansion phase 💪

So let's set the scene:

We have a pile of gasoline-soaked wood (crypto usage peaking) and we’re searching for a match (rate cuts and QE).

QE can be done in stealth-mode, so it’s not as easy to track/predict as rate cuts…

As we covered yesterday, the ideal environment for cuts looks something like this:

And right now, our bingo cards have the first 3/4 factors crossed off, indicating that a Raoul Pal-patented ‘Banana Zone’ could be set to hit in the final leg of 2024.

…all sounds kinda rosy – right?

So why is there still so much fear in the market?

Well, there are some weird metrics floating around right now – historically reliable indicators that have become a little less dependable post-COVID…

Luckily for us, Milk Road PRO’s Head of Research, Kyle Reidhead expands on that and a wide range of deeper macro insights, on today’s episode of The Milk Road Show! 

Tune in to get the rub! 👇

YouTube | Spotify | Apple Podcasts

BITE-SIZED COOKIES FOR THE ROAD 🍪

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$1.3M crypto heist uncovered a vast North Korean developer network infiltrating over 25 crypto projects. Developers used fake identities and sophisticated laundering techniques. Recent transactions traced payments to individuals on the U.S. sanctions list​.

Dubai court ruled that crypto is a valid form of salary payment. Signaling a significant shift in the UAE’s legal stance toward digital currencies in employment contracts. This decision is seen as a step forward in integrating digital assets into the country’s economic framework​.

South Korea’s National Pension Service invested nearly $34M in MicroStrategy shares as part of its strategy to gain indirect exposure to $BTC. The fund, which also holds Coinbase shares, sees the move as a long-term play on the future of digital assets​.

The SEC approved the first leveraged MicroStrategy ETF, designed to offer investors 175% exposure to the company’s daily stock performance, which is closely tied to BTC holdings. This approval marks a new phase in the evolution of single-stock ETFs, particularly in the crypto space​.

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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.